FinancialBuzz.com News Commentary
Cryptocurrency prices rebounded slightly earlier this Thursday. According to data by CCN, the cryptocurrency market had rebounded by about 2 percent, from USD 290 Billion to USD 296 Billion, as major cryptocurrencies like Bitcoin and Ethereum increased by 1% to 3% in value. While prices have been down from the beginning of the year, cryptocurrency exchanges continue to expand. For example, Cryptocurrency exchange itBit recently announced that it had received approval from the New York State Department of Financial Services to add four major cryptos to its trading and custody services. According to CoinDesk, in addition to Bitcoin, itBit will now offer custody, escrow and over-the-counter trading services for Bitcoin Cash, Ethereum, Litecoin as well as Stellar Lumens. GD Entertainment & Technology, Inc. (OTC: GDET), BTCS Inc. (OTC: BTCS), SinglePoint Inc. (OTC: SING), AppSwarm, Inc. (OTC: SWRM), Puration, Inc. (OTC: PURA)
Despite the recent declines, some investors are very optimistic on the long-term prospects of cryptocurrencies. According to a report by CCN, Mike Novogratz, a billionaire investor and former Goldman Sachs and Fortress trader, told Erik Schatzker at the Bloomberg Invest Summit in New York, that the cryptocurrency market is moving to the USD 20 Trillion region.
‘It won”t go there right away. What is going to happen is, one of these intrepid pension funds, somebody who is a market leader, is going to say, you know what? We”ve got custody, Goldman Sachs is involved, Bloomberg has an index I can track my performance against, and they”re going to buy. And all of the sudden, the second guy buys. The same FOMO that you saw in retail [will be demonstrated by institutional investors],’ explained Novogratz.
GD Entertainment & Technology, Inc. (OTC: GDET) earlier today the company announced is excited to announce the Company”s delivery of over 100 Cryptocurrency mining machines. These state- of- the- art machines (Bitmain and Avalon) are the most powerful units in the marketplace today. The shipment was comprised of Bitmain S9 T9 A3 Avalon 821 models.
The Company has taken delivery of the units in the New Jersey mining facility and is in the process of setting up custom mining rigs. These machines will establish our initial in-house mining operation. Corporate accounts have been set up and approved for both the mining pool and a Cryptocurrency exchange to convert the ‘mined revenues’ into dollars.
The Company is in the process of achieving the following critical near-term objectives in order to expand its mining operations:
- Secure permits to upgrade heavy power for data center
- Locate an additional data center to accommodate future deliveries
- Work with local electric company to negotiate subsided electricity costs
GD Entertainment and Technology is already in the process of seeking additional heavy power upgrades to its facility and has explored several options to help with the expansion. With the cooperation of PSE&G Electric, the Company will discuss the possibility of maximizing the facility”s capacity while creating an industry standard mining environment.
While the current focus of the Company”s mining operation is Bitcoin, many other machines are available to diversify the portfolio into other cryptocurrencies such as Ethereum, Litecoin, etc. With the help of the broad market knowledge of its overseas supplier, the Company plans on acquiring the latest in mining technology as well as other products and services. By adapting to the market conditions, other Cryptocurrencies will be explored and taken into consideration in order to stay current with market trends. Shareholders can expect new updates very soon as the Company is in the process of working on all these objectives in real time.
About GDET – GD Entertainment & Technology, also known as GDET, is a result driven, blockchain-oriented company focused on becoming a premier Cryptocurrency mining facility. GDET will build and manage a Cryptocurrency mining colocation and mining facility that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers overseas to ensure future purchasing.
BTCS Inc. (OTCQB: BTCS), a blockchain technology focused company, recently released a Letter to Shareholders updating current activities. Charles Allen, CEO and Chairman of the Company, said, ‘The performance of the blockchain space over last year validates our original business thesis, which began in early 2014. Despite having the right idea at the right time, the challenge of raising the necessary capital to execute impacted our ability to truly realize the potential from this disruptive opportunity.’ He continues, ‘We entered 2017 with USD 45.3 Million in total liabilities and only USD 98 Thousand in assets. Through capital raises and debt restructuring achievements during last year, we”ve dramatically improved our financial position.’ Lastly, Charles Allen concludes that, ‘As a result of the above efforts and accomplishments as of December 31, 2017 we had no debt and cash of approximately USD 303K and digital assets valued at USD 621K for an aggregate of USD 924K in total assets.’
SinglePoint Inc. (OTCQB: SING) is a technology and investment company with a focus on acquiring companies that will benefit from the injection of growth capital and technology integration. The Company recently announced it has completed production of its crypto wallet application commercial featuring original Shark Tank member, Kevin Harrington. The next step for the company will be to receive approvals from the major national networks. SinglePoint has four spots ranging from 15 second to two minutes. Once the application is officially launched into production the company will be able to air the commercial across the major networks. ‘We are very excited to have this project reach the ultimate goal of getting national air time. We have already been pre-approved on one national network and will now send the commercial spots to others for approval as well. We are confident that this will drive many users to the platform as we will provide an educational document and help those interested in bitcoin and crypto become more familiar and comfortable with it,’ stated Wil Ralston, President of SinglePoint.
AppSwarm, Inc. (OTC: SWRM) 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. The Company recently announced that it has commenced the development of its new sports betting and social community app, ‘The Mad Gambler.’ The recent U.S. Supreme Court decision striking down the Federal ban on sports betting has now opened the door for AppSwarm to develop its first sports betting related app. The Mad Gambler sports-betting and community app will offer a platform for sports fans to interact and discuss upcoming games, who they like based on points, and real-time discussions as games are in progress. The app”s V.I.P. section, for a monthly paid subscription of USD 4.99, will offer exclusive content such as outlooks for the best bets that week, game projections, and the ability for users to build their own following based on their picks, and betting history.
Puration, Inc. (OTC: PURA) water purification company that designs, develops, engineers, produces, markets, and distributes personal and group systems that filter, purify, clean, extract or otherwise improve the quality of water on a cost effective, affordable basis, with a minimum of environmental impact. The Company plans to spin-off its cannabis cultivation business into a standalone, independently traded company listed both in Canada and the US. The planned transaction includes a dividend distribution of shares in the independently traded spin-off company to the shareholders of Puration. The Company will continue to expand its cannabis infused beverage business separate from the cannabis cultivation spin-off. ‘We are certainly excited about President Trump”s recent statements regarding the nationwide lifting of the federal ban on marijuana,’ said Brian Shibley, CEO of Puration. ‘However, we anticipate such a lifting will take some time. In the meantime, Canada is several steps ahead in legalizing recreational marijuana nationwide and in conjunction with Canadian legalization, Bay Street offers a far more optimistic valuation of marijuana stocks than Wall Street. Better valuations in turn present cannabis companies with capital cost benefits.’
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NEW YORK, June 15, 2018 /PRNewswire/ —