NEW YORK, July 13, 2018 /PRNewswire via COMTEX/ — NEW YORK, July 13, 2018 /PRNewswire/ —
According to a report published by Transparency Market Research, the global cryptocurrency market is expected to reach US 6.7 Billion by the end of 2025. The report also indicated that the growth of the market is due to the rise of venture capital investment, the benefits of low remittance cost, as well as the demand for secure and rapid processing of transactions. The market can be segmented into two portions, software and hardware. The software market includes exchange, coin wallet, blockchain, and mining platforms, while the hardware market is divided into wallet, application-specific integrated circuit (ASIC), graphics processing unit (GPU) and field-programmable gate array (FPGA). GD Entertainment & Technology Inc. GDET, -6.25% AppSwarm Inc. SWRM, +0.46%Black Cactus Global Inc. BLGI, +26.38% MGT Capital Investments Inc.MGTI, +11.90% HashChain Technology Inc. HSSHF, +4.47%
Interest in cryptocurrency trading continues to increase. The stock trading app, Robinhood, announced on Thursday its decision to expand Crypto offerings, allowing trading of two new cryptocurrencies, Bitcoin Cash and Litecoin. The Company launched Robinhood Crypto in February and it is currently available in 17 states. Robinhood also allows users to monitor market news and market data for 16 coins. Robinhood stated in a blog post, “Since we launched Robinhood Crypto in February, our customers have voiced interest in buying and selling other cryptocurrencies beyond Bitcoin and Ethereum.”
GD Entertainment & Technology Inc. GDET, -6.25% Just yesterday, the Company announced that, “it has received a permanent regulatory permission to continue full-scale cryptocurrency mining operations in the New Jersey borough where the Company has established its primary operational base.
Management believes that the Permanent Certificate of Occupancy from the Town Hall represents a strong signal that the Company has the backing of local economic and political leadership.
Mr. Anil Idnani, CEO of GDET, initially approached Town Hall representatives earlier this year to discuss the details of the mining operation, including a pending upgrade of its facility to allow for massive mining operations, where he was welcomed with a spirit of support that has emboldened Company management with respect to future investments in its facility in the borough.
The permanent Certificate of Occupancy was an important initial step that now clears the way for an aggressive path forward for the Company.
Next steps include:
- Build headcount through full-time hires on site
- Finalize plans for sweeping facility upgrade, including planning permissions
- Negotiate longer and more advantageous facility lease terms
- Partner with local energy infrastructure to optimize and maximize operational mining capacity
Mr. Idnani commented, “We’re moving forward at a sprint because the market opportunity is particularly acute right now. Our vision is predicated on building a market-leading presence ahead of a broad recovery in the cryptocurrency asset class. Research places crypto mining as a USD 38 Billion industry seven years out. Our objective is to sit at the top of that pyramid on the way up. But the first step is to establish a cutting-edge facility in the tri-state area. This sign of support from the local leadership here in our hometown will help us push that agenda forward at a rapid pace.”
GDET shareholders can expect new updates very soon as the Company enters an aggressive phase of operational development over the near term.”
AppSwarm Inc. SWRM, +0.46% is a technology company specializing in the accelerated development and publishing of mobile apps and other software platforms for gaming and business applications and seeks to acquire symmetric business opportunities. Recently, the Company announced its Crypto Wallet and Last Mile updates. AppSwarm and Singlepoint are set to launch the cryptocurrency application and national commercial campaign. The Company has been full-steam-ahead on many projects, all of which are near completion. LastMile Delivery is currently being tested and is fully functional from inception to completion of the order. SinglePoint and Appswarm intend to deliver a full production application in July. Adding to the excitement of this launch, the Companies are working collaboratively to launch into the Canadian cannabis market which is set to be fully legal October 17th. LastMile Delivery will provide efficiencies for the legal medical and recreational cannabis retailers.
Black Cactus Global Inc. BLGI, +26.38% is a technology development company with a focus on blockchain, machine learning, cryptocurrency, and the Internet of Things. In June, the Company announced that it has secured up to USD 3.6 Million in funding for its India based blockchain development subsidiary, Black Cactus Global Technologies Pvt. Limited. The financing fully funds the Company’s BCG-TPL operations from June 1st, 2018 to May 31st, 2019. The capital has been sourced internally from the Board of Directors. The Company’s BCG-TPL Blockchain team has been achieving significant milestones at its Development Center in the burgeoning ‘Fintech Valley’ of Visakhapatnam, India. The state-of-the-art Vizag Development Center is expected to be fully staffed by mid to late summer to accommodate projected new business, and the Company is planning to develop a second Operations Center in 2019 at the Tech-hub of Hyderabad, India.
MGT Capital Investments Inc. (otcqb:MGTI) ranks as one of the largest U.S. based Bitcoin miners, operating in facilities in northern Sweden and Washington State. Earlier this June, the Company announced that it has received net proceeds of USD 3.7 Million in debt financing as it moves to expand its Bitcoin mining operations. Notwithstanding recent increases in the Bitcoin mining Difficulty Rate and the flat price action of Bitcoin itself, the Company believes the opportunity to make strategic large-scale purchases of Bitmain Antminers, will provide MGT with very attractive cash on cash returns. Stephen Schaeffer, President of MGT Crypto Strategies, explained, “Mining economics are subject to lean and flush periods, but over the long run, efficient and forward-thinking miners are rewarded. Being well-capitalized puts MGT in a commanding position while negotiating deals for hosting sites and hardware.”
HashChain Technology Inc. (otcqb:HSSHF) is a blockchain company, and the first publicly traded Canadian cryptocurrency mining company to file a final prospectus supporting highly scalable and flexible mining operations across all major cryptocurrencies. HashChain currently operates 100 DASH mining Rigs and 5,395 Bitcoin Rigs with an additional 4,000 to be deployed upon successful completion of its recently announced acquisitions. Recently, the Company announced it has closed its acquisition of two cryptocurrency mining companies contributing an aggregate total of 5,000 more Antminer S9 Rigs to HashChain’s existing 4,495 Rigs. HashChain acquired all of the issued and outstanding shares of the Targets for an aggregate of 55 Million HashChain shares at a deemed price of USD 0.35 per share for a total aggregate deemed value of USD 19.25 Million.
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