DCC 1.43% 6.9¢ digitalx limited

News: Digital CC raises $3.5M for AirPocket remittance product roll out

  1. Digital payments company Digital CC (ASX:DCC) has raised $3.5 million at $0.22 each but could have raised alot more such is the fervour to be aboard for its AirPocket global remittance product race to market.

    The company trades as DigitalBTC, Australia’s first ASX-listed bitcoin business.

    Corner-stoned by a leading U.S fund, Digital BTC CEO and founder Zhenya Tsvetnenko could likely have placed all of the raising with one U.S. fund.

    The raising was also well supported locally as the company accelerates the rollout and commercialisation of its AirPocket product in Latin America and the Caribbean.

    AirPocket will disrupt traditional business models of remittance companies like Western Union in the U.S. as it essentially enables any person with a smart phone and app to be an outlet to access funds via an agent.

    Remittances are playing an increasingly large role in the economies of many countries.

    It addresses the problem of how to provide cash at the best rate possible with the lowest fees.

    Providing for lower cost, cash transfers to the established global remittance market worth $US583 billion last year.

    The software allows any individual or merchant with a smartphone and a small cash float to create their own business and become a remittance broker – an AirAgent.

    The transaction is recorded using blockchain, the technology used by bitcoin, making it transparent and viewable by anyone.

    The $3.5 million raised has increased the company’s cash and equivalents to $6 million.

    DigitalBTC intends to establish further partnerships in other key geographic markets with large corporations for the promotion and roll out of AirPocket.

    The funds raised in this placement will contribute to funding the establishment of such partnerships.

    The Beta or soft launch of AirPocket is set for June 2015, with the commercial launch slated for Q4 2015.

    Tsvetnenko is billing DigitalBTC as the “Uber of remittance" and given the size of the potential market and potential of the AirPocket to "disrupt" established remittance business models - is one to watch.

     

 
watchlist Created with Sketch. Add DCC (ASX) to my watchlist
(20min delay)
Last
6.9¢
Change
-0.001(1.43%)
Mkt cap ! $59.75M
Open High Low Value Volume
6.9¢ 6.9¢ 6.7¢ $104.1K 1.533M

Buyers (Bids)

No. Vol. Price($)
1 66999 6.8¢
 

Sellers (Offers)

Price($) Vol. No.
6.9¢ 226744 2
View Market Depth
Last trade - 16.10pm 29/03/2024 (20 minute delay) ?
Last
6.8¢
  Change
-0.001 ( 2.58 %)
Open High Low Volume
6.9¢ 6.9¢ 6.7¢ 988751
Last updated 15.45pm 29/03/2024 ?
DCC (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.