Bcause

From MarketsWiki
Jump to: navigation, search
bcause, LLC
Founded 2013
Headquarters Virginia Beach, VA
Key People Fred Grede, Chief Executive Officer

Bcause, LLC is a Designated Contract Market (DCM) that enables users to legally invest in regulated futures and options for bitcoin and other cryptocurrencies. The firm filed for Chapter 11 bankruptcy in April 2019.

History

Bcause was formed in 2013. In March of 2017 the company chose Connamara Systems as its technology platform.[1]

Bcause secured a $5 million Series A funding from SBI Holdings in October of 2017, and SBI took a 40 percent stake in the company.[2]

Bcause was one of 20 companies chosen to exhibit in the Innovators Pavilion at the 33rd Annual FIA Expo in Chicago in 2017. The Innovators Pavilion showcased startup companies providing forward-thinking solutions for the futures, options and cleared swaps industry.[3]

In the spring of 2018 Bcause raised $5 million in new funding. It added China Health Checkmate in October 2018 as a "substantial" equity holder to help Bcause open its exchange and work on an Asia initiative to create new exchanges and asset-backed payment products.[4] [5]

The company filed for Chapter 11 bankruptcy protection in April 2019. Among the creditors were Dominion Energy Virginia, which had an unsecured claim of $1,459,267.38 on Bcause’s assets, BMG Operations for $3.89 million and the US Customs and Border Protection for $737,041.90.[6][7][8]

Products and Services

  • Bitcoin Mining
  • Spot Trading - bcause plans to offer cryptocurrency exchange for Fiat currency and U.S. Dollars by May of 2018.
  • Derivatives
  • Clearing

Key People

References

  1. BCause LLC Selects Connamara Systems as Technology Platform for new Bitcoin Exchange. Bob's Guide.
  2. SBI Holdings acquires 40% stake in bitcoin options firm bcause LLC. bcause and SBI.
  3. bcause chosen for the FIA Expo. bcause.
  4. China Health Checkmate Commits to Initial Series B Funding for Bcause LLC. Press Release.
  5. Bitcoin Mining Firm Bcause Raises $5 Million As Cryptocurrency Recovers From Recent Lows. Crunchbase News.
  6. Mining company files bankruptcy and reveals interesting debtors. The Block.
  7. Virginia Beach cryptocurrency company files for 'reorganization bankruptcy' one year after headquarters expansion. 13NewsNow ABC.
  8. Virginia Beach bitcoin mining company that won $500,000 city grant files for bankruptcy. Virgina Pilot.