Strategic Credit Facility Established with Coinbase
The Smarter Web Company PLC (LON: SWC | OTCQB: TSWCF | FRA: 3M8) is pleased to announce that it has established a strategic credit facility with Coinbase Credit, Inc. (“Coinbase”) in order to provide the Company with enhanced financial flexibility (the “Coinbase Credit Facility”).
The primary use of the Coinbase Credit Facility is to enable the Company to deploy capital into Bitcoin immediately, where deemed prudent, following new equity issues, reducing settlement-related timing risk during periods of volatility. The facility is not intended to be used as a source of long-term debt for Bitcoin purchases.
Key Terms of the Facility:
· Facility size: $30 million
· Security: secured against Bitcoin holdings held within Coinbase
· Interest: charged daily on cash drawn down at a competitive interest rate
· Fees: no fees other than interest on cash used
· Maturity: no fixed maturity date; repayable at the Company’s discretion
Andrew Webley, CEO of The Smarter Web Company, commented:
“This facility allows us to deploy capital into Bitcoin quickly where fundraising settlement periods may otherwise hamper our ability to do so, and we are grateful to Coinbase, one of our key custodians, for their partnership in providing it to us.”
Enquiries:
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The Smarter Web Company CEO Andrew Webley
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+44 (0) 117 313 0459 |
