Bitcoin Price up After More Fintech Companies Show Interest in Cryptocurrencies
NEW YORK, November 17, 2017 /PRNewswire/ —
Bitcoin price continued its rally on Thursday after the news that Square’s cash app is testing the feature that allows some people to buy and sell bitcoin. According to data from industry website Coindesk, the price of bitcoin rose another 6 percent to $7742.32 during Thursday trading session, after a more than 10 percent jump on Wednesday. Square shares also jumped to an all-time high after the news. Bitcoin, the world’s most popular cryptocurrency, now has a market capitalization of nearly 130 billion, accounting about 57 percent of the total cryptocurrency market cap. Global Payout, Inc. (OTC: GOHE), MGT Capital Investments Inc. (OTC: MGTI), BTCS Inc. (OTC: BTCS), Bitcoin Services, Inc. (OTC: BTSC), HIVE Blockchain Technologies Ltd. (OTC: PRELF).
According to CNBC, a Square spokesperson said via email: “We’re exploring how Square can make this experience faster and easier, and have rolled out this feature to a small number of Cash app customers. We believe cryptocurrency can greatly impact the ability of individuals to participate in the global financial system and we’re excited to learn more here.” Credit Suisse analysts Paul Condra and Mrinalini Bhutoria wrote on Wednesday: “We believe it could place SQ in an early-mover position as a mainstream fin-tech company providing crypto-currency services.”
Global Payout, Inc. (OTC: GOHE) announced yesterday that its majority owned subsidiary, MoneyTrac Technology, Inc. (“MTRAC”, the “Company”) continues to make significant headway with Pegasus Fintech, Inc. on their collaboration in the development of a cryptocurrency token for the cannabis industry.
Last month, MTRAC announced the establishment of a strategic partnership with Pegasus Fintech, Inc., an innovative Blockchain and Token Accelerator company that is focused on delivering solutions in the financial services, technology blockchain, and emerging cryptocurrency market sectors. In recent weeks, MTRAC and Pegasus, along with additional companies they are currently working in collaboration with, have been working on the development of a token that will be aimed at revolutionizing the financial process that currently exists within the cannabis industry.
Coupled with blockchain technology, the token will not only provide businesses that are operating in the emerging cannabis industry with the most effective option for transaction processing, but will also create a level of effective transparency in an industry where the ability to track transactions from seed-to-sale is critical from a compliance perspective.
“Our vision is to create a fully intuitive financial network that interlocks the entire cannabis supply chain from seed-to-sale,” said MTRAC COO, Vanessa Luna. “This token will do far more than just optimize the way businesses and consumers are able to process and complete basic transactions, but will create the kind of transparency that will deliver consumer safety and ensure regulatory requirements across a rapidly growing industry by making it possible to track every transaction from start to finish,” Ms. Luna commented further.
MGT Capital Investments Inc. (OTCQB: MGTI) recently reported with the Securities and Exchange Commission for the period ended September 30, 2017. Revenues from Bitcoin mining were $515,000, up 33% sequentially over the second quarter of this year. “As with any periodic filing, quarter-end numbers are already stale,” stated Robert Ladd, President and CEO of MGT. “Stockholders need to know where we stand today, and I am very happy to share that information. October revenues came in at approximately $400,000 with 865 mining rigs in operation. While power availability (in large part caused by unprecedented demand from the emergent Ethereum market) has delayed our deployment, we have sourced sufficient power to accommodate the 170 rigs not yet deployed, as well as the 3,650 rigs to be delivered over the next several weeks.”
BTCS Inc. (OTCQB: BTCS) announced recently that it has closed on the remaining balance of its previously announced financing, which was co-led by Blockchain Global Ltd. (“BGL”). The Company received a total of $1.1 million from the sale of its Series C -1 Convertible Preferred Stock (the “C-1”) and Warrants. On October 10, 2017, the Company closed on the initial $100,000 of a $1 million minimum financing which included $250,000 in bitcoin paid directly to BTCS and $750,000 in cash. “We’ve now secured the necessary funds to settle all of our debt, excluding derivative liabilities, a key step in moving forward with our planned merger with BGL,” stated Charles Allen, CEO of BTCS. “With the filing of Form 10-Q and other key BTCS merger conditions now met from the C-1 financing, we’re well-positioned to execute on what we believe will be a transformational milestone for our companies.”
Bitcoin Services, Inc. (OTC: BTSC) offers services related to cryptocurrency and bitcoin, such as Bitcoin Mining and Blockchain Software Development. “Bitcoin mining serves to both add transactions to the block chain and to release new Bitcoin. The mining process involves compiling recent transactions into blocks and trying to solve a computationally difficult puzzle. The first participant who solves the puzzle gets to place the next block on the block chain and claim the rewards,” according to the company’s website.
HIVE Blockchain Technologies Ltd. (OTC: PRELF) recently announced has entered into a legally binding letter agreement dated October 23, 2017 with its largest shareholder Genesis Mining Ltd. under which the Company will finance the construction of a cryptocurrency mining data Centre in Sweden. Harry Pokrandt, CEO and President of HIVE stated, “With the help of Genesis, Sweden represents the next stage of growth for HIVE as we continue to build our portfolio of mining facilities. HIVE is acquiring a facility in a politically stable country with access to excellent infrastructure and complements our existing facilities in Iceland. We will continue to evaluate other opportunities to ensure we provide our shareholders the best exposure to the blockchain and cryptocurrency.”
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Cryptocurrency Benefits and Drawbacks
Cryptocurrencies make it less complicated to transfer price range among two events in a transaction; these transfers are facilitated via using public and private keys for security functions. These fund transfers are executed with minimum processing prices, allowing users to keep away from the steep fees charged by maximum banks and monetary institutions for twine transfers.
Valuable to the genius of bitcoin is the blockchain it uses to store an internet ledger of all the transactions that have ever been carried out using bitcoins, imparting a statistics structure for this ledger that is uncovered to a restricted hazard from hackers and can be copied throughout all computers running bitcoin software. Many professionals see this block chain as having important uses in technology, which includes online voting and crowdfunding, and major monetary establishments along with jp morgan chase see capacity in cryptocurrencies to decrease transaction fees with the aid of making fee processing greener.
But, because cryptocurrencies are virtual and do no longer have a valuable repository, a digital cryptocurrency stability may be worn out by a laptop crash if a backup copy of the holdings does no longer exist. When you consider that charges are primarily based on deliver and call for, the price at which a cryptocurrency can be exchanged for another forex can differ widely.
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