Investor, podcast host, entrepreneur, and writer, and investment and life guru, James Altucher, also known by some as the representative of crypto-bubble, is finding himself as in the investing role as he helps to fund a new cryptocurrency-based company.
The company, which has recently filed with the Securities Exchange Commission has noted in their documents that James, is an investor in its round of financing.
The firm that’s raising funds is based in Delaware and is named Bitzumi, Inc.
The team at Bitzumi states that they are a vertically integrated Bitcoin exchange and marketplace. Their mission is to drive growth to the crypto industry.
It’s certainly an interesting mission, as one doesn’t necessarily have a purpose to grow an industry unless they are a financial firm which will invest in the industry and help to build other cryptocurrency companies in the blockchain technology sector.
The company seems to be starting with a simple and straightforward newsletter service along with a platform for conducting transactions on their exchange platform.
The Funding Round
Bitzumi is seeking to bring about ten million to bring their company to full operating fruition. At the very minimum, they are looking to raise an amount of one million dollars.
James is stating that he is merely an investor and is an ardent supporter of the new company.
Further on the Filing
According to the filing, the company is located at 55 5th Avenue, Suite 1702 in New York, NY 10003 is seeking to issue 4,000,000 shares of Common Stock with a par value of $0.0001.
The company states that they were able to launch their beta version of their website, www.bitzummi.com, and are in the process of testing their exchange and wallet on a limited basis.
They have further registered with FinCen on the 22nd of September of 2017, to be an official money services business and are also seeking to obtain licenses to serve as money transmitter business in each of the fifty states.
The firm is seeking to have their overall public launch of their site in early 2018. As they state:
“We anticipate having a public launch of www.bitzumi.com by early 2018.”
As of this current moment, their website is live, yet has no existing functionality.
They are seeking to deploy a trusted vault, a single mobile digital wallet, a Bitzumi credit card, processing and escrow and an E-bit news blog or a cryptocurrency publication business.
The company states that they are looking to add to the cryptocurrency sector and will be doing so in a phase by phase manner.
“We plan to launch our business divisions with a phased approach. Initially, our primary focus will be to develop a publishing and marketing company to educate potential Bitzumi exchange/wallet consumers, and to gain name recognition. We intend to deliver users to Bitzumi’s and affiliates’ crypto-related offerings and products. Ultimately, we intend for our primary product to be our cryptocurrency exchange and digital storage on www.bitzumi.com. We also plan to develop various educational and information products and newsletters focusing on the cryptocurrency industry.”
CEO & Chairman of the Board
Mr. Cohen has over 20 years of experience in institutional asset management, wealth management, and capital markets. Scot founded and served as principal of the Iroquois Capital Opportunity Fund, a closed-end private equity fund which focused on investments in North American oil and gas. Mr. Cohen also co-founded Iroquois Capital, a New York-based hedge fund which managed approximately $300M across its family of funds. Before Iroquois Capital, Mr. Cohen founded a merchant bank which actively participated in structured investments in public companies.
Head of Media & Marketing
Mike Straka is a veteran marketer with over 20 years of experience in broadcast television. Mike began his career at CBS News as a desk assistant and moved on to FOX News Channel in 1996. He eventually became Vice President and Executive Producer for FOX Interactive Media and FOX News Digital, where he was in charge of software and hardware solutions across several verticals of the business, and Executive In Charge of video and studio operations.