DigitalBTC, the bitcoin mining company owned by Digital CC, which became one of the first companies to be listed in the Australian Securities Exchange (ASX) is pivoting. In a recent announcement, DigitalBTC announced that the company is going to change its name and business model.
DigitalBTC along with its parent company Digital CC will be known as Digital X from now onwards. Instead of focusing on digital currency mining, the company will be involved in software development. The company’s rebranding coincides with the change in its business model.
The company has stated on ZDNet that its rebranding signifies DigitalBTC’s strategic change from its previous focus on bitcoin as a currency to software development for the crypto industry. The company is leveraging upon the experience they have gained so far while being involved with the bitcoin industry. they have utilized the same to make some changes to remittance applications. However, they still have to go a long way to make the best use of their experience.
DigitalBTC or Digital X as it is known now has AirPocket as one of its leading products. It is a mobile application based peer-to-peer, cross-country cash remittance platform. Even after rebranding, the prime focus of Digital X will continue to be AirPocket (currently in the second beta testing stage). The company recently severed ties with Mintsy, a bitcoin mining platform and its associates who were earlier part of a joint venture with Digital CC.
Since their listing on ASX following a reverse takeover of an investment firm – Macro Energy in June 2014, the company has been incurring losses. The company had earlier this year reported an annual net loss of over $6.77 million and a negative EBITDA of 3.16 million. However, the year previous to that was a good one for Digital CC where the company made a net profit of $600,000 (after tax) with revenues close to $4 million and an EBITDA of $2.5 million.
The article was reported on ZDNet.