Before the opening bell, WRIT Media Group, Inc. (OTCQB: WRIT) took a significant step toward the completion of the final phase of development for its proprietary CrypStock digital trading platform when it announced securement of an additional $100,000 in capital through a new funding round. The financing comes as the result of a co-investment by one of the company’s existing investors and a private equity firm. WRIT intends to allocate this capital to the completion of its SEC filings, as well as the payment of expenses associated with the recent acquisition of Pandora Venture Capital and Pelecoin digital currency.
“This round of financing is a vital component of our broader plans to aggressively advance the CrypStock trading platform,” Eric Mitchell, president of WRIT, stated in this morning’s news release. “When launched, it will combine the best digital currency marketing model offered by Pelecoin, with the most widely used digital currencies and real currencies traded on exchanges around the world.”
Since announcing the acquisition of Pandora Venture Capital in mid-June, WRIT has wasted little time in charting its course into the expansive digital currency market. Earlier this month, the company announced beta availability of CrypStock, a proprietary cryptocurrency exchange combining a user-friendly interface with a sophisticated trading platform. Following its planned commercial launch in 2017, CrypStock will offer users more direct access to WRIT’s Pelecoin currency alongside bitcoin, other popular digital currencies and select fiat currencies. WRIT has also outlined plans to introduce a number of proprietary trading modules, including binary options, futures and an algorithm trading subsystem.
Central to the marketability of the CrypStock platform is WRIT’s newly-launched bitcoin alternative, Pelecoin. This digital currency option strays from the traditional cryptocurrency emission system, which generates new currency on a set schedule without regard to the currency’s market value, in favor of an innovative system that focuses on rules and events that increase the market value of Pelecoin. These events include new user registration, acceptance of Pelecoin for real goods or services, and trades between Pelecoin and fiat currencies. When one of these events occur, Pelecoin automatically increases the balance of the individuals who participated, effectively eliminating the complicated ‘mining’ process and putting new coin distribution within reach of new users.
“We are pleased to introduce to market our unique Pelecoin technology, and look forward to the potential it creates not only for WRIT Media and company shareholders, but for the broader digital currency space as well,” added Mitchell. “There are several advantageous ways Pelecoin differs from other digital currencies on the market, and we’re excited to be part of the many advances taking place in cryptocurrency.”
For more information about the company, visit www.writmediagroup.com
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