Canada has achieved yet another world’s first title in the Blockchain industry with the world’s first private placement entirely in Bitcoin
VANCOUVER, B.C. CANADA / ACCESSWIRE / January 13, 2018 / In addition to having the titles of the world’s first Bitcoin ATM and the world’s first reversed take-over transaction in the blockchain industry, Canada has once again secured its leadership with yet another world’s first title in the blockchain industry. This time the historical milestone was made by Cascadia Consumer Electronics Corp. Cascadia, a Canadian publicly listed company in transition to the blockchain and fintech sectors. Cascadia announced the completion of 425 bitcoin private placement, valued at US$ 6.12 million or C$7.71 million in total, on December 29, 2017, just one short week after its initial announcement of such plan.
“The lightning speed of execution is in-line with the pace of development in the blockchain industry. This historical milestone was made possible by a team of our internal staff and external advisors who have shown their dedication and capabilities to address various regulatory, legal and technical hurdles. This also showcases the high level of enthusiasm and support from the industry investors. Cascadia will be able to accelerate our transition and expansion into the blockchain and fintech sectors, pending approval from CSE on our proposed business change.” said Rachel Wang, Chief Executive Officer of Cascadia in the company’s press release announcing the completion of the private placement. According to Cascadia’s public filing, several well-known Asian institutional investors specialized in the blockchain and cryptocurrency sectors, such as FBG Capital, BitCapital, ChainFunder, Qtum, Nebulas, aelf participated in this round of Cascadia’s private placement.
In recent years, many new start-ups are using ICOs (or “Initial Coin Offerings”) to raise the necessary capital. However, cryptocurrencies seem not very commonly used or accepted in the traditional capital market. The Cascadia’s financing round entirely on cryptocurrencies is really the first time where there is a cross-over between the new fintech sector and the traditional capital market, proving that these two are not necessarily mutually exclusive from each other.
Cryptocurrencies is considered as a new form of digitalized representation on values of a project, a business, an asset or individual’s and institution’s wealth. This cross-over will have significant impact on the traditional capital market because the completion of a financing round entirely with cryptocurrencies by a publicly listed company will attract many others to follow. This will not only increase the additional investment and funding sources for publicly listed companies under the traditional capital market but also widely broaden the investment opportunities available to cryptocurrency holders. It is not difficult to imagine that this is just the beginning of a new era and in the foreseeable future, it is likely to see more innovative and creative transaction structure involving both the traditional capital market and the new fintech sector.
Cascadia Consumer Electronics Corp
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SOURCE: Cascadia Consumer Electronics Corp