Place/Date: Silver Spring, MD - March 10th, 2021 at 9:00 am UTC · 3 min read
Contact: Dave Gentry, Source: RedChip Companies, Inc.
BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a digital asset and blockchain technology focused company, today announced its recently expanded transaction verification services operation on Ethereum 2.0 is fully operational and generating revenue from all 100 nodes.
Charles Allen, Chief Executive Officer of BTCS, stated:
“We set a goal of actively generating revenue from all 100 nodes by the end of the first quarter, and we are pleased to report we have achieved this milestone. So far, we have deployed 3,200 ETH in our staking operation. With the recent infusion of $9.5 million in gross proceeds from our March 2021 registered direct offering, we are in a great position to continue to grow our validator node network and thereby further accelerate our near-term revenue growth.”
In September 2014, BTCS was the first U.S. public company to mine bitcoin and is now the first U.S. public company to run validator nodes on Ethereum 2.0. The Company believes this strategy can drive strong near-term revenue growth while generating financial returns superior to traditional bitcoin mining and opening the door to additional future revenue generating services such as staking as a service.
On December 1, 2020, Ethereum began transitioning to a “proof-of-stake” protocol, Ethereum 2.0. Under the “proof-of-stake” consensus algorithm, ETH holders have the exclusive right to operate validator nodes on the network and verify transactions, thereby earning transaction fees for their work.
BTCS is an early entrant in the digital asset market and one of the first U.S. publicly traded companies focused on digital assets and blockchain technologies. The Company through its transaction verification services business actively verifies and validates blockchain transactions and is rewarded with digital assets for its work.
The Company is also developing a proprietary digital asset data analytics platform that allows users to consolidate their crypto trades from multiple exchanges onto a single platform, enabling users to view and analyse their performance, risk metrics, and potential tax implications. The Company employs a digital asset treasury strategy with a primary focus on disruptive non-security protocol layer assets such as bitcoin and Ethereum.
Certain statements in this press release, constitute “forward-looking statements” within the meaning of the federal securities laws including statements regarding our belief regarding the growth of our validator node network and the further acceleration of our near-term revenue growth. Words such as “may,” “might,” “will,” “should,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “predict,” “forecast,” “project,” “plan,” “intend” or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release.
These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation the rewards and costs associated with validating transactions on proof-of-stake blockchains, significant decrease in value of ETH and rewards while locked up, loss or theft of the private withdrawal keys resulting in the complete loss of ETH and reward, as well as risks set forth in the Company’s filings with the Securities and Exchange Commission including its Form 10-K for the year ended December 31, 2020 and the Prospectus Supplement filed March 4, 2021. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.