Shares of OTC-listed Kronos Advanced Technologies Inc. KNOS are advancing solidly Monday.
What Happened: Kronos, which focuses on its proprietary air movement and purification technology, said it has exchanged its entire holdings in First Bitcoin BIT/USD for 600 million Dogecoin Cash DOG/USD.
First Bitcoin, according to Coinmarketcap, is a crypto that users can generate through mining. It is not related to Bitcoin BTC/USD, the most widely traded cryptocurrency.
Kronos said the move toward Dogecoin Cash will help the company participate in its recently formed DogeSPAC at a greater rate than the 20% already earned as the SPAC's sponsor.
In late March, Kronos announced the DogeSPAC that allows Dogecoin DOGE/USD holders to acquire an interest in the SPAC. The SPAC, according to the company, will focus on expanding its existing air purification and digital health improvement technology development and is actively searching for acquisitions in this field.
See also: How to Buy Dogecoin (DOGE)
Kronos revealed at that time it will maintain a 20% interest or $4 million in the SPAC and plans to raise about $100 million of Dogecoin by offering up to 20 million units at a rate of 100 Dogecoin or 2,000 Dogecoin Cash, for one unit of DogeSPAC.
Why It's Important: Most cryptocurrencies are on a tear this year, having rallied strongly. Dogecoin has been backed by the likes of Tesla Inc.'s TSLA Elon Musk and has rallied about 1,400% year-to-date.
Dogecoin Cash is a community-driven project created by a group of passionate Dogecoin enthusiasts, with the objective of advancing Dogecoin into the DeFi age with a fixed supply of 128,275,738,389 Dogecoin Cash, according to information available on the project's webpage.
It claims that the crypto is earned by posting on Tipestry and doesn't involve proof-of-concept mining, and is, therefore, environmentally friendly. It is available on Ethereum DeFi apps, including Uniswap.
At last check, Kronos shares were rallying 16.56% to 8.8 cents.
(Photo: Dogeloverforever on Wiki Commons)
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month