LAS VEGAS–(BUSINESS WIRE)–BitNile Holdings, Inc. (NYSE American: NILE), a diversified holding company (“BitNile” or “Company”), announced today that its subsidiary, BitNile, Inc. (“GDP”), has begun development of a Bitcoin-based marketplace platform (“Marketplace”), which expects to leverage blockchain and other emerging technologies. BNI believes that the marketplace will reduce the complexity of transactions in Bitcoin and result in lower transaction fees than traditional e-commerce. The marketplace, scheduled for release in the first half of 2023, will be a multi-vendor e-commerce platform supporting a wide range of business sectors, including retail, real estate, commodities and other consumer-driven offerings.
With its planned advanced buyer and seller functionality, third-party integrations and enhanced security through a comprehensive buyer and seller pre-verification program, Marketplace intends to offer a flexible, functional and broad e-commerce experience to its users. The company intends for Marketplace to be a super-app, generally considered a mobile or web application that can offer multiple services, including payment and processing of financial transactions. The marketplace will be accessible through all modern browsers and is expected to include native iOS and Android mobile applications that will be available for download on the Apple and Google Play Stores.
BNI has appointed veteran developer Douglas Gintz as its President and Chief Product Officer to lead the effort. Mr. Gintz is a strategist, programmer and marketer with extensive experience in delivering technology and content solutions to a broad audience for over 30 years. Specializing in emerging technologies, Mr. Gintz has developed e-commerce applications, DNA reporting engines, medical billing software and manufacturing compliance systems for companies ranging from start-ups to multinationals.
Milton “Todd” Ault, III, the company’s executive chairman, stated: “Our plan is to build an innovative Bitcoin-focused e-commerce platform that combines our experience in the cryptocurrency sector with our long-term philosophy of investing in disruptive technologies with a global impact. We believe the prospect of doing e-commerce with Bitcoin is a big opportunity The global business-to-consumer e-commerce market reached a value of $4.1 trillion by 2021, according to the IMARC Group, and the Pew Research Center reported that about three out of ten Americans aged 18 to 29 say they have invested in, traded or used a cryptocurrency. Our goal is to deliver an innovative marketplace that leverages blockchain and other innovative technologies. We are excited to have Douglas on our team to lead this effort .”
“I am excited to lead an experienced team in reinventing what it means to trade in crypto,” said Douglas Gintz, President and Chief Product Officer of BNI. “Recently, online stores started adding crypto payment solutions to their payment processes in response to demand, but it is not enough. Building a platform from the ground up allows us to deliver more innovative, secure and seamless user experiences beyond just payments.”
For more information about BitNile and its subsidiaries, BitNile recommends that shareholders, investors and other interested parties read BitNile’s public filings and press releases available under the Investor Relations section of www.BitNile.com or available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company that seeks growth by acquiring undervalued businesses and disruptive technologies with global impact. Through its wholly-owned and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center where it mines Bitcoin and supplies mission-critical products that support a variety of industries, including oil exploration, defense/aerospace, industrial, automotive, medical/biopharma, karaoke audio equipment, hospitality and textiles. In addition, BitNile provides credit to selected entrepreneurial companies through a licensed lending subsidiary. BitNile’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.
Forward-looking statements
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive and depend on or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “has to intent”, “strategy”, “future”, “opportunity”, “can”, “will”, “should”, “could”, “potential” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to publicly update any of them in light of new information or future events. Actual results may differ materially from those contained in any forward-looking statement as a result of various factors.More information, including potential risk factors, that may affect the Company’s business and financial results is included in the the company’s filings with the US Securities and Exchange Commission, including, but not limited to, the company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the company’s website at www.BitNile.com.
