In a strong opening move for 2021, Hackney-based fintech scale-up Bitstocks has publicly launched its first-ever crowdfunding campaign – to advance the development of their bitcoin financial ecosystem, Gravity.
Their initial three days of private crowdfunding, through the CrowdCube investment platform, has been met with resounding interest from backers in both the cryptocurrency and fintech industries, punching through the company’s initial target of £500,000 and putting them into overfunding for the public launch.
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The launch of Bitstocks crowdfunding comes as the bitcoin market continues it’s 9-month price rally, with prices for Bitcoin Core (BTC) reaching over $38,000 (£27,000) on some exchanges this week.
Michael Hudson, CEO, says: “We’ve seen a huge surge of activity on Gravity since October – transaction volumes were up 50% MoM in November, and again almost 39% MoM in December. We’ve also had a fantastic response to our referral programme, Gravity Introducers – which allows customers to earn a percentage of the transaction fees from anyone they introduce with their unique link, for life.”
Gravity differs strongly from other existing financial services in both it’s philosophical and technical makeup. Built entirely on the blockchain, it has been conceived with the fundamental principle of transparency – something which the current global finance industry is infamous for its lack of. It was reported this time last year that banks around the world have been fined over £28bn since the financial crash of 2008, for offences such as tax evasion, money laundering and data breaches – making it clear an alternative is required. Bitstocks are in the process of building it.
In their pitch, Bitstocks state that Gravity will offer a proof of solvency feature, the ability to transact in global micropayments, and perform online payments with the privacy qualities of cash. This will give their customers all the benefits of Bitcoin functionality in a format which mirrors an easily-recognisable online banking experience – essentially blazing the trail for mainstream adoption of blockchain technology within banking.
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Further outlined in the Bitstocks pitch are extensive plans to expand the range of Gravity products and services, including Personal Accounts, Debit Cards, and later on, Savings and Loans, all built on top of blockchain technology; alongside applying for further regulatory licencing and expanding vital teams.
For the previous six years’ of the companies’ operations, CEO & Founder, Michael Hudson, has bootstrapped the business to grow it to its current scale, but now he says it’s time to open the doors to investors;
“Our whole message as a company from the beginning has been one of individual sovereignty; we’re actively embracing transparency and building new financial infrastructure on top of the blockchain. We want to be engaged with our community and to each be vested in each other’s success. Gravity is by the people, for the people.”
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