Recent Developments in the Cryptocurrency Market

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Jan 25, 2018, 09:00 ET

NEW YORK, January 25, 2018 /PRNewswire/ --

FinancialBuzz.com News Commentary

According to CoinMarketCap, the total market capitalization of the cryptocurrency market was valued at about $536 billion on Wednesday. The market has experienced rapid growth in 2017 and increasing applications in the cryptocurrencies as well as blockchain technology are the main factor that drives the market. According to CoinDesk, Ripple, the company best known for its cryptocurrency XRP, announced that IDT Corporation and Mercury FX will start using Ripple's xPapid for transaction settlements. Ripple CEO Brad Garlinghouse said in an announcement, "Payment providers like IDT Corporation and MercuryFX are early movers because they understand what XRP can do for their business and customer experience." Mogo Finance Technology Inc (OTC: MOGOF), Overstock.com, Inc. (NASDAQ: OSTK), Net Element, Inc. (NASDAQ: NETE), Long Blockchain Corp. (NASDAQ: LBCC), DPW Holdings, Inc. (NYSE: DPW)

According to CoinMarketCap, cryptocurrency stellar surged 11.68 percent to $0.62 on Wednesday after payment processor Stripe said it may add support for Stellar's XLM. Stellar now has a market value of about $10 billion, making it the six-largest cryptocurrency by market cap. Stripe product manager Tom Karlo said in a blog post: "It's possible that Bitcoin Cash, Litecoin, or another Bitcoin variant, will find a way to achieve significant popularity while keeping settlement times and transaction fees very low. Bitcoin itself may become viable for payments again in the future."

Mogo Finance Technology Inc (OTCQX: MOGOF) also listed on the TSX Exchange under the ticker symbol "MOGO". This week the company announced, "the formation of a new subsidiary - Mogo Blockchain Technology Inc. ("Mogo Blockchain") - which will serve as the main vehicle for Mogo's blockchain operations, including new product development and strategic partnerships. As the first strategic initiative, Mogo Blockchain plans to begin bitcoin mining, through an agreement with DMG Blockchain Solutions ("DMG"), a Vancouver-based company focused on bitcoin mining hosting (mining as a service (MaaS)) and diversified blockchain platform development. Under the agreement with DMG, Mogo will initially lease 1,000 bitcoin mining machines, which the Company expects to be operational later this quarter. The machines will be managed and operated by DMG under its MaaS model and will be located at DMG's facilities in British Columbia. Mogo and DMG have also entered into a letter of intent to form a dedicated joint venture for bitcoin mining. The expansion into bitcoin mining follows Mogo's announcement regarding the launch of MogoCrypto - a new product that will allow Canadians to easily buy and sell bitcoin through their MogoAccount and will bring a new level of convenience and transparency to bitcoin ownership."

"We strongly believe blockchain technology will have a profound impact on transforming financial services and will become a core part of a modern financial technology platform. Mogo is focused on building the best digital financial services experience for the next generation of Canadians, and we are committed to adding capabilities in blockchain through in-house development and strategic partnerships such as this one with DMG," said Greg Feller, President of Mogo and CEO of Mogo Blockchain. "We're excited to work with DMG given their extensive mining experience and attractive mining as a service model. We believe that gaining exposure to mining cryptocurrency such as bitcoin is an important part of building our competency around blockchain. In addition, this mining venture will enable us to generate our own supply of 'freshly minted' bitcoin for our MogoMembers once we introduce MogoCrypto later this quarter."

David Feller, Founder & CEO of Mogo, added: "This new subsidiary underscores our commitment to bringing blockchain innovation to financial services. With a focused effort and investment in this space, we will pursue applications that benefit Mogo and its customers, as well as opportunities to focus on enabling blockchain technologies that could potentially be licensed to other companies."

"As we pursue our objective to be the global leader in bitcoin mining hosting, we are pleased to form a new relationship with a well-established fintech company such as Mogo," said Dan Reitzik, CEO of DMG. "With a proven technology platform, strong and increasingly recognized brand, and quickly growing member base, Mogo is well positioned to make cryptocurrencies accessible to more Canadians."

Overstock.com, Inc. (NASDAQ: OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. On January 11, 2018, the company announced its 2017 Highlights: Innovation, Expansion, and Recognition. key milestones in 2017 for the online home goods leader include the introduction of new technologies in the blockchain space, advances in the mobile shopping experience including the introduction of augmented reality (AR), the opening of new offices, and continued community outreach through partnerships with a number of non-profit organizations and individuals in need. Overstock continued to be a leader in the blockchain industry, investing in companies that are at the cutting edge of development in the space. The online retailer, which in 2014 was the first major retailer to accept bitcoin payments for purchases, expanded its payment options to include dozens of major cryptocurrencies through integration with ShapeShift, a leading digital asset exchange. Overstock's blockchain-focused subsidiary, Medici Ventures, named its board of directors in 2017, and also saw a number of its portfolio companies continue to use blockchain to revolutionize industries including capital markets, money and banking, property registry, voting, identity, and underlying blockchain technology.

Net Element, Inc. (NASDAQ: NETE) is a global financial technology and value-added solutions group that supports electronic payments acceptance in an omni-channel environment spanning across point-of-sale (POS), e-commerce, and mobile devices. On January 2, 2018, the company announced that it has completed a $7.55 million private placement of restricted common stock and warrants with a New York-based family office that has made several investments in companies with blockchain technology platforms. The new investment will fuel the continued development of the Company's blockchain-focused unit, support growth initiatives and allow for potential acquisitions. Net Element's blockchain-focused business will be a decentralized crypto-based ecosystem that will act as a framework for value-added services ("VAS") that can connect merchants and consumers directly utilizing blockchain technology while increasing the speed and efficiency of transactions made through the Company's processing, settlement and services ecosystem.

Long Blockchain Corp. (NASDAQ: LBCC) is focused on developing and investing in globally scalable blockchain technology solutions. On January 16, 2018, the company announced that it has entered into a letter-of-intent with Stater Blockchain Limited ("Stater"), a technology company focused on developing and deploying globally scalable blockchain technology solutions in the financial markets. Stater's wholly-owned subsidiary, Stater Global Markets, is a Financial Conduct Authority (FCA) regulated brokerage that facilitates market access across multiple instruments including spot FX, digital currency futures and contracts for difference (CFDs).

DPW Holdings, Inc. (NYSE: DPW), is a diversified holding company that, through its wholly owned subsidiary, Coolisys Technologies, Inc., is dedicated to providing world-class technology-based solutions where innovation is the main driver for mission-critical applications and lifesaving services. On January 11, 2018, the company stated that its subsidiary, Coolisys Technologies, Inc., anticipates that it will begin delivering the power supplies since its announcement dated December 4, 2017 within the next 40-45 days. Coolisys expects to fulfill the first 1,000 backordered units of its AC-DC power supply created for use with the acclaimed Antminer S-9 model from Bitmain Masters as well as other miners. Coolisys is pleased to note that the demand from B2B and commercial customers has been significant. With even the smallest of efficiencies delivering notable savings, Coolisys believes that it can readily commercialize a new line of crypto mining power solutions within a suite of products.

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