The Board is pleased to announce that the initial share offering to raise $1.5 million has been fully subscribed. This enables the company to establish an office in Melbourne, appoint core development staff, and fund operating costs until mid-2016. The shares were allocated on a first-come-first-served basis until the initial offering of shares was fully subscribed. This initial seed funding round was completed within 2 months of announcing the offer, reflecting the enormous potential that Bluechain has to capture a slice of the multi-trillion dollar payments business.
CEO Mike McAuley reported “The response by investors has been very gratifying and, I have to admit, a bit overwhelming. I know we have a very strong value proposition, but clearly enunciating that value to investors can sometimes be difficult. I guess the enormity of the opportunity and Craig’s impressive track record of innovation in payments technology, both in Australia and overseas, was telling.”