Bitcoin shop raises $2.3M in VC funds

Bitcoin Shop, a D.C.-based bitcoin mining company, declared in its SEC filing that it raised a total of $2.3 million from hedge funds and private investors in an attempt to expand its operations.

Charles Allen, Bitcoin Shop CEO, said the raised funds will be employed to enhance its bitcoin mining that involves verifying transactions made in the bitcoin network and allowing Bitcoin Shop to earn 25 bitcoin for each verified transaction.

The company has also collaborated with a number of cryptocurrency companies to leverage their solutions and bitcoin mining operations. Moreover, it has acquired additional equity in Coin Outlet for an orderly roll out of bitcoin ATMs in the country.

It states in its website that it seeks to enable users to engage in the cryptocurrency space through one point of access, their universal digital currency platform. Bitcoin shop not only allows users to purchase specific products with bitcoin, dogecoin or litecoin, but is also a publicly traded company with the ticker BTCS.