Grand Pacaraima Gold Corp. was originally a Canadian penny-stock gold mining company. In February 2014, following largely fruitless prospecting, the Company changed its name to First Bitcoin Capital Corp., becoming a penny-stock cryptocurrency company that now trades under the ticker BITCF on OTC markets.
It is the first publicly traded company dedicated to bitcoin and blockchain development to enter the lucrative cryptocurrency space. Although First Bitcoin's stock soared up to as high as $2.70 in August, it currently trades at $0.50 with an average 30-day volume of 204,000.
First Bitcoin Capital is the first vertically integrated, publicly-traded Bitcoin entity to enter the cryptocurrency space. The company seeks to vertically consolidate each and every segment of the digital currency arena in order to promote and help the digital currency industry grow. First Bitcoin's goal is to acquire bitcoin start-ups, raise funding and invest in companies that are developing bitcoin software or hardware applications.
Spheres Of Operation
First Bitcoin Capital plans to operate in the following segments:
Developing digital currency exchanges to facilitate the conversion of bitcoin and other online currencies. This will include the creation of digital wallets where users can securely buy, sell and accept bitcoin and other currencies.
Providing liquidity to worldwide bitcoin and digital currency exchanges.
Engaging, encouraging and educating the everyday consumer and merchants about the value of accepting bitcoin and the benefits it provides.
Business To Consumer Or B2C:
Developing online stores and various platforms whose goods and services will exclusively support the acceptance of bitcoin.
Research And Development:
Developing innovative technologies that will promote the use of digital currency and conduct extensive research in other emerging forms of cryptocurrency.
BITCF has done both a stock buyback and a dividend in cryptocurrency, using XOM tokens to buy back shares in July and dividending TeslaCoilCoin(TESLA) tokens to shareholders in August.
The company designed and created the Tesla token as a ‘commemorative cryptocoin' on the bitcoin blockchain using omni protocol. Commemorating the life and achievements of Nikola Tesla, the token was issued in a fixed quantity of 100 million.
Based on analysis of the Tesla token, including both its design and structure, an offer or sale of the token cannot qualify as an investment contract under the Howey test. Tesla is therefore not a security under the US securities laws.
Tesla tokens distributed to shareholders as dividend are considered property of the company which it internally authorizes to be paid out. The company's distribution of Tesla tokens as a dividend will not constitute a sale of securities within the context of the Securities Act.
In addition to Tesla and First Bitcoin (BIT), the company has issued three other coins, Altcoin (ALT), President Johnson (GARY) and President Trump (PRES).
On December 7, First Bitcoin announced that its Board of Directors unanimously ratified the appointment of Hay & Watson as the company’s independent registered public accounting firm for the fiscal years ending Dec. 31, 2016 and 2017. Hay & Watson is a firm of Chartered Accountants and independent auditors from Vancouver which provides assurance, accounting and tax services.
“With the selection of Hay & Watson, First Bitcoin Capital has engaged a top audit firm with significant experience in the industry,” added Greg Rubin, CEO. “This selection is another step forward in transforming the strategic direction of the Company, to up list and become a fully reporting publicly traded company.”
The Company plans to file its annual reports on Form 20F for the years ended 2016 and 2017 as soon as the audit is completed.
First Bitcoin Capital Team
- Greg Rubin – CEO & Director
- Yuri Abramov – Director
- Vyacheslav M. Abramov – Chairman of the advisory board
- Simon Rubin – Chairman of board