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China Health Checkmate Commits To Initial Series B Funding For Bcause LLC

Date 22/10/2018

China Health Checkmate (CHC) and Bcause LLC, creator of what is believed to be the world’s first full-stack cryptocurrency ecosystem, announced today that CHC has committed to serve as the initial investor in the Bcause Series B capital raise*.

In this equity round, CHC has agreed to acquire an undisclosed but substantial amount of the equity shares of Bcause LLC, which will enable Bcause to open its spot cryptocurrency exchange in the near term and to jointly shape a project to launch exchange-related cryptocurrency initiatives to be co-located in Asia. Other interested Series B round investor parties are expected to make contributions for additional equity investments in an intermediate closing timeframe on terms to be determined.

The objective of the CHC investment is to strengthen Bcause exchange operations and to establish both new cryptocurrency exchanges and Asian-based, asset-backed payment-related products that will be developed.

Benjamin Lye, Vice President and Head of Digital Assets, Checkmate Capital, said: “The global experience of the Bcause management team, particularly with building multiple exchanges in Asia, is critical in executing on our strategic plan to create viable cryptocurrency exchanges in Asia. This will lead to a clear purpose and mission for our Asian partners, linked to desired objectives and outcomes for the constituencies they serve.”

Bcause CEO Fred Grede said: “This commitment represents our second strategic investment from the Asian region and will further our distribution into Asia. We’re very pleased to work with CHC and our partners in playing a unique role in the evolving crypto marketplace and furthering the development of cryptocurrency trading in the region.”

For the Series B, ASGARD Partners & Co. was appointed as Strategic and Capital Markets Advisor to Bcause. Lehman Bush, an Asian-focused, specialty boutique private equity investment firm with offices throughout Asia, is currently acting as the firm’s Asian-based strategic industry partner.

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