OBITX Sells 420Cloud Software for $1.9 Million
OBITX, Inc., (OTCMKTS: OBTX) a blockchain development and consulting company, announced that it has sold its 420Cloud Social Media Platform to First Bitcoin Capital, Corp., for $1.9 million.
Jacksonville, FL, May 19, 2020 –(PR.com)– The 420Cloud Social Media Platform has been transferred to First Bitcoin Capital, Inc., (BITCF) in exchange for $500,000 in First Bitcoin (COIN:BIT) cryptocurrency tokens and a two-year secured convertible promissory note of $1,400,000.
Michael Hawkins, OBITX CEO states, “We are pleased to have found a good home for this software, where it will provide its new owner with the necessary tools to expand their current operations. This was the final step of our transition from an advertising and social media company that dabbled in blockchain, to a development and consulting firm in blockchain technologies. The sale of this asset will free the necessary resources in time and cost that will allow us to focus on blockchain software development and partnerships/consulting with other industry leaders.”
“Our goal,” Mr. Hawkins went on to say, “is to emerge as a global leader in blockchain and cryptocurrencies, helping bring this fledgling enterprise to mainstream.”