James Altucher-Backed Cryptocurrency Exchange Raising $10 Million

Portrayed as a financial ‘guru’ by the mainstream media, James Altucher is an American author, hedge-fund manager and a financial analyst. Recently, he has been speaking a lot about Bitcoin and other cryptocurrencies both in social media as well as in various conferences around the world. Now, details have emerged that James Altucher along with his colleagues are planning to raise $10 million in order to launch a trading platform for  digital currencies.

The details were revealed in a filing submitted last week to the U.S. Securities and Exchange Commission (SEC). The company, called Bitzumi Inc. has several backers including James Altucher himself.

People following the financial markets must have definitely noticed James Altucher, with his signature messy hairstyle, commenting on financial trends around the world. Nowadays most of his commentary is geared towards how Bitcoin and other cryptocurrencies are shaping up modern financial markets.

In the filing submitted to the SEC, the company claims to be a vertically-integrated cryptocurrency exchange and marketplace. The company claims its mission is to drive growth in the cryptocurrency industry, and plans to launch its business in a phased manner.

The company has laid out a three – pronged plan, with the initial plan being to develop Bitzumi as a publishing and marketing company in order to educate its customers. The second plan is to gain recognition among the general public. The final plan involves the company making the cryptocurrency exchange as their final product.

The co-founder of Bitzumi, James Altucher, along with his team mates plan to raise a minimum of US$1 million for the initial phase with a total fundraising of $10 million. The business also aims to offer payment processing and escrow features, and would be fully regulated in order to comply to U.S. SEC and IRS guidelines. The company is to be headed by its CEO, Scot Cohen, who has a vast experience in the oil and gas business.

Bitzumi aims on competing with other large established digital currency exchanges like Bitstamp, Bittrex among others. It initially plans to offer trades on Bitcoin, Litecoin, Ethereum and Ripple, with other cryptocurrencies to follow soon.

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