In a missed part of the barter news, we failed to report in January that Sovereign Exchange, a Canadian barter/silver hybrid run by a visionary named Steven Merrill, sold a 20% interest to GreenBank Capital Inc.
As part of the buyout, Sovereign Exchange has been renamed Sovereign Bitcoin Exchange announcing their move in to the bitcoin exchange market.
Sovereign’s barter currency, the Sovereign, is denominated in specific weights of silver. The move in to bitcoin will provide Sovereign to bitcoin exchange rates.
The acquisition was made by GreenBank’s subsidiary Bitcoin Angel Capital (“Bitcoin Angel”) which issued 100,000 Bitcoin Angel $1 Convertible Debentures Series B to acquire 20% of the issued and outstanding common shares of the Exchange from Steven Merrill, the founder and President of the Exchange. The Debentures are secured on the 20% investment in the Exchange and will convert on or before December 31, 2015 into 400,000 common shares of Bitcoin Angel simultaneous with the listing of Bitcoin Angel on the CSE.
“We are delighted to be associated with GreenBank and Bitcoin Angel as we move our unique Exchange into the Bitcoin space. Since personally taking a significant position in Bitcoin in February 2013 and then helping many Exchange members and shareholders do the same, we have received numerous inquiries from hard-money investors looking to make the same transaction. The new expanded Exchange can facilitate these transactions without the silver or gold bullion ever entering the public domain. A conversion to fiat money is not required, and the commissions are paid in Sovereigns, not in cash.” said Steven Merrill.
Read more at http://sovereignize.net/