A Seattle-based company has taken a leap forward, that could transform the mainstream business use of cryptocurrency…
One company has taken a giant leap forward in terms of the US Securities and Exchange Commission (SEC), by accepting payment in crypto for stocks.
Pithia Inc is a venture capital fund based in Seattle. It recently made an investment in smart city developer DigitalTown. Nothing out of the ordinary there. But the way the stock buyout was made could transform the mainstream business use of cryptocurrency.
Pithia’s lawyer Tamara Rogers made a Schedule 13D filing to the SEC, listing cryptocurrency as the sole payment method for this investment. It’s understood this is the first time in history that this has happened.
Companies or individuals have to make 13D filings when they acquire or buy up more than 5% of any class of publicly traded securities in a public company. Keep “public company” in your mind. That’s the important bit.
DigitalTown was founded in 1982 and is a public company, with stocks traded on OTC Markets, a minor exchange.