Since September 2017, Varbakova is co-owner in a company whose main business is listed as "cryptocurrencies"

Ginka’s “Gencoin” Is No Joke

An article by Bivol’s editor-in-chief Atanas Tchobanov, titled “Fundamentals of the Ginconomics,” was published in the 24th-anniversary edition of the satirical newspaper Prass-Press. It mocks the cryptocurrency gencoin, introduced by the unknown until recently businesswoman Ginka, who rose to fame after the news broke that she is buying the Bulgarian assets of the Czech State-owned electric power utility CEZ.

However, it is not a joke, but 100% truth that on August 25, 2017 Kalina Kambanova had registered the company Gencoin Bulgaria Ltd., whose main activity literally includes the following:

“Creating e-commerce solutions and cryptocurrencies”

Gencoin Bulgaria had been established on August 25, 2017

A week later, on September 1, 2017, the company Gencoin Ltd. had been established, with Gencoin Bulgaria holding 24% of the capital. The majority stake of 76% is owned by CEZ Bulgaria’s buyer Inercom Bulgaria, whose sole owner is Ginka Varbakova. Ginka’s husband – Slavcho Varbakov – became then the manager of the new firm.

After the incorporation of Gencoin Ltd, two Cypriot citizens, Panagiotis Tamvakidis and Nikolaos Haralambos, have joined the original company of Kambanova Gencoin Bulgaria as co-owners.

Gencoin Ltd’s main business is also cryptocurrencies and its incorporation act is in English. It also lists the name of the company in Latin as GENCOIN Ltd..

Gencoin Ltd. was founded on September 1, 2017 with Ginka Varbakova’s Inercom as majority shareholder

Gencoin coincides with the name of the cryptocurrency in the TV series Startup. The domain was registered as early as 1985, and is now owned by Sony Pictures Entertainment, according to Bivol’s research. The domain redirects to, which is an advertising site for the Startup series.

If Ginka Varbakova is still insisting on launching her own cryptocurrency, the chosen name of her company is a wrong move and needs to be corrected. Unfortunately, Gincoin (gincoin) is not a free domain in the cryptocurrencies’ world either, but Ginkacoin (ginkacoin) is an option as it is available for the time being.

Bivol’s readers have rightfully noted that if an individual owns an electric power utility, it would not be that difficult for them to organize cheap cryptocurrency mining by redistributing the cost of electricity to end-users. Of course, this cannot remain hidden for a long time, but the temptation is there.

Headline photo: Screenshot from the site © Sony Pictures Entertainment


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