Former bitcoin miner DigitalBTC has ditched the cryptocurrency to focus on software development.
In addition to the shift in business model, at its annual general meeting on Thursday, Australian-listed DigitalBTC announced that its name would change to Digital X, with its parent company Digital CC to be known as Digital X, effective immediately.
“The rebranding represents a strategic change from a focus on bitcoin as a mechanism to store value to a focus on software development,” the company said.
“While the company has made a strategic change towards applications within the remittance market, it is still leveraging its skills and experience gained within the bitcoin industry.”
Earlier this month, Digital X told shareholders that it had terminated its Mintsy joint-venture agreement, citing ongoing concerns it held with Mintsy and the company’s inability to meet its contractual requirements.
“Under such circumstances, [Digital CC] had no choice other than to terminate its role and relevant interests under the agreement,” executive chairman Zhenya Tsvetnenko said at the time.
“Digital CC also confirms it has no further commercial digital currency-related dealings with ventures associated with its former joint-venture partner. Digital CC is now fully committed to the commercial rollout of its AirPocket remittance product in Latin America.”
In May, Digital X