Blockchain solutions provider DigitalX marks progress with regards to funding

Maria Nikolova

The funds will be used for the marketing of the company’s blockchain enhanced money transfer app – AirPocket, and further developing its AirID technology.

We have more news on the fintech front today, as DigitalX Ltd (ASX:DCC), a company for Blockchain-enhanced software solutions, is marking progress with regards to the funding deal it announced about a month ago, when it said it had secured up to AUD 1 million in financing from Ironside Capital (formerly Merchant Corporate) via the issue of converting notes.

Today, DigitalX announces that it has now received a further AUD 300,000 in convertible notes. The company will today issue 30 convertible notes, with a face value of AUD 10,000 per note, converting to Fully Paid Ordinary Shares at AUD 0.05 per Share and maturing April 21, 2018.

The update comes after on March 29, 2017, DigitalX confirmed that it had entered into agreements with investors for the initial AUD 300,000 in convertible notes. The company also advised that the total amount of the funding has been increased from AUD 1 million to AUD 1.25 million.

As previously guided, the funds raised will be used for marketing and distribution of AirPocket, a blockchain-enhanced remittance solution, as well as for AirID, a distributed ledger technology enterprise solution, and for provision of working capital.

In the end of February 2017, DigitalX released its financial report for the half year to December 31, 2016, confirming that the company had halted its trading operations towards the end of the period, due to the shift of the focus of operations to its payments application AirPocket.

After the end of the half-year period, DigitalX announced a deal with Blockchain Global Limited, previously known as Bitcoin Group Limited, over the DigitalX Direct platform. The agreement will see DigitalX get half of all revenues generated from customers introduced to Blockchain Global and their exchange service ACX.io. In the report, DigitalX said the process of customer introductions had already begun and some ex-clients had already commenced using the platform.

The deal is seen as crucial for Blockchain Global Limited, as the company continues to push into bitcoin exchange.

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