China Health Checkmate (CHC) and Bcause LLC, creator of what is believed to be the world's first full-stack cryptocurrency ecosystem, announced today that CHC has committed to serve as the initial investor in the Bcause Series B capital raise*. In this equity round, CHC has agreed to acquire an undisclosed but substantial amount of the equity shares of Bcause LLC, which will enable Bcause to open its spot cryptocurrency exchange in the near term and to jointly shape a project to launch exchange-related cryptocurrency initiatives to be co-located in Asia. Other interested Series B round investor parties are expected to make contributions for additional equity investments in an intermediate closing timeframe on terms to be determined.
The objective of the CHC investment is to strengthen Bcause exchange operations and to establish both new cryptocurrency exchanges and Asian-based, asset-backed payment-related products that will be developed.
Benjamin Lye, Vice President and Head of Digital Assets, Checkmate Capital, said: "The global experience of the Bcause management team, particularly with building multiple exchanges in Asia, is critical in executing on our strategic plan to create viable cryptocurrency exchanges in Asia. This will lead to a clear purpose and mission for our Asian partners, linked to desired objectives and outcomes for the constituencies they serve."
Bcause CEO Fred Grede said: "This commitment represents our second strategic investment from the Asian region and will further our distribution into Asia. We're very pleased to work with CHC and our partners in playing a unique role in the evolving crypto marketplace and furthering the development of cryptocurrency trading in the region."
For the Series B, ASGARD Partners & Co. was appointed as Strategic and Capital Markets Advisor to Bcause. Lehman Bush, an Asian-focused, specialty boutique private equity investment firm with offices throughout Asia, is currently acting as the firm's Asian-based strategic industry partner.
About China Health Checkmate
China Health Checkmate (CHC) is a joint-venture entity that was established between Checkmate Capital (Checkmate) and its large financial services and healthcare partners in Asia. Checkmate is an investment group managing family office assets and Asian-Pacific institutional funds. Checkmate's primary areas of investment are energy and energy technology, biomedical and biotechnology, and diversified special situation opportunities. With offices in Los Angeles, Beijing and an affiliated office in Singapore, Checkmate's investment partners provide seasoned and diverse expertise in their relevant industries and leverage a powerfully efficient international ecosystem of strategic partners, business talent and resources. Typically long-term focused, Checkmate's investment approach embodies strategic oversight and an ownership paradigm. For more information, visit https://checkmate.capital/en/. CHC is a special-purpose vehicle used to facilitate the financial and investment interests of Checkmate and the mandated societal outcomes of their strategic investor partner entities, in serving large populations of citizens and other stakeholders with solutions geared toward advancing both economic and socially-conscious objectives, largely representing financial services and healthcare conglomerates, providing services in a broad range of fields to large populations of people.
About Bcause LLC
Bcause LLC is building a full-stack cryptocurrency ecosystem, which will include mining facilities, as well as a spot market, regulated derivatives exchange, regulated clearing house and custody operations. Bcause has filed with the U.S. Commodity Futures Trading Commission to become a designated contract market (DCM) and to establish a derivatives clearing organization (DCO). Once regulatory approvals are in place, and trading and clearing begins in derivatives, Bcause is intended to serve as a one-stop shop for all parts of the cryptocurrency value chain. Bcause launched in 2018, initially with its cryptocurrency mining facility in Virginia Beach, Virginia. The company is headquartered in Virginia Beach, with operations in Chicago. For more information, visit www.bcause.com.
