VIRGINIA BEACH, Va., May 16, 2018 – BCause LLC, creator of what is believed to be the world’s first full-stack cryptocurrency ecosystem, today announced that the firm has engaged ASGARD Partners & Co.* as its exclusive Capital Markets Advisor for a Series B capital raise of $25 million in equity. After launching its cryptocurrency mining facility in February, BCause is in the process of establishing a spot market and, pending regulatory approval, a derivatives exchange and clearing house.
Since its Series A funding round closed in October, BCause has been building its staff and infrastructure in Virginia Beach and Chicago to support its growth plan as a vertically integrated cryptocurrency organization designed to meet a full range of cryptocurrency needs, from mining, to spot trading, to listed derivatives and clearing. The firm intends to launch its spot market this summer. BCause has submitted a filing with the U.S. Commodity Futures Trading Commission to become a designated contract market (DCM) and is finalizing a submission to become a derivatives clearing organization (DCO). The Board and staff include a broad range of experts in cryptocurrency, cybersecurity, infrastructure, technology, finance, derivatives and clearing.
BCause CEO Fred Grede said: “We’re extremely pleased with our progress to date and the talented team we’ve been assembling. Demand for our mining services has been beyond expectations. This Series B round will help bring us to the next level in executing on our ambitious plans. It’s a pleasure to partner with ASGARD*, which already has a deep understanding of, and enthusiasm for, our business model.”
“It’s clear that interest in the cryptoverse from both investors and participants continues to grow. BCause’s one-stop institutional platform for mining, trading, hedging and clearing cryptocurrencies, is very well positioned to take advantage of this growth. We look forward to a continued partnership with the Company to help it develop this unique and compelling market proposition,” said Andi Çomo, Managing Director at ASGARD Partners.