BTCS Inc., a U.S. public company focused on blockchain technology, has announced the launch of a pilot program to begin securing Ethereum’s blockchain.
“As the first U.S. publicly-traded blockchain-focused company we want to provide our investors diversified exposure to digital currencies and blockchain technologies,” stated Charles Allen, CEO of BTCS. “Given the recent success of Ethereum and the growing interest from major players in tech and finance, we believe it’s an ideal time to launch a pilot program.”
In addition to the pilot program, BTCS has secured an Ethereum-mining hosting contract. The contract uses approximately 50 kilowatts of the company’s 3 megawatt capacity.
“Like many others, we’re excited for the prospects of Ethereum,” continued Allen. “While Ethereum is focused on smart contracts, it’s important to note that there are currently numerous companies working on solutions to build smart contracts on bitcoin’s blockchain, leveraging the deep security provided by its more established and secure blockchain.”
BTCS secures the blockchain through its rapidly growing transaction verification services business and plans to build a broader ecosystem to capitalize on opportunities in this fast growing industry. BTCS continues to evaluate and build additional blockchain technology consumer solutions and actively collaborates with strategic digital currency and blockchain technology companies who provide products or services that are complementary to its business strategy.
Ethereum is a digital currency and blockchain platform focused on smart contract applications. The decentralized network of Ethereum enables transactions without downtime, censorship, fraud, or third-party interference. Since its launch in 2014, Ethereum has successfully garnered support and solidified its footing, including projects with Microsoft and IBM.
Since early February, the value of Ether, Ethereum’s unit of account, in USD terms, has grown at a 500% annual growth rate with the total value of all Ether, or market cap of Ether, surpassing $1 billion. The recent launch of the first production release, Homestead, is set to make Ethereum a blockchain technology that will be integral to future smart contract based products, BTCS noted.
Japanese bitcoin exchange Coincheck and Hong Kong-based bitcoin exchange Bitfinex have recently announced their support for ether trading. In addition, Cloud based financial services platform Uphold has recently said that it is on track to launch Ethereum and Litecoin.
