Categories: Bitcoin Entertainment

Founding Shareholders Pay Shares in Bitcoin in the Isle of Man

Click here to view original web page at cointelegraph.com


Founding Shareholders Pay Shares in Bitcoin in the Isle of Man

Newly incorporated Isle of Man Bitcoin company Garigus Limited, announces founding shareholders paid their shares in Bitcoin, an element qualified as a key milestone in the development of the island's Bitcoin industry.

Garigus Limited's four founding shareholders announced on October 11 they had paid their shares in Bitcoin, according to the official press release. The founders' funds are now held in a BIP32 Hierarchical Deterministic wallet, a specific type of wallet that can be shared partially or entirely with different systems, with or without the ability to spend the funds. The public keys are displayed on the incorporation documents, and the private keys are under the control of Garigus Limited, said co-founder John Middleton.

Founding Shareholders Pay Shares in Bitcoin in the Isle of Man

According to Middleton, this system allows the newly registered Bitcoin-centric company to acquire a level of transparency that cannot be reached with shares in fiat currencies:

"Any interested party can inspect the public records at the Isle of Man Government Companies Registry, and then check the blockchain to verify the amount and levels of funding provided by the founders when Garigus was incorporated."

Garigus Limited's founders include:

  • Freeport Trust Company Limited secretary with 15 years in the fiduciary sector John Middleton;
  • Qualified accountant and co-founder of Isle of Man incorporated Bitcoin company The Global Bitcoin Exchange (TGBEX)* Adrian Forbes;
  • Former risk consultant to the Bank of England, fixed income derivative specialist and co-founder of TGBEX* Richard Owusu;
  • International director of the Royal Chartered IT and technical advisor at the Isle of Man Government Graeme Jones.

Middleton stated:

"Following an initial discussion with Graeme about the feasibility of establishing a company in Bitcoin, I researched the requirements and prepared the documents, submitting them to the Isle of Man Companies Registry – Less than 24 hours later the incorporation documents were in my hand."

In 2006, Middleton was appointed as the director of the very first company incorporated under the Isle of Man Companies Act 2006, which was announced in August 2005. Back then, the Government had promised the creation of a new type of business friendly company that would be simple and inexpensive to administer.

The Companies Act 2006 came into effect on November 1, 2006, and has since then operated in parallel to the Companies Acts 1931 - 2004, which govern the traditional type of company.

"My appointment to company number 1 was a significant milestone,” stated the entrepreneur.  “But more than 7 years and 11,545 companies later, the establishment of Garigus Limited as company number 11546V is no less significant to the Isle of Man."

The Global Bitcoin Exchange was recently launched at the Crypto Valley Summit 2014, which occurred from September 17 to 18, and gathered more than 170 digital currency entrepreneurs, enthusiasts, as well as representatives from the public and the private sector. The event was the occasion to discuss various cryptocurrency-related topics, as well as celebrate the rather optimistic position that has taken the Isle of Man on welcoming digital currencies.

Instantly buy Litecoin, Dogecoin, Peercoin, and Darkcoin at ShapeShift.io *No account needed*

Garigus Limited’s four founding shareholders announced on October 11 they had paid their shares in Bitcoin, according to the official press release. The founders’ funds are now held in a BIP32 Hierarchical […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: press

Recent Posts

Is Boris Gone Landslide and How Would Bitcoin, Markets, React?

The sun has returned on London streets as Boris Johnson, the unelected British Prime Minister, once again covers our TV… Read More

3 hours ago

California Man Admits Masterminding $25 Million Bitcoin Launder Fest

A Los Angeles man has plead guilty to a multi-million money laundering scheme. | Source: Shutterstock By CCN Markets :… Read More

3 hours ago

WORLD NEWS: This Week in Blockchain and Crypto

This week has seen interesting developments around the globe on crypto projects and governments interest in the digital assets space.The… Read More

3 hours ago

Bitcoin Circuit: Is it a scam? Read our comprehensive review!

If you are looking for ways to speculate on cryptocurrencies, then I am sure you have thought about signing up… Read More

3 hours ago

Model: Bitcoin (BTC) Price to Surge 100% to $20,000 by May

In just around nine months, Bitcoin (BTC) will see its next block reward reduction — dubbed “halving”. Despite this rapidly… Read More

3 hours ago

Early Bitcoin Contributor Projected $10 Million BTC Price 10 Years Ago

Share Tweet Send Share Just a week after the bitcoin genesis block in January 2009, computer scientist Hal Finney published… Read More

3 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More