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Newnote acquires Bitcoin exchange Cointrader.net, other assets for C$1.5 mln

Newnote acquires Bitcoin exchange Cointrader.net, other assets for C$1.5 mln

Newnote Financial (CSE:NEU), a provider of crypto-currency and Bitcoin related software products and services, has acquired Canadian based Bitcoin exchange Cointrader.net, the CoinZero Point-of-Sale System and ATM machines in London & Tokyo among other assets for C$1.5 million in cash and stock.

The deal makes Newnote the world's first and only publicly traded Bitcoin exchange listed on three stock exchanges, the Vancouver, British Columbia-based company said in a statement today.

CoinTrader.net is a North American Bitcoin exchange; one of the top two Bitcoin exchanges in Canada by volume founded by the Bitcoiniacs who installed the world's first Bitcoin ATM in Vancouver, as well as opened the world's first physical Bitcoin brokerage in July of 2013.

Cointrader.net, Canada's fastest growing Bitcoin exchange, is processing more than C$1.5 million per month in transactions. It has 10,000 active users with a signup rate of over 1000 new users per month.

CoinTrader.net's imminent entry into the U.S. and European markets; with the help of strategic partner Vogogo (CVE:VGO), will enable users direct bank transfers in all 50 states and many countries throughout the Eurozone later this year.

Newnote Financial has also acquired Point-of-Sale system CoinZero. CoinZero enables retail merchants and online stores the ability to accept Bitcoin for merchandise.

CoinZero offers a plethora of features such as inventory tracking and simple accounting to name a few. CoinZero offers Bitcoin to fiat conversion, positioning Newnote to compete with BitPay and Coinbase, which also offers a similar service.

"This transaction positions Newnote as the de-facto leader in the crypto-currency space in Canada. Cointrader.net, CoinZero and the ATM network offer our shareholders direct exposure to the primary revenue generators in the digital currency space,” chief executive officer of Newnote Paul Dickson said.

“it is our mission to deliver on our promise to offer the most innovative products and services available."

Newnote said it intends to engage in an aggressive marketing program geared at building the Cointrader.net user base and expanding internationally via strategic business relationships with top-tier Bitcoin operations and startups alike.

Shares of Newnote were flat at C$0.150 at 2:15 p.m. in Toronto. The stock has lost 35 percent so far this year, leaving the company with a market value of C$4.6 million.

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