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E24 – Frankfurt-listed company buys mining capacity in Norwegian bitcoin company for two billion kroner
Stockholm IT Ventures uses 200 million euros on rights to Norwegian Cryptotech technology and bitcoin mining.
KRYPTOMILLIONAR: The entrepreneur and director of Cryptotech Erik Solberg is surprised to be able to sell bitcoin contracts for 200 million euros in two months. Solberg owns 50 percent of Cryptotech, and becomes a multi-millionaire as a result of the agreement with Stockholm IT Ventures.
The Stockholm-based company confirms a letter of intent in a press release Tuesday morning.
According to Stockholm IT Ventures, the agreement is worth between 200-210 million euros (1.97-2.02 billion), and Cryptotech’s entrepreneurs receive significant shareholdings in the Frankfurt-listed company.
The agreement is dependent on Cryptotech winning bitcoin with the capacity they have planned and the payout does not occur until recovery has begun.
Cryptotech develops a special data drive for extracting bitcoin and other cryptovaluta. According to the company, the chip is much more powerful than today’s technology and will take over large parts of the recovery market, according to entrepreneur Erik Solberg, who had not thought that they would get such a big deal soon.
“I am a little surprised that it was so fast, we should actually sell recovery contracts until March-April,” said Solberg to E24, saying that the agreements had come to a port in a short period of time.
Norwegian entrepreneur will sell bitcoin contracts for 1.65 billion by February. The goal was to sell recovery contracts to private individuals, but then Solberg was contacted by Stockholm IT Ventures. “It was Stockholm IT Ventures who contacted us and we have been in talks for a while now,” says Solberg.
He estimates that the final details of the final agreement have been clarified in a short period of time. The rights that the Stockholm-based company has purchased has a framework of five years. Cryptotech is owned 50 percent by Erik Solberg, and 50 percent of his American partners are responsible for the technical development of the computer chips. This means that the company that started in late October 2017 has become very lucrative for Solberg. He is now one of the few Norwegians who, with today’s euro rate, have become a multi-millionaire on bitcoin technology.
According to Stockholm IT Ventures, payments will be paid through 2018, both before and after Cryptotech has started working on recovering bitcoin.
Will multiply the investment
When E24 talked with Solberg before Christmas, he had sold recovery contracts for millions of dollars to private individuals. These contracts are still valid, but the company soon closes the sale of new cloud-based recovery contracts.
Stockholm IT Ventures denotes itself as a technology company specializing in cryptovaluta, both in terms of extraction and block technology. The listed company will also extract its own crypto currency called Bytemine, where owners of the currency will receive a percentage of the company’s revenues from bitcoin extraction annually.
“We are very pleased to announce the acquisition of 50 percent of Cryptotech’s production capacity over the next five years, which we believe will yield a return many times what we invest,” writes Chairman of Stockholm IT Ventures Wayne Locker in the press release.