Cryptocurrency Market Trades Higher
NEW YORK, February 27, 2018 /PRNewswire/ --
Cryptocurrency market was traded higher on Monday. According to CoinMarketCap, the total market capitalization of all cryptocurrencies bounced back to $448 billion. Bitcoin, the largest cryptocurrency by market cap, spiked 8.29 percent to $10,284 in the early trading on Monday. The price of bitcoin fell below $10,000 during the weekend, but it soon recovered. Other major cryptocurrencies also traded higher on Monday. Ethereum rose 4.51 percent to $871.6 and it now has a market value of 85 billion. Ripple, the third largest digital currency by market cap, also posted a small gain of about 3 percent on Monday. Global Blockchain Technologies Corp. (OTC: BLKCF), MGT Capital Investments, Inc. (OTC: MGTI), NXT-ID, Inc. (NASDAQ: NXTD), Bitcoin Investment Trust (OTC: GBTC), HIVE Blockchain Technologies Ltd. (OTC: HVBTF)
More firms started to provide cryptocurrency trading service. On Monday, cross-border currency exchange company Circle announced to acquired Poloniex, a leading cryptocurrency exchange platform. Circle said in a statement that they "envision robust multi-sided distributed marketplace that can host tokens which represent everything of value: physical goods, fundraising and equity, real estate, creative productions such as works of art, music and literature, service leases and time-based rentals, credit, futures, and more." Last week, Investing App Robinhood also announced it rolling out its cryptocurrency trading in five U.S. states, including California, Massachusetts, Missouri, Montana and New Hampshire.
Global Blockchain Technologies Corp. (OTC: BLKCF) also listed on the Canadian Stock Exchange under the ticker symbol 'BLOC'. Just announced breaking news today that it, "is pleased to provide, due to a high level of investor inquiry, a further detailed explanation of what shareholders of record at the close of market on March 1, 2018 (the "Record Date") will receive, as well as an overview of the parts that form the sum of Global Blockchain. In order to be a shareholder of record on March 1, 2018, shares would have to be purchased by no later than the close of market on February 27, 2018.
As a result of the stock spit (the "Stock Split"), the shareholder will own double the amount of GBT shares and the equivalent number of Global Blockchain Mining Corp. ("Blockchain Mining") shares post-split and spinout. On March 1, 2018, all shareholders of record at the close of business will also be entitled to vote on the spinout (the "Spinout") for which the Company is seeking shareholder approval at the annual general and special meeting on April 10, 2018.
The Company has applied to the CSE to reserve FORK as the stock symbol for Blockchain Mining in anticipation of the Spinout receiving shareholder and all regulatory approvals. Upon such approvals being granted, it is anticipated that FORK will commence trading on the CSE in late April, 2018.
Rationale for Stock Split and Spinout: Shidan Gouran, President of GBT stated, "Global Blockchain reviewed its activities and identified that it was not achieving, in its view, sufficient "pure play" market value for its different and unique businesses, each housed within GBT. Most notably and distinctly, these verticals are:
1) the investment in or incubation and creation of new blockchains, ICOs and tokens specifically in partnership with leading brands that have large captive user bases, and/or in collaboration with industry participants whose principal areas of business truly merit and benefit from decentralization and the blockchain; and 2) the mining of cryptocurrencies in order to provide investors with access to existing known and blue chip currencies such as Bitcoin and Ethereum through the deployment of hardware and associated infrastructure that can "mine" these coins by performing the function of verifying and validating transactions as trustworthy through the processing of difficult cryptographic problems that require tremendous amounts of computational power to solve. This allows exposure at a fraction of the cost of ownership and speculative risk achievable via retail purchase at current price levels. Looking at the value of our Company versus the comparable listed universe, who for instance only act as miners, it became obvious that comparable companies on Canadian Exchanges on every metric including the below were being rewarded with much greater valuations:
- 1) MW of power available for operations in favourable jurisdictions; and
- 2) Total computing power for mining
The disparity in valuation, in the view of management, meant that either the value of our investment and incubation vertical was being ignored, or the value of our mining vertical was being ignored. The Spinout is an effort to not only simplify our story for investors, but more critically to "unlock" this overlooked value, by splitting the Company into two publicly traded entities, each with their own major individual and important business focus. The Stock Spllit is an effort to enhance future liquidity for both companies. In a sea of new listings of companies attempting to hijack the newfound popularity of Blockchain, capital must continue to flow to those companies with the strength, tools and ability to endure and to prosper. With over $60 million raised to date, as well as the leadership of a world-class team of industry pioneers, the Company believes that it is and will continue to be an important first-mover, carrying out its business plans as further described below, each of which intent on creating significant, rapid and lasting value for shareholders and having a major impact on the emerging importance of blockchain and cryptocurrencies for governments, industries, businesses, and individuals globally.
GO-FORWARD ENTITY: GLOBAL BLOCKCHAIN TECHNOLOGIES' BUSINESS - The assets that will continue in BLOC comprise our investments, agreements, partnerships and independent in-house initiatives to create and incubate Internet scale public blockchains, enterprise solutions, tokens and ICOs. While specifics will be announced over the coming weeks, an overview of the venture domains for the Company's current projects either in progress, in development, or under late-stage negotiation include:
- Trade finance in conjunction with major State actors
- Enterprise peer to peer storage solutions
- Ethereum hard fork with features that enhance it as a global payment rails solution
(the Laser Blockchain)
- Tokenization of 3 incumbent gaming networks with over 200 million users including
functionality for both e-sports and gambling
- Decentralized marketplace for big data geared towards the multi-trillion dollar IoT
industry
- Peer to peer fully decentralized lending marketplace built on the Laser Blockchain
- - Securitization platform for artworks including music, video and brands in
partnership with some of the world's most recognizable artists, brands and studios,
something not possible before the advent of blockchain
- - Launch of an Exchange federated on the Stellar network with leading FOREX and
remittance partners to be announced
- - Launch of a cryptocurrency exchange with State backing
In addition, the Company continues with its collaboration on and monetization of existing strategic equity and ICO investment holdings and is currently reviewing over half a dozen new partnerships including final stage discussions on an investment into a "genetics to sale" cannabis blockchain platform. Shidan Gouran noted "With these exciting projects which create fundamentally industry shifting and disrupting impact to the benefit of the public and commercial parties, BLOC is intent on being a shaping force on the application of blockchain to existing economies and markets. BLOC will retain a principal level percentage of interest at either zero cost or maximum discount, which bodes extremely favourably for the development, if as and when, of notable mark-to-market and monetizable Net Asset Value for Global Blockchain shareholders."..."
MGT Capital Investments, Inc. (OTCQB: MGTI) announced this month that it has executed a new purchase order with Bitmain Technologies for 1,000 S9 Antminer mining rigs, with shipment expected in March 2018. Also, the Company purchased and has received an additional 1,000 new S9 Antminers from a third party. Following shipment and setup, and in conjunction with the Company's current rigs in operation or undergoing deployment, MGT's cryptocurrency mining operations will be comprised of over 7,000 Bitmain S9's plus 50 GPU-based Ethereum miners. "Notwithstanding the recent weakness in Bitcoin pricing, our operating efficiency and debt-free balance sheet allow MGT to grow and generate substantial free cash flow. This swift selloff will solidify our standing as a world-class leader in crypto mining. Moving forward, we are extremely confident of our further expansion opportunities," stated Stephen Schaeffer, President of the Company's Crypto-Capital Strategies business unit.
NXT-ID, Inc. (NASDAQ: NXTD) recently announced that its wholly owned subsidiary, Fit Pay, Inc. is now accepting pre-orders for Flip(TM), a new contactless payment device that will enable cryptocurrency holders to use the value of their currency to make purchases at millions of retail locations. The new device, which was announced earlier this month, uses value exchanged from cryptocurrency to make traditional payment transactions. "Flip represents an exciting expansion of the FitPay Payment Platform by connecting cryptocurrencies to the payment ecosystem," said Michael Orlando, COO of NXT-ID and President of Fit Pay, Inc. "We founded Fit Pay to fundamentally change the payment experience, and making contactless payments with cryptocurrency is a big step toward that goal."
Bitcoin Investment Trust (OTCQX: GBTC) on February 7th announced that the sponsor of the co0pmany, Grayscale Investments, LLC the launch of a new investment vehicle, the Grayscale Digital Large Cap Fund LLC (the "Fund"). The Fund intends to hold the top digital assets by market capitalization that meet Grayscale's fund construction criteria in a market capitalization-weighted portfolio. A trusted authority on digital currency investing, Grayscale has assets under management of $1.31 billion. "We're excited to further expand the universe of Grayscale's product offerings as interest in the digital currency asset class continues to grow," said Barry Silbert, CEO of Grayscale. He continued, "As a trusted and experienced manager, Grayscale is committed to creating investment structures that are familiar to qualified investors and provide secure access to this emerging asset class."
HIVE Blockchain Technologies Ltd. (OTC: HVBTF) earlier in January reported the completion of the first phase ("Sweden Phase 1") of a multi-phase build-out of a large-scale GPU-based mining complex in Sweden. HIVE's Sweden Phase 1 operation commenced mining Ethereum on January 15, 2018 and increases the Company's energy consumption dedicated to cryptocurrency mining by over 175% to 10.6MW. HIVE is fully financed to add an additional 13.6MW of GPU mining capacity in Sweden by April 2018 and a further 20.0MW of ASIC mining capacity, facilities capable of mining Bitcoin and Bitcoin Cash, by September 2018. "I am delighted to launch HIVE's largest and most advanced mining facility to date in Sweden, another stable, cold climate jurisdiction with access to abundant green energy, to further capitalize on rising cryptocurrency prices," said Harry Pokrandt, CEO and Director of HIVE.
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