BTCS first disclosed its plans to secure Avalanche’s Blockchain in April 2021
Silver Spring, MD, Sept. 17, 2021 (GLOBE NEWSWIRE) -- BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company, announced it has added Avalanche (“AVAX”) to its blockchain infrastructure operations. At a $14.2 billion market capitalization, AVAX claims to be one of the fastest smart contract platforms offering high transaction throughput.
BTCS’ Blockchain Infrastructure Operations are focused on environmentally friendly technologies that utilize proof-of-stake consensus algorithms to process and validate digital asset transactions. While the process is similar to bitcoin mining, the Company’s assets are not tied up in rapidly depreciating ASIC hardware but rather locked in smart contracts allowing for potential long-term appreciation in addition to revenue generation. The advantages of staking versus bitcoin mining are clearly demonstrated by the Company’s staked ETH position, which has a fair market value of approximately $27.5 million as of September 16, 2021 compared to a cost basis of approximately $8 million.
“Founded by Emin Gun Sirer, an associate professor of computer science at Cornell University, AVAX has garnered significant financial backing since inception, including its recent $230 million raise,” stated Charles Allen, Chief Executive Officer of BTCS.
BTCS’s AVAX validator node was deployed and funded on August 20, 2021 and is expect to generate revenue shortly.
“Several DeFi, NFT and other projects – The Graph, bZx, SushiSwap, Polyient Games, Injective Protocol, TrueUSD, TrustSwap, Copper – have integrated with AVAX, and AVAX is developing a bridge to the ETH network to enable users to transfer digital assets seamlessly between the two chains,” added Mr. Allen. “With exchange integrations, new applications, and the expansion of Ava Labs, we believe the roadmap for Avalanche is promising.”
BTCS is an early mover in the blockchain and digital currency ecosystem, and the first "Pure Play" U.S. publicly traded company focused on blockchain infrastructure and technology. Through its blockchain infrastructure operations, the Company secures Proof-of-Stake blockchains by actively processing and validating blockchain transactions and is rewarded with native digital tokens. The Company is developing a proprietary Staking-as-a-Service platform to allow users to stake and delegate supported cryptocurrencies through a non-custodial platform. 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 analyze 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. For more information visit: www.btcs.com.
Certain statements in this press release, constitute “forward-looking statements” within the meaning of the federal securities laws including statements regarding our belief regarding generating revenue from its AVAX validator node and the promising future from utilizing Avalanche. 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 Avalanche’s blockchain, significant decrease in value of our digital assets and rewards while locked up, loss or theft of the private withdrawal keys resulting in the complete loss of digital assets 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. 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.
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