Bitcoin Group hopes to raise $20 million. Photo: Reuters <\/p>\n
Melbourne-basedBitcoinGroup is hoping to list on the Australian Securities Exchange in November, making it one of the firstbitcoincompanies to float on an official stock exchange as governments across the world crack down on the largely unregulated digital currency sector. <\/p>\n
BitcoinGroup, which currently manages an arbitrage fund, is hoping to raise $20 million at 20 a share from investors as part of its plan to morph the company into a consolidated payment network. <\/p>\n
BitcoinGroup boss and founder Sam Lee currently manages a fund that capitalises onbitcoinmarket inefficiencies. <\/p>\n
The company built an automated cyptocurrencytrading engine that moves money between majorbitcoinexchanges when prices deviate from the historical average, and has rewarded investors with 704 per cent gains since June 2013. <\/p>\n
Advertisement <\/p>\n
Twenty-six-year-old Mr Lee has netted the support of Chinese millionaire Allan Gao, who made his fortunes through manufacturing, supplying and fitting fire-safety equipment in China. <\/p>\n
Mr Gao has funded the lion's share of the company's pre-initial public offering expenses, including legal and broking fees. <\/p>\n
Bitcoin's listing plans come at a critical time in the digital currency industry, as a Senate inquiry into the regulation ofbitcoinchaired by senator Sam Dastyari opens for submissions to develop a regulatory framework around the cryptocurrency. <\/p>\n
Thebitcoinindustry is still seen as highly speculative and fraught with investor risk. The currency has soared as high as more than $US1000 a unit from less than $US1 just two years ago. <\/p>\n
<\/p>\n
View original post here: <\/p>\n
Bitcoin hopeful eyes ASX listing<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin Group hopes to raise $20 million. Photo: Reuters Melbourne-basedBitcoinGroup is hoping to list on the Australian Securities Exchange in November, making it one of the firstbitcoincompanies to float on an official stock exchange as governments across the world crack down on the largely unregulated digital currency sector. Continue reading