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DigitalX (ASX:DCC) - Executive Director, Leigh Travers
Executive Director, Leigh Travers
Sourced: Small Caps
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  • Cryptocurrency investment developer DigitalX (DCC) has outlined its business strategy during the COVID-19 pandemic.
  • All non-executive directors have agreed to defer their fees for up to 12 months and instead receive payment in DigitalX shares
  • However, this initiative will need to be approved by all shareholders at the company’s annual meeting
  • Furthermore, the company has reduced its executive salaries until the effects of the pandemic subside and a normal business environment emerges
  • Alongside this news, David Beros has been promoted to the role of Chief Product Officer
  • DigitalX shares are up 10.7 per cent in early trade, selling for 3.1 cents per share

Cryptocurrency investment developer DigitalX (DCC) has outlined its business strategy during the COVID-19 pandemic.

To help manage in the coming months, all non-executive directors have agreed to defer their fees for up to 12 months and instead receive payment in DigitalX shares. However, this proposal must be fully approved by all shareholders at the company’s annual meeting.

Furthermore, the company has reduced its executive salaries until the effects of the pandemic subside and a normal business environment emerges.  DigitalX stated that retained funds will be put toward growing the company and developing its projects.  

DigitalX has also commented on the Australian Government various economic relief packages, including the Job Keeper initiative. While the company has not announced it is seeking government aid, it is monitoring the situation in case the need for aid is identified at a later date.

Due to safety protocols, the company’s Perth-based blockchain centre, which supports cryptocurrency development in the region, has restricted access to the public during the pandemic.

The company has postponed any planned workshops at the centre, or moved them online, where possible.

DigitalX Chair, Toby Hicks commented on the company’s new measures.

“The recent changes in salaries and fees are a recognition by all Directors and senior management of the opportunity afoot for the growth in digital assets, and distributed ledger technologies and the Board continues to be motivated and inspired by the commitment of our senior staff to the creation of viable commercial opportunities in these areas,” he said.

Alongside this news, David Beros has been promoted to Chief Product Officer. David joined the company two years ago and, in his new role, will work closely with the company’s clients and develop DigitalX’s digital portfolio. 

DigitalX shares are up 10.7 per cent in early trade, selling for 3.1 cents per share at 10:48 am AEST.

DCC by the numbers
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