NEW YORK, April 12, 2018 /PRNewswire/ --
According to a report from International Data Corporation, worldwide spending on blockchain solutions valued at $945 million in 2017 and is expected to reach $9.7 billion in 2021, while growing at a compound annual growth rate of 81.2 percent. Rapid adoption of blockchain technology in financial sector has driven investment dollars into the banking industry. In the financial sector, the technology is used in regulatory compliance, cross-border payments & settlements, custody and asset tracking, along with trade finance & post-trade/transaction settlements. The distribution and services sector will also benefit from the blockchain technology. The sector will see $510 million investment in 2018. Victory Square Technologies Inc. (OTC: VSQTF), Marathon Patent Group, Inc. (NASDAQ: MARA), NXT-ID Inc (NASDAQ: NXTD), Integrated Ventures, Inc. (OTC: INTV), Net Element, Inc. (NASDAQ: NETE)
Stacey Soohoo, research manager, Customer Insights & Analysis, said: "2017 was the year of experimentation as enterprises realized both the benefits and challenges of blockchain. 2018 will be a crucial stage for enterprises as they make a huge leap from proof-of-concept projects to full blockchain deployments. As a leader in blockchain innovation and integration, the U.S. will continue to invest in blockchain throughout the forecast, spending heavily in financial services, manufacturing, and other industries. The U.S. will look to improve efficiencies in existing operations while promoting new applications in others, creating new streams of revenue and areas of spend. With increased investments driven by pressures to keep up with the accelerating pace in innovation, the world will continue to look to the U.S. for guidance as other regions forge ahead in their own blockchain projects and initiatives."
Victory Square Technologies Inc. (OTC: VSQTF) also listed on the Canadian Securities Exchange under the Ticker (CSE: VST). Earlier this week the company announced breaking news that it, "will acquire 100% percent of all issued and outstanding membership interests of Limitless Blockchain Technology, LLC ("Limitless Blockchain") for $5,000,000 Canadian in total consideration (the "Purchase Price").
Pursuant to a definitive share purchase agreement executed between the Company and the interest owner of Limitless Blockchain (the "Share Purchase Agreement"), the Purchase Price will be paid and satisfied by the Company through the issuance of 3,703,703 common shares in the capital of the Company (the "Consideration Shares") at a deemed issue price of $1.35 Canadian per Consideration Share. The deemed issue price represents the closing price of the common shares of the Company on the Canadian Securities Exchange at the end of trading on April 9, 2018, the trading day preceding this news release announcing the acquisition, less a discount of 10%. In accordance with the terms of the Share Purchase Agreement, the Consideration Shares shall be subject to resale restrictions, which permit 8% of the Consideration Shares to be eligible to be free trading four months from the date of issuance to satisfy the statutory hold period and a further 8% every three months thereafter until the final balance of Consideration Shares is eligible to be free-trading in approximately three years' time. The Share Purchase Agreement also contains standard representations, warranties and covenants for transactions of this nature.
The acquisition brings Limitless Blockchain - an established blockchain solution provider -- into the Victory Square family of portfolio companies. Best-known for its work in developing an ecosystem of hardware, software, and networking products to meet increased global consumer demand for new age technology, Limitless Blockchain has the following three anchor products in late-stage development or already deployed in the marketplace:
- L-Hash, a data centre in Nevada, currently runs over one thousand miners of Bitcoin, Ethereum and LiteCoin. L-Hash has spot orders in place for new mining equipment to double capacity over the next 12 months.
- Limitless VPN is a user-based desktop miner for household use with over 11,000 users and a growing wait list of 6,000. The company plans to push this user base to 100,000 by the end of 2018 by expanding their data centre.
- Limitless Audio is an audio streaming application currently in late stage development. Limitless Audio takes a decentralized approach, much like Napster, where a great deal of money is saved and provided to hardworking artists in exchange for using streaming capabilities to mine cryptocurrencies. Taking a community-centric approach, the company can incentivize users to host and maintain the platform.
Limitless Blockchain also has a series of other products in early to mid-development.
"Limitless Blockchain represents another dynamic addition to our growing portfolio of emerging technology companies," said Victory Square Chief Executive Officer Shafin Diamond Tejani. "The Limitless team shares in our conviction that blockchain technology will have an overwhelming effect on the way consumers adopt and use everyday products in the future. Having already developed a suite of ground-breaking software and hardware solutions catering to consumers that will inevitably utilize blockchain products in the future, we saw an immediate opportunity to bring the team in house and assist in scaling their operations to serve a growing demand. In the coming years, we look forward to working closely with CEO Michael Shader and the Limitless team and their customers as we assist them in their next stage of growth."
Marathon Patent Group, Inc. (NASDAQ: MARA) announced that it has commenced bitcoin mining at its new facility in Quebec. On February 8, 2018, the Company announced it had purchased 1,400 Bitmain Antminer S9 miners ("Antminer S9s") and on February 15, 2018 the company announced it had leased 26,700 square feet of data center space in Quebec, Canada. The Company is pleased to announce the completion of its installation and the commencement of operations which are expected to utilize approximately 2.0 MW and deliver approximately 19 Ph/s of ASIC mining capacity.
NXT-ID Inc (NASDAQ: NXTD) provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). This February the company announced that it is now accepting pre-orders for Flip™, 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."
Integrated Ventures, Inc. (OTCQB: INTV) reported recently the purchase of 20 highly profitable Antminer X3 ("AX3") mining rigs, with wholesale cost of $46,800. Estimated delivery is scheduled to be between May 15 and June 30. Antminer X3 along with all recently purchased mining rigs: Antminer L3, Antminer S9, Panda Miner B3 Pro will be installed at soon to be opened, third mining facility, capable of hosting up to 1,250 units. "We are very pleased to be able to expand our coin line up by adding a new currency - Monero and confident that this purchase will have a positive effect on our revenue growth. The latest purchase combined with current (less units sold) inventory, totaling 350 units, is projected to deliver the annual revenues in excess of $2,250,000 million per year, based on current bitcoin pricing. It must be noted that the projected revenue estimates are directly linked to the highly volatile currency market conditions and daily BTC pricing," said Steve Rubakh, CEO of Integrated Ventures, Inc.
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, its cloud based, restaurant and retail point-of-sale solution. In February, the company launched its newest multi-channel payments platform, Netevia. Connecting and simplifying payments across sales channels through a single integration point, Netevia delivers end-to-end payment processing through easy-to-use APIs. This model complements Net Element's ability to perform in a multi-channel environment, including point-of-sale (POS), e-commerce, mobile devices and will enable the company to perform in blockchain technology solutions. Netevia will form part of the recently announced decentralized blockchain technology solutions that enable an unlimited number of value-added services ("VAS") to connect merchants and consumers via blockchain technology, while increasing economic efficiency of all transactions being made within the ecosystem. With new features to be implemented on the platform, Netevia plans to disrupt everyday commerce.
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