Founder Of Crypto Exchange Bittrex Announces Sale Of GSR
After months of speculation and anticipation, the founder of crypto-exchange Bittrex has announced that he is selling GSR, a technology platform for token trading. This major move comes after Peter Thiel's venture capital firm had planned to take the company public via a SPAC (special purpose acquisition company), with a potential valuation of $9 billion. Read on to find out more about this exciting development in the crypto world!
Who is the founder of Bittrex?
The founder of Bittrex, Bill Shihara, has announced the sale of GSR, a cryptocurrency exchange he co-founded.
Shihara made the announcement on Twitter, saying that he had sold his stake in the company to an undisclosed buyer.
Shihara did not disclose the terms of the deal, but said that he will remain involved with Bittrex in an advisory role.
Bittrex was founded in 2014 and is one of the leading cryptocurrency exchanges in the world. The exchange allows trading of over 190 cryptocurrencies and has over 3 million users.
What is a SPAC?
A SPAC is a special purpose acquisition company, which is a type of shell company that is created to raise capital in order to acquire an existing company. SPACs are also known as "blank check" companies because they typically have no operations or business plan when they are created.
SPACs have become increasingly popular in recent years as a way for companies to go public without going through the traditional IPO process. In a traditional IPO, a company raises capital by selling shares to investors in an initial public offering. This can be a lengthy and complex process, and it can be difficult for smaller companies to get access to the necessary resources.
This can be much quicker and simpler than going through an IPO, and it can give smaller companies access to the public markets that they might not otherwise have.
How many people work at Bittrex?
Bittrex was founded in 2014 by Bill Shihara and two co-founders, Richie Lai and Rami Kawach. The company has a team of over 40 people, all of whom work on the exchange in some capacity. The majority of the team is based in the US, with a few members in Europe and Asia.
What is GSR?
GSR is a digital asset exchange that allows users to trade cryptocurrencies. The exchange was founded by Bill Shihara in 2014 and is headquartered in Seattle, Washington. Bittrex announced the sale of GSR on December 19, 2017.
GSR offers a variety of features that make it an attractive option for cryptocurrency traders. The exchange supports over 190 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. GSR also offers advanced trading features such as margin trading and stop-limit orders.
Why are they selling GSR?
The co-founder and CEO of Bittrex, one of the world's largest cryptocurrency exchanges, has announced the sale of his company's stake in GSR.
In a blog post on the Bittrex website, Bill Shihara said that he had sold his entire stake in GSR Capital, a Hong Kong-based investment firm that specializes in blockchain and digital assets, for an undisclosed sum.
Shihara said that he made the decision to sell his stake in GSR because he believes that it is time for him to "move on to other opportunities.
GSR was founded in 2017 by Shihara and two other partners. The firm has invested in a number of high-profile blockchain projects, including Ripple's XRP Ledger and the Stellar network.
Shihara's departure from GSR comes as the cryptocurrency market is facing renewed uncertainty. The price of Bitcoin, the world's largest cryptocurrency by market value, has fallen sharply from its peak of nearly $20,000 in December 2017 to less than $4,000 today.