Is Digatrade Financial Corp (OTCMKTS:DIGAF) A Valid Bitcoin Play?

We've said it a few times over the past couple of weeks and our expectations are turning out to be valid – the rise in the price of bitcoin to fresh all time highs is drawing the attention of mainstream media channels, and this added attention is fuelling a second wave of price advance.Not only that, but it's also driving retail investors to seek alternative exposures to the growing digital currency sector. With increased public demand in a sector for which there are currently few public exposures, supply is boosting to reach demand, and we're seeing a number of microcaps trying to stake their claim as offering a potentially rewarding exposure to bitcoin and its advance.It's incredibly difficult to say which of these companies, if any, are worth taking a punt on. Some that we've covered recently may be worth a short term allocation to take advantage of sector hype.One that just blipped on to our radar is Digatrade Financial Corp (OTCMKTS:DIGAF). We've taken a look at what the company does, or claims to do, and here's what we've come up with.So it's called Digatrade now, but it used to be called Bit-X Financial Corp. Importantly, don’t confuse this with the exchange and wallet company Luna, which also used to be called BitX (notice the slight difference?) and is quickly becoming a space leader backed by Digital Currency Group (DCG) – one of the incumbent investment funds in the sector.It's not Luna, but it's still an exchange.The company offers a digital currency trading platform, which readers can take a look at here. The platform claims to be able to offer digital currency trading that locks in pricing, avoiding any slippage or large order price shifts – that sort of thing.The platform looks nice; we'll give them that. Other than that, however, there's not too much to like. It's not an in house platform, it was developed by a company that offers white label blockchain services called ANX International. The asset value associated with the lead tech, therefore, is questionable. There's also not too much in the way of platform specific advantage. The above noted features are pretty standard across the space.There's a new OTC trade desk that's set to hit the shelves this month, so that might bring some clients on board, and would open up the door to some nice press releases. There's also a bit of cash on hand – $114K at the end of last year – which, while not substantial, is more than can be said for a lot of the companies trying to draw shareholder capital in this sector.All in, however, this one is another one of the short term plays. There's nothing of any real value from a long term perspective, at least not as things stand. The platform is well branded and the company's Canada base and public listing could well be enough to serve as a draw for clients looking for some accountability from a platform (this is a sore subject for the market right now). If this proves the case, then as the company grows (and we get some confirmation of user numbers across the platform), it could become more attractive.Right now, however, we're looking at this one in line with the majority of the others we've looked at in the space this quarter. Take the press releases and the supposed differentiators with a pinch of salt – chances are it's just jargon to try and lure the non-bitcoin-familiar investor – but don't overlook the potential for a nice quick turnaround trade on the back of a run driven by wider industry attention.We will be updating our subscribers as soon as we know more. For the latest updates on DIGAF, sign up below!Disclosure: We have no position in any of the securities mentioned and have not been compensated for this article.