DigitalX secures up to AU$1m in financing via converting notes issue
The funds will be used for marketing and distribution of AirPocket, a blockchain-enhanced remittance solution.
The last several months have been dynamic for Digitalx Ltd (ASX:DCC), a company for Blockchain-enhanced software solutions, with the company having discontinued its trading operations late last year and turning its focus on global payments app AirPocket.
Today, DigitalX announced it secured up to AU$1 million in financing from Ironside Capital (formerly Merchant Corporate) via the issue of converting notes.
The funds 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.
An initial AU$300,000 will be available this month.
The Board of Directors of DigitalX sees the conversion terms as commercially reasonable. Shareholder approval will be sought at a coming meeting.
In the end of February 2017, DigitalX published its financial report for the six months to December 31, 2016, confirming that the company had terminated its trading operations towards the end of the period, in connection with the shift of the focus of operations to its application for payments AirPocket.
Subsequent to the end of the half-year period, DigitalX announced a deal with Blockchain Global Limited over the DigitalX Direct platform. The agreement will see DigitalX receive half of all revenues generated from customers introduced to Blockchain Global and their exchange service ACX.io. In the financial report, DigitalX said the process of customer introductions had commenced and some former clients had already started using the platform.
The deal was seen as vital for Blockchain Global Limited (previously known as Bitcoin Group Limited), as it further pushes into bitcoin exchange.