NEW YORK, June 6, 2017 /PRNewswire/ --
The cryptocurrency market is expanding rapidly in recent years. According to the data from Coinmarketcap.com, the total cryptocurrency market cap reached $96.5 billion this year. Bitcoin, one of the most popular cryptocurrencies, and it has increased in value 5.2 percent to $2,650 a coin on Monday. Bitcoin had already gained 157 percent year-to-date and dominated the cryptocurrency market with $43 billion market cap. Another digital currency, Ethereum, also skyrocketed this year. The price of Ethereum hit a new record high of $250.41 a coin on Sunday, with an increase of more than 2800 percent this year. Ethereum now the second-most popular cryptocurrency and is gaining market share rapidly. SinglePoint, Inc. (OTC: SING), First Bitcoin Capital Corp. (OTC: BITCF), BTCS Inc. (OTC: BTCS), Bitcoin Investment Trust (OTC: GBTC), MGT Capital Investments, Inc. (OTC: MGTI).
"There is a lot of fresh liquidity flowing into bitcoin, thanks to a surge in interest among investors in Asia, notably Japan and Korea, coupled with a resolution to the scaling debate. I would not be surprised to see the bitcoin price doubling again to around $6000 by the end of the year," Aurelien Menant, CEO of Gatecoin, a regulated cryptocurrency exchange, said in a CNBC interview.
SinglePoint, Inc. (OTC: SING) just announced this morning that, "its initiative to develop a bitcoin payments solution in partnership with First Bitcoin Capital Corp. (OTC: BITCF). The two companies signed a Joint Venture agreement to develop and distribute a viable payments solution using block chain technology. First Bitcoin Capital is an industry leading Bitcoin and blockchain technology provider and SinglePoint has a deep history in distribution. The two companies believe this partnership will enable each company to focus on their core strengths to build and supply the best Bitcoin solution available. With the massive and widespread adoption of Bitcoin worldwide, the two companies will pursue opportunities to leverage their payment technology background and develop a proprietary solution specifically for high-risk payment verticals including the cannabis industry.
SinglePoints' representation at Mobile World Congress in Barcelona this year saw many solutions being utilized in other countries based on Bitcoin and other crypto currencies such as Ethereum. SinglePoint and First Bitcoin Capital believe they have found a way for the customer experience to go unchanged at the point of sale when paying with a credit or debit card at medical and recreational cannabis dispensaries.
Under this initiative, the companies will offer a best-in-class Bitcoin solution to fill the payments gap that currently exists. As SinglePoint CEO Greg Lambrecht states, "In January 2014 SinglePoint announced and started working on a bitcoin payment solution, shortly after we recognized the issue of minimal user adoption of digital currency. The payments industry has rapidly changed since that time. There is now tremendous momentum and demand for bitcoin acceptance as an alternative form of payment. This Joint Venture with First Bitcoin Capital is perfect timing. Bitcoin payments are catching on and cannabis dispensaries need a solution fast."
Greg Rubin of First Bitcoin Capital stated, "We are optimistic that our partnership with SinglePoint will produce positive cash flow to our bottom line. Between the two of our companies, we will have the ability to develop a best in class solution and SinglePoint will be able to help in distribution. We look forward to providing cutting edge products and services to all states through the establishment of this new venture." As the cannabis industry continues to evolve, SinglePoint and First Bitcoin Capital are committed to initiatives to identify and develop solutions that enhance the success of the cannabis industry and participating businesses."
BTCS Inc. (OTC: BTCS) is a blockchain technology focused company which secures the blockchain through its transaction verification services business, and Spondoolies-Tech Ltd., an Israeli transaction verification server manufacturer. Earlier in February the company announced that it has received a merger approval from the Israeli Office of Chief Scientist. The OCS approval is one of two key closing conditions of the merger between BTCS and Spondoolies. Charles Allen, Chief Executive Officer of BTCS, commented, "Our merger with Spondoolies marks a major milestone for us and sets the stage for rapid revenue acceleration in the years ahead. BTCS produced year-over-year revenue growth of 1,225% in 2015, while cash used in operations was reduced by 25%. To combine this strong performance with Spondoolies' industry leading technology, which generated impressive revenues for its first and second generation products, we'll be positioned to create a new global leader in the blockchain sector."
Bitcoin Investment Trust (OTCQX: GBTC) is a private, open-ended trust that is invested exclusively in bitcoin and derives its value solely from the price of bitcoin. It enables investors to gain exposure to the price movement of bitcoin without the challenge of buying, storing, and safekeeping bitcoins. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group. On their website, the company claims, "At Grayscale, we believe investors deserve an established, trusted, and accountable partner that can help them navigate digital currency investing. That's why we are building transparent, familiar investment products that facilitate access to this burgeoning asset class, and provide the springboard to investing in the new digital currency-powered "internet of money."
MGT Capital Investments, Inc. (OTC: MGTI) announced in May that it has closed on financing to allow the Company to materially ramp up its Bitcoin mining operations. The financing consists of a $1.35 million 10% convertible note (convertible at $1.05 per MGTI share) issued to a single institutional investor. The note is self-amortizing with a maximum repayment of $90,000 per month. In conjunction with the note, the Company also issued the investor 1.2 million warrants with an exercise price of $1.05 per MGTI share. The proceeds of the financing, along with Company cash reserves will allow MGT to purchase 1,000 Bitmain Antminer S9 computers and associated power supplies. Following shipment and setup (expected by early July 2017), MGT will be operating a total of 1,400 S9's with total computing power of over 18 PH/s, generating an estimated 225 Bitcoins per month with a value currently of over $450,000. Factoring in electricity, hosting and other direct operating costs, EBITDA from the Company's Bitcoin mining operations is projected at $300,000 per month, prior to note amortization.
Please SIGN UP NOW at http://www.FinancialBuzz.com To Receive Alerts on Trending Financial News from all these companies. "The Latest Buzz in Financial News"
Subscribe Now! Watch us report from NYSE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.