GreenCoinX (XGC) is open source software developed to provide digital identification, easier means of transacting and inbuilt taxation for Cryptocurrency.
GreenCoinX developers teamed up with Canadian public company GreenBank Capital Inc (CSE:GBC) to form GreenCoinX Inc a software development company focused on creating a Cryptocurrency that addresses issues and through this has the potential for widespread adoption. The result is GreenCoinX, a unique Cryptocurrency built to coincide along the genius of bitcoin as a complimentary tool for when users wish to send/receive to identified addresses, make use of the easier email/phone features, and facilitate taxes to their government.
The XGC team will grow and expand over time, development is an ongoing process and contributors are welcome to submit additional modules through Github.
GreenCoinx Inc is a software subsidiary of GreenBank Capital and is developing GreenCoinx, a new innovative cryptocurrency featuring digital identification by adding email or phone identification to all GreenCoinx transactions with the aim of resolving the “trust based concerns” with other virtual cryptocurrencies. Those intending illegal activities will not use GreenCoinx as they can be easily identified, and global governments will be able to collect taxes based on GreenCoinx transactions with rules for each type of transaction.
GREENBANK HAS LAUNCHED TWO COMPANIES TO INVEST IN BITCOINS
We are the first public company to invest in the exciting world of Cryptocurrency.
Bitcoin Canada Investments Inc (“Bitcoin Canada”) and Bitcoin Angel Capital Inc (“Bitcoin Angel”) are subsidiaries of GreenBank
Bitcoin Canada will invest exclusively in Bitcoin
Bitcoin Angel will invest in early stage Bitcoin and other cryptocurrency focused companies.
* GreenBank intends that a proportion of both Bitcoin Canada and Bitcoin Angel will in due course be spun off to GreenBank shareholders and they will apply for CNSX listing * GreenBank is making a private placement to accredited investors of Secured Debentures with conversion rights into 90% of the common shares of Bitcoin Canada and Bitcoin Angel. * Investors gain exposure to both Bitcoin and a diversified portfolio of early stage Bitcoin and other cryptocurrency companies.
“We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money transfer providers.” Bank of America Merrill Lynch research report 5 December, 2013.
Bitcoin is the world’s first completely decentralized digital currency, and is not issued by any government, bank or central organization. Bitcoin is hosted on a public transaction ledger which is continuously updated and verified by ”miners” who gather batches of new transactions. Exchanges allow the conversion between fiat currencies and Bitcoin. Users must have an internet connection and Bitcoin software to make payments to another account. Based on the underlying software code, the total amount of Bitcoin in circulation will increase predictably until reaching a cap of 21 million Bitcoin in 2140. The current supply is approximately 12 million Bitcoin.
The advantages of Bitcoin can be summarized as follows:
Very low transaction costs
Finite supply makes it a store of value which avoids the infinite supply of fiat currencies
Anonymity avoids capital controls, taxes and confiscation
Increasing acceptance and popularity makes it a viable alternative to fiat currencies
Substantial price appreciation makes it an investment medium
Attractive e-commerce medium of exchange
“I believe that Bitcoin is in the early stages of becoming a revolutionary payment medium, and GreenBank intends to be actively involved as a Bitcoin incubator and investor” Danny Wettreich, CEO of GreenBank.
GREENBANK SUBSIDIARY RECEIVES APPROVAL FOR EXEMPT MARKET DEALER LICENSE
GreenBank Capital Inc.'s 100-per-cent-owned subsidiary, GreenBank Financial Inc., has received approval for an exempt market dealer licence. GreenBank announced its intentions on May 28, 2014, and the application was made to the Ontario Securities Commission. The granting of the exempt market dealers licence now enables GreenBank Financial to commence investment banking transactions.
"As a registered exempt market securities dealer, GreenBank Financial is a dealer or underwriter for any securities which are prospectus exempt. It is also a dealer for any securities provided they are sold to clients who qualify for the purchase of exempt securities," commented Danny Wettreich, chief executive officer of GreenBank.
GreenBank Financial now intends to identify public and private companies who may be candidates for its investment banking services, including corporate finance, mergers and acquisitions, private placements, and reverse mergers.