NEWS: Blockchain Company Looking for Partners
Eleven percent of the American population owns Bitcoin, according to news reports. Bitcoin is a form of cryptocurrency.
And, the volume of U.S. crypto trading is about $7.3 trillion.
An OC company that provides banking machines for cryptocurrency likes those numbers and wants to see them grow.
To that end, Blockchain BTM is looking for partners. It makes ATMs that enable users to purchase cryptocurrency with cash.
It’s now looking for those who want to own their own BTM, without having to do any of the regulatory, compliance, or back-end operations.
The partnership fee is $12,600.
Here’s how it works, according to TheConversation.com: The blockchain is a very restricted database, whose entries are the bitcoin transactions. Just like regular businesses that keep a record of money coming in and going out, users of the cryptocurrency need to record all bitcoin-based transactions.
One of the co-founders is Tim Curry, who placed OC’s first BTM in 2014, three years before BlockchainBTM started doing business.
Curry did with his own company, ezCoinAccess, through a partnership with a third party. This BTM is at the Anaheim train station.
Curry joined Blockchain BTM because he believed in its vision, and had the experience in the space that the company needed.
Another Blockchain BTM founder is Javad Afshar, a serial entrepreneur. One of his companies is Ahmad Tea, with HQ in London.
Afshar has a Ph.D. in finance, and has studied markets, finance and tech all of his life. He believes that blockchain tech will have a “huge impact on many markets in the future.”
Victoria Brodsky is the third co-founder. She serves as COO. She describes herself as a project & organizational strategist and entrepreneur on her LinkedIn page.
The co-founders bootstrapped the company with about $100,000.
Sales are approximately $2 million per year.
They’re considering doing an ICO (initial coin offering) priced between $4 to $7 million in the near future.
The company recently placed its first BTM machine outside of California, in Texas.
“Finding locations is very challenging, because the idea of crypto and blockchain is still foreign to most people,” Brodsky said. “We have to do a lot of education around who we are and what bitcoin is.”