Once Mt. Gox was the biggest Bitcoin exchange, today it has become a synonym for mismanagement and everything that can go wrong with a Bitcoin company. The sentiments are shared even by Tech entrepreneur Zhenya Tsvetnenko when he says that his company has modeled itself as the opposite of Mt Gox.
He was referring to $450 million collapse of the Japanese-based Bitcoin exchange that lost millions of dollars of investors. The Bitcoin exchange CEO also faced charges of swindling the funds sources from investors for personal uses. However, the severe impact that the failure has left on the people is that they are now wary of investing in Bitcoin companies.
Tech entrepreneur Zhenya Tsvetnenko understands this and for that reason he assures the investors and people that DigitalBTC is everything what Mt. Gox was not. It has been modeled as the opposite of the failed Bitcoin exchange. He believes that the future of Bitcoin is stable, and failure of Mt. Gox teaches every other company what not to do.
DigitalBTC Will Follow the Best Business Practices
Earlier, the Perth-based DigitalBTC became the first Bitcoin company that traded in the Australian Stock Exchange. It traded at 28.5c – above its 20c prospectus price and according to the market experts it is going to go higher in the next couple of trading days. Mr Tsvetnenko believes that the listing was part of its drive for transparency.
He says that his company is quite resourceful and run by experienced and able people unlike Mt. Gox which was being run by the people with no corporate governance. The first sign of being an experienced corporate company came in when it got listed. It gave it guidelines and shown that openness for investors is mandatory.
Currently, DigitalBTC is trading, and maintaining the database and gains newly created Bitcoins and transaction fees as well. The company has gained a lot of momentum in the last couple of months e.g. it earned 2600 Bitcoins in May, worth almost $1.5 million which converted into the latest prices.
Mr Tsvetnenko, who owns 25.3 per cent share in the company, is spearheading the tremendous changes the company is going through. Other investors are Navitas chief executive Rod Jones who has 9.3 per cent and veteran promoter Craig Burton who has 6.6 per cent. The two people with tons of experience are adding value to the company.
The company claims that Bitcoin mining and trading operations will support the future development of retail consumer targeted software and applications.
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