Bitcoin mining company Vinanz Limited has applied to have its ordinary shares eligible for electronic clearing and settlement in the United States through the Depository Trust Company (DTC).
DTC eligibility is expected to simplify the process of trading and enhance liquidity of Vinanz shares in the United States. The Company’s shares recently began trading on the OTCQB under the symbol “VINZF”.
The DTC is a subsidiary of the Depository Trust & Clearing Corporation (DTCC), a US company that manages the electronic clearing and settlement of publicly traded companies. Securities that are eligible to be electronically cleared and settled through DTC are considered to be “DTC eligible”. This electronic method of clearing securities speeds up the receipt of stock and cash, and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms by coming into compliance with their requirements.
David Lenigas, Chairman of Vinanz, commented:
“Having recently begun trading on the OTCQB Market, I am pleased to announce that Vinanz has now applied to have its shares traded in the US to be DTC eligible. Being DTC eligible in the US will make the trading of our shares on the OTCQB much easier, faster, and cheaper for a wider array of investors not only in the US but also for overseas trading platforms that trade shares on the OTC Market.
We are hopeful to have DTC eligibility approval shortly. Being DTC eligible should dramatically enhance the tradability and trading volume of our shares in the US.”
