Rivlin's Bitcore Capital Sells Indian Operations for $3.8 Million, Gains Digital Asset License
Translated & summarized from Ice by baba
Reuven Rivlin's Bitcore Capital sold its Indian AirTouch operations for 14 million shekels, significantly boosting its capital. Concurrently, its subsidiary Proxybit secured an expanded license from the Israel Securities Authority to operate in digital assets. These moves are part of Bitcore's strategy to strengthen its financial foundation and build a robust digital asset infrastructure. The company aims to connect traditional finance with the digital economy.
The story in 6 lines · by baba
- Bitcore Capital sold its Indian AirTouch operations for 14 million shekels.
- The sale is expected to strengthen the company's capital and financial flexibility.
- Bitcore Capital's subsidiary, Proxybit, received an expanded digital asset license.
- The new license allows Proxybit to offer a wide range of digital asset services.
- Bitcore Capital aims to bridge traditional finance with the digital asset world.
- The company plans to develop a stable digital shekel and digital payment solutions.
Reuven Rivlin's company, Bitcore Capital, has made two significant moves. The firm sold its AirTouch operations in India for 14 million shekels (approximately $3.8 million), a transaction expected to bolster the company's capital and fund its expansion. Bitcore Capital operates as a financial services infrastructure company based on blockchain technology.
In parallel, Proxybit, a subsidiary of Bitcore Capital, has received an expanded license from the Israel Securities Authority to operate in digital assets. This makes Proxybit one of the few entities in Israel holding such a license, enabling it to offer a range of services including buying and selling digital assets, and transferring assets and funds.
Bitcore Capital had previously attempted to go public on the Tel Aviv Stock Exchange using the AirTouch shell company, but this plan changed with the sale of the Indian operations. The company aims to bridge the gap between the traditional financial system and the world of digital assets, with plans to develop a stable digital shekel, facilitate loans backed by digital assets, and offer digital payment and clearing solutions.
Yudi Lazar, co-founder and VP of Operations and Business Development at Bitcore Capital, stated that these moves align with the company's strategy to strengthen its financial base while building a significant business and regulatory infrastructure in the digital assets sector. He added that the sale of the Indian operations will improve the company's cash reserves and financial flexibility, allowing a focus on future growth engines, while the expanded license is a crucial milestone for long-term business in the digital asset field.