After Tesla stunned markets earlier this year with its revealing Bitcoin offering, it has now announced that it will accept the world’s largest digital currency as payment for its electric cars. Following in the footsteps of companies like Square, MicroStrategy and dozens of other well-known publicly traded companies, Social Life Network is now looking to add bitcoin to its balance sheet.
CEO Ken Tapp tweeted Friday: Our licensees can now pay us in bitcoins.
Social Life Network announced in January 2019 that its licensee, HuntPost.com, will accept cryptocurrencies in addition to fiat currency through a recently launched e-commerce platform. Purchases of products and services through HuntPost’s e-commerce platform and other licensed social networking platforms are now processed through PayPal, BitPay and dozens of other international payment gateways. The 30th. In March of this year, PayPal Holdings Inc. announced that it had begun allowing U.S. consumers to use their cryptocurrency assets to pay millions of its online merchants worldwide, which could significantly increase the use of digital assets in everyday commerce, said Todd Markey, chief executive.
In addition to adding legitimacy to the use of electronic currency in the electronic markets of social networking licensees, the adoption of bitcoin as a source of payment of a 5% revenue fee for TBI member companies is in line with their forward-looking growth strategy.
Social Life Network will only use proprietary and open source software, and all bitcoins paid to the company by our licensees will be held in bitcoins and not converted to fiat currency. The 5% share that we have built into our TBI licence agreements will remain, but in dollars, Tapp said.
About Social Life Network, Inc.
Social Life Network is a technology business incubator (TBI) that provides technology development, legal and business management advice to technology startups through individual licensing agreements, making it easier for founders to raise capital, improve the business model and grow the network. Our seed technology is an artificial intelligence (AI) based social networking and e-commerce platform that uses blockchain technology to improve speed, security and accuracy on niche social networks that we license to our TBI member companies. Since its launch in January 2013, the company has launched social networks for niche industries to serve millions of businesses and consumers in residential real estate, the legal global cannabis industry, sports verticals such as racquetball, golf, cycling, soccer, space exploration, auto racing, travel, hunting, fishing and camping. Similar to a publicly traded technology incubator, the company retains a portion of the ownership of each licensee through shares and options if they achieve the contractual user ship growth set forth in their license agreements. This allows the company to minimize its costs and the risks of novice licensees who have not successfully used its platform.
For more information, visit our website @ www.SocialNetwork.ai.
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This information does not constitute an offer to sell or a solicitation of an offer to buy any securities or assets of Social Life Network, Inc. All information presented in this document regarding the existing operations and historical performance of Social Life Network (the Company), as well as estimates and projections regarding future performance, is based on documents prepared by the Company’s management and includes significant subjective judgments and analysis that may or may not be accurate. The Company believes that the information contained herein is accurate and reliable, but makes no representations or warranties, express or implied, as to its accuracy or completeness. In providing this information, the Company reserves the right to change or replace any or all of the information contained herein at any time and assumes no obligation to provide the recipient with access to any additional information. Nothing herein should be construed or interpreted as a promise or statement about the future. Nothing in this press release should be construed as an indication of the Company’s future earnings, results of operations or stock price.
Social Network, Inc.
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