Quantum Blockchain Technologies raises £350,000 of new funds

Quantum Blockchain Technologies PLC (AIM:QBT, FRA:BYA1) announced it has raised £350,000 before expenses through a placing of 140 million new shares at 0.25p each.

The AIM-listed technology developer said the proceeds will support further research, testing and optimisation of its proprietary <a href="https://xpertsstudio.com/bitwise-cio-on-ai-stocks-and-bitcoin-btc-amid-40-trillion-debt-crisis/” title=”Bitwise CIO on AI Stocks and Bitcoin (BTC) Amid $40 Trillion Debt Crisis”>Bitcoin mining technologies, including its Method C AI Oracle and related software products.

Funds will also go towards preparing its recently granted US patent for ASIC Ultra Boost for commercial discussions with chip manufacturers, alongside hardware and software integration work and business development with prospective industry partners.

Chief executive and executive chairman Francesco Gardin said the additional working capital would help QBT progress its technologies towards market readiness, with the current focus on the AI Oracle and other software-based solutions while building relationships with potential commercial partners.

“The placing provides the company with additional working capital to support the development and testing activities required to bring our proprietary Bitcoin mining technologies to market,” Gardin said.

“Our current focus is on progressing the work on the AI Oracle and our other software-based solutions, while further developing relationships with industry participants and potential future commercial partners in preparation for commercial deployment.”

Source: uk.finance.yahoo.com