Dropping a weighty S-1A yesterday, the GiveMePower Corporation (OTC: GMPW) has just announced an offering of 1 million Class B common stock shares and 5 million common stock shares. Valuing the former at $10 per share and the latter at $.03 a share, it appears GiveMePower’s CEO Frank Igwealor is planning another in a long line of successful SPACs. His new project? The groundbreaking FinTech venture known as the Blackchain Exchange Network (BEN).
Looking to raise $10,150,000 for the project, GMPW has ambitious plans to acquire a federally-licensed branch bank and integrate its services with blockchain, machine learning, artificial intelligence, and cryptocurrency technology. In this cutting edge banking system the insurance underwriting platform would be enabled with ML and AI.
With a processing platform for crypto transactions and a portfolio for emerging cryptocurrency opportunities, crypto is likely to play a central role in the BEN. Transaction processing and payment systems would also be powered with blockchain for added efficiency.
This exciting range of services will be uniquely targeted towards the underserved residents of black majority communities across the USA. Generally, this target market does not rely upon FinTech banking or engage with cryptocurrency opportunities. But the BEN’s elaborate roll-out plan will feature locations in such areas where its services can be promoted via word of mouth for maximum affect.
This is in-line with GiveMePower’s mission “to empower black persons in the United States through financial tools and resources”. According to this business plan, becoming a FinTech company would allow GMPW to connect consumers, banks, institutional investors, and community members with the goal of creating and empowering local black businesses and entrepreneurs in urban America.
Intending to quickly build their digital currency customer base, BEN has already attracted 722 interested digital currency users/owners. The company has also scouted two potential businesses for acquisition: a Bitcoin ATM business based in LA county and an EM loans location. If successful, BEN plans to gain traction in the digital currency banking industry and maintain focus on this.
As a modern digitized banking and financial services provider, the Blackchain Exchange Network has a lot of industry-disrupting potential. With this fresh disclosure still sinking in, now may be a good point of entry for bullish investors.
GMPW’s low float of almost 19 million will not be significantly affected by this dilution, but the stock is certainly brewing with a current volume more than double its 62 thousand average. Currently, the stock is capped at almost $30 million and trading at $.70. At this rate, GMPW could hit $1.00 within the month; but as always, remember to sell on the way up.
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