Smarter Web Cuts Coinbase Debt Amid Share Sale

The Smarter Web Company has reduced its borrowings from Coinbase after raising £1.89 million through share sales.

Under a subscription agreement set up in December, the company sold 2.71 million shares at around 70p each.

This will help cut its debt to Coinbase from about £20.8 million, which was previously stated at £20.5 million due to changes in the dollar-sterling exchange rate.

The loan is secured against the company's Bitcoin holdings and can be repaid early without extra charges.