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360 Blockchain opens office in Silicon Valley; closes C$1.5mln placing

Each unit consisted of one share and one share warrant, exercisable into one company share for 10 cents
360 Blockchain opens office in Silicon Valley; closes C$1.5mln placing
The group issued over 24.99mln units at six cents each.

360 Blockchain Inc (CSE:CODE), formerly 360 Capital Financial Services Group Inc, has opened an office in the heart of Silicon Valley, it told investors.

As well as identifying investment targets, the office allow the firm to grow its team and work with leading-edge talent.

"To have a regional office in Silicon Valley is a significant step for 360. It provides our team with access at what is truly the heart of advancements in blockchain technologies," said George Tsafalas, president and chief executive.

"Silicon Valley represents a hotbed of opportunities and connectivity, which will allow us to accelerate our investments in early-stage blockchain technologies," added Tsafalas.

360 is currently conducting due diligence on multiple strategic investments within Silicon Valley and beyond, some of which are in advanced stages.

Earlier today, the group said it had closed its previously announced private placing, raising C$1.5mln gross, having issued over 24.99mln units at six cents each.

Each unit consisted of one share and one share warrant, exercisable into one company share for 10 cents for two years after closing.

Proceeds from the placing will be used for general corporate purposes including financing current operations and supporting ongoing investigations of potential business opportunities.

The group started trading on the CSE with effect from October 10 as it advances into this emerging  industry, which it believes will reshape business.

"By investing capital and expertise, we accelerate the development and application of public and private blockchain technologies," it had said.

"The company is completing its due diligence relating to several technologies in the blockchain and cryptocurrency fields. As 360 seeks to "Empower the Blockchain Revolution" its leadership is focused on early-stage opportunities," it added.

The firm noted that one key area of interest was  eSports.

"Already wildly popular around the world, eSports will be a $1.5 billion business by 2020. 360's team includes veterans of traditional live events (sports, concerts) who are invested heavily in this booming business," it said.

"We're seeking blockchain-based advances that improve live-streaming, ticketing, betting and fraud prevention," the firm said.

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