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by Stockwatch Business Reporter
The TSX Venture Exchange added 2.65 points to 832.82 Tuesday. Mark Goodman's Focused Capital II Corp. (FAV) plans to acquire Roy Sebag and Aylin Kilic's Fortress Blockchain Corp. as its qualifying transaction. Fortress says it is a bitcoin miner and it is trying to expand its mining operations by acquiring a warehouse in Washington. The company has $15-million from a financing it closed at 50 cents in January. Fifty-four secret investors subscribed. They remain unknown but were mostly from British Columbia and Ontario. Therewere also investors from Israel, Russia and the United Arab Emirates. The securities commission keeps any useful information (their names) a secret, but tells us what countries they come from, which is useless.
Fortress's president, Mr. Kilic, is an electric engineer, who spent the past five years with a commercial real-estate consulting company in Vancouver. Chairman Sebag runs a successful shell graduate, Goldmoney Inc. (XAU: $3.90), that recently entered the cryptocurrency business. Goldmoney has a website that allows users to buy and sell precious metals that the company stores in vaults around the world. The users can spend the value of their precious metals holdings using company debit cards. In November, Goldmoney added cryptocurrency to its list of offerings. For the seven weeks ended Dec. 31, it generated $22.4-million in cryptocurrency revenue. Goldmoney charges its users 2.5 per cent on every purchase and sale of bitcoin. It also charges 0.085 per cent a month to store its user's bitcoin in a secure cold wallet. (Cold wallets are not connected to the Internet, so they are not vulnerable to hackers. Hot wallets are connected to the Internet and are vulnerable to hacking.) Goldmoney currently holds about $645,000 worth of bitcoin for its users. When the price of bitcoin was $16,000 in December, the company made at least $400 on each bitcoin transaction. It charges only 0.5 per cent for a purchase or sale of precious metals.
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