[dropcap size=small]S[/dropcap]tartup Stock Exchange or SSX is now accepting Bitcoin as a payment option in exchange for Stocks in companies listed on the site. SSX has extensive requirements for a company to be listed in an attempt to protect clients. Ian Haet, CEO and Co-Founder of the Startup Stock Exchanges states reasons for accepting Bitcoin in the recent press release:
SSX provides investors of all levels access to investment opportunities in global Startups. The addition of Bitcoin as a funding method makes it easier for these investors to participate on our global market and invest in our public Startups. Starting today investors can take their Bitcoins, convert them to US Dollars, fund their Trading Account and invest in the listed Startups, all on the SSX website.”
Funding by Bitcoin was adopted due to the crypto‐currency’s tremendous growth and international interest. SSX is focused on global Startup investments and adding Bitcoin as a funding option supports SSX’s mission. SSX has clients in over 100 countries and Bitcoin provides a secure and cost effective mechanism for transferring funds internationally, including countries such as Argentina, Singapore, Venezuela, South Africa and Morocco.
SSX allows clients to trade Bitcoin and Fiat currency in exchange for shares in new company startups. When a company passes the rigorous testing of the Startup Stock Exchange, they must continue to provide in-depth reports of their company every two weeks for shareholders to review. These reports include things like profit, budgets, and records. SSX promotes liquidity, transparency, and security in their exchange. The following flow chart explains how the exchange works:
The company is designed to combine the effectiveness of crowd-funding, with the liquidity and versatility of a stock exchange. The company goals and features are explained in this video:
Startup Stock Exchange has chosen to use GoCoin as their payment system. The GoCoin CEO is excited about having his company selected for SSX and sees potential in the new start-up exchange
We are thrilled that the Startup Stock Exchange has selected GoCoin as their solution for accepting digital currency. It further validates that disruptive technologies like Bitcoin and crypto-currency is reverberating more and more with corporations, small businesses and consumers.
said Steve Beauregard, Founder and CEO at GoCoin.
SSX makes Bitcoin a primary currency to invest in new startups. The security and rigorous trials should help with quality control of the companies that are listed on the exchange. GoCoin makes cryptocurrency payments easy for companies to accept, converting those payments to fiat currency right when they are received to help merchants avoid fluctuations in the market.
When we asked if there were any startups dealing with cryptocurrency on the site so far, Marketing Lead Carolina responded with the following:
To answer your questions, from the Initial Public Offerings in our platforms at the moment we don’t have any company directly related to the digital currency; however, the Latin American accelerator and seed investment fund NXTP Labs, is working on accelerating about 2 or 3 companies that are digital currency related. iNXTP B.V., the public investment vehicle created by SSX Ventures for the sole purpose of investing in NTXP labs, offers investors ownership interest in the NXTP Labs Fund and portfolio of startup companies, which is keen on promoting the crypto-currency environment.
On the other hand, prior to our release, we had reached a few startups that work with digital currency in order to get them interested in becoming public companies through SSX. So far, we have around 10 companies under application.
It’s also exciting from the investors’ point of view as they can now reach investment opportunities that were exclusive to a selected group of investors in the past, and are now able to invest with their digital currencies.
SSX could be a good opportunity for investors that want to invest Bitcoin in start-up companies. The exchange is globally regulated and complies with all AML/CTF anti-money laundering policies. Unfortunately, SSX is also accepting Litecoin or Dogecoin at the time, because GoCoin could easily provide that service for them as well.
Last modified: April 24, 2014 00:36 UTC