Bit Trade to Raise $3 Million Through Crowd Funding
Bit Trade, the first digital currency exchange in Australia is set to raise at least $3 million through an equity crowdfunding. The cryptocurrency exchange that established in 2013 launched the campaign early today. According to information from inside the exchange, the campaign will run on platform Equitise. Bit Trade plans to use the funds for strategic growth and international expansions.
“At Bit Trade, we’re excited by the opportunity to help launch Australia’s premier gateway for the future of investment through the new asset class of smart securities,” says Bit Trade managing director and co-founder Jonathon Miller said.
Bit Trade plans to diversify its revenue base, scale its platform and gain more customer insights regarding its services. According to Miller, the company is building the next generation of wealth and believe cryptocurrencies will reign in the future. He added that Australians traded over $5.9 billion worth of digital currencies in 2017 alone.
Meanwhile, Equitise co-founder, the platform where Bit Trade plans to raise funds through, iterated that Bitcoin is still alive. He revealed that Equitise offers investors the chance to gain a foothold in emerging industries like cryptocurrencies. He adds saying the equity crowdfunding campaign Bit Trade launch is the first of its kind in Australia.
Cryptocurrency Landscape of Australia
Australia is the home of the controversial Billionaire and cryptocurrency developer Craig Wright. The country has a generally favorable cryptocurrency environment with a good backing from the government. Last year the government had plans for developing a blockchain city and major hub for cryptocurrency in the capital Sydney.
According to recent reports, about 83 percent of all digital currency traders in Australia are male. Additionally, 71 percent of the figure is under the age of 40. The proportion of younger Australians investing in digital doubled over the last five years. Currently, 20 percent of Australians within the ages of 18 to 24 are active cryptocurrency investors.
Recently Bit Trade introduced a new version of its platform and realized an increase in the number of customers. Meanwhile, the crowdsourcing platform Equitise has so far raised over $4 million in retail crowdfunding in 2018 alone. The platform attracts more than 2000 investors who participate in its crowdfunding.
It is wise for investors to note that just like any investment, Crowd-Source Funding (CSF) is risky. Investors may lose their money and the business may fail to achieve major objectives. While deciding whether to invest in a Crowdsourced funding, investors should determine possible risks involved. A consideration of the offer document and the general CSF risk warning present in the offer document is a necessity.
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