Arlington, VA – BTCS Inc. (OTCQB: BTCS) (“BTCS” or the “Company”), a blockchain technology focused company which secures the blockchain through its transaction verification services business, and Spondoolies-Tech Ltd. (“Spondoolies”), an Israeli transaction verification server manufacturer, received merger approval from the Israeli Office of Chief Scientist (“OCS”).
The OCS approval is one of two key closing conditions of the merger between BTCS and Spondoolies. The second key closing condition of the merger requires confirmation from the Israeli Tax Authority regarding deferred payment of applicable Israeli taxes related to the transaction.
Charles Allen, Chief Executive Officer of BTCS, commented, “Our merger with Spondoolies marks a major milestone for us and sets the stage for rapid revenue acceleration in the years ahead. BTCS produced year-over-year revenue growth of 1,225% in 2015, while cash used in operations was reduced by 25%. To combine this strong performance with Spondoolies’ industry leading technology, which generated impressive revenues for its first and second generation products, we’ll be positioned to create a new global leader in the blockchain sector.”
“The blockchain is set to radically change the future of transaction-based industries,” stated Guy Corem, Chief Executive Officer of Spondoolies. “BTCS has positioned itself at the core of this disruptive transformation,