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Codebase Ventures is in the business of Bitcoin while also funding tech innovation and cannabis

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  • Venture capital company with a recent investment in Bitcoin mining infrastructure
  • Has invested in companies such as blockchain company Arcology and ICO Ranker
  • Subsidiary Code Cannabis Investments focused on the expanding CBD market in North America and Europe

What Codebase Ventures does:

Codebase Ventures Inc (CSE:CODE) (OTCMKTS:BKLLF) is a tech-centric investment firm. The venture capital company invests in early-stage technology and cannabis companies and is made up of a team of financial and technology experts. 

The Vancouver-based company aims to take stakes in fledgling companies with a focus on investing in those with “outstanding talent, teams and technology,” according to the firm’s website. 

Codebase has a number of companies within its portfolio including stakes in the blockchain company Arcology, as well as investments in ICO Ranker, the standard for reviews and analysis of token sales, and Blockchain Ranker, a business-to-business directory of blockchain software, service providers and platforms.

Arcology, in which Codebase owns a 30% stake, runs a hierarchical blockchain that uses proprietary algorithms and artificial intelligence to eliminate inefficiencies that hinder rival blockchain platforms. ICO Ranker is a collaborative platform for the rating of ICOs and blockchain projects. 

The company also targets early-stage assets and startups in the emerging and promising cannabis sector through its subsidiary, Code Cannabis Investments. For now, the company is focused on the expanding market for CBD products in North America and Europe.

London-listed World High Life PLC is the crown jewel of Code Cannabis’s portfolio. World High Life is focused on backing or acquiring companies operating in the CBD wellness and medicinal cannabis industry and its wholly-owned subsidiary, Love Hemp, is a leading CBD supplier in the UK.

Codebase Ventures is led by CEO George Tsafalas, an entrepreneur who has extensive experience in senior operational management, corporate business development and corporate finance in the private and public sectors. He is currently a senior partner at Stadnyk and Partners Inc, specializing in the execution of strategic budget plans and monitors the development of the portfolio programs. 

How is it doing:

In mid-March, 2021, Codebase Ventures announced that its Bitcoin mining machines, the first tranche of 115 state-of-the-art Canaan A1246 miners, are currently being prepped for immediate release to its hosting facility in upstate New York and are expected to be delivered and operational in the coming weeks.

The company agreed to pay $2.5 million to acquire the bit mining infrastructure in the US for long-term revenue generation. 

Earlier in the same month, the company revealed that it had engaged seasoned investor and entrepreneur Jacob Chernoff in order to maximize results for the company’s Bitcoin mining operations and ongoing blockchain investments.

Codebase noted that Chernoff has worked with a number of public companies over past six years, evaluating and revising blockchain-based business proposals, raising seed capital, and deconstructing complex technical aspects of blockchain and cryptography into an easily-digestible format.

As well, Codebase said its investee company Arcology has optimized its version of the CrytpoKitties blockchain platform. Arcology considers CryptoKitties, which allows users to collect and breed digital cats, to be the “most popular game on the Ethereum blockchain.” It noted that when the game debuted in 2017, its popularity congested the Ethereum network to the point that noticeable shutdowns hurt the performance of other apps. 

Arcology also recently revealed the successful deployment of version 2.0 of its Testnet system. Codebase said Testnet 2.0 also includes the unveiling of Ammolite 1.0, Arcology’s custom-built Python application programming interface (API), which allows developers to query blockchain data from browser, built wallet, and other applications.

The company noted that since its launch in 2020, Testnet has “consistently achieved very high results” with more than 33,000 transactions per second (TPS) running decentralized applications written in Solidity, a programming language most famous for being the basis for Ethereum’s smart contracts.

Inflection points:

  • Revenue from Bitcoin mining infrastructure
  • Growing sales of Love Hemp, LH Botanicals and other World High Life products
  • Increasing portfolio of companies through further investments

What the boss says:

Commenting on the company’s entrance into the Bitcoin mining space, Codebase CEO George Tsafalas told shareholders: “The level of acceptance indicated by this first big US bank (Morgan Stanley) to enable ownership of Bitcoin broadens the opportunities and applications for cryptocurrencies, aligning with Code’s efforts in establishing Bitcoin mining infrastructure for the long-term.”

Contact Sean at [email protected]

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/944319/codebase-ventures-is-in-the-business-of-bitcoin-while-also-funding-tech-innovation-and-cannabis-944319.html


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