PALM BEACH, Florida, April 26, 2018 /PRNewswire/ --
MarketNewsUpdates.com News Commentary
Blockchain, digital currency and a growing number of uses and industries for the technology have been the hottest subjects in recent months, even for those that are new to the technology and cryptocurrency markets. Blockchain is a revolutionary digital technology that allows digital information to be distributed but not copied. Labelled by some as "the backbone of a new type of internet", it can be used for many kinds of applications. Most experts believe blockchain technology is revolutionizing industries from the bottom-up and to create new business models such as a peer-to-peer communities. However, many of them are far less certain about the future of cryptocurrencies as the markets continue to ebb and flow without any level of consistency. Many agree that blockchain, the technology behind digital currency, is vitally important for the financial world and record-keeping in general. The markets may become more enthusiastic about some of the companies that will rush to advance and improve blockchain technology to address the safety and security issues cryptocurrencies are now facing. Active companies today include: Block One Capital Inc. (TSX-V: BLOK) (OTC: BKPPF), HashChain Technology Inc. (TSX-V: KASH) (OTC:HSSHF), Global Blockchain Technologies Corp (CSE: BLOC) (OTC: BLKCF), Net Element, Inc. (NASDAQ: NETE), MGT Capital Investments, Inc. (OTC: MGTI).
Block One Capital Inc. (TSXV: BLOK.V) (OTCQB: BKPPF) BREAKING NEWS: Block One Capital, an investment company focused on high growth opportunities in the blockchain sector, is pleased to announce the completion of its previously announced non-brokered placement of 2,000,000 units (the "Units") at a price of $1.00 per Unit for gross proceeds of $2,000,000 (the "Offering"). Each Unit consists of one (1) common share in the capital of the Company (a "Share") and one-half (1/2) of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable to acquire one additional Share at a price of $1.50 for a period of two (2) years from the date of closing. In the event that the Shares trade at a closing price of greater than $2.50 per Share for ten (10) consecutive trading days, the Company may accelerate the expiry date of the Warrants to expire on the 30th day after the date on which such notice is given by Block One.
The Company believes that the net proceeds from the Offering, together with its existing cash on hand, revenues from investments and unrealized gains on investments, position it well to continue to expand its investment portfolio. To this end, the Company intends to use the net proceeds from the offering to fund its ongoing investment strategy with a focus in the blockchain space. Read this and more news for Block One Capital at: http://www.marketnewsupdates.com/news/blok.html
In other industry news and developments:
HashChain Technology Inc. (TSX-V: KASH.V) (OTCQB:HSSHF) announced this week that the Company has entered into a binding letter agreement (the "Binding Agreement") to acquire 100% of the outstanding shares of a company ("Target") in consideration for the issuance of 55 million HashChain shares at a deemed price of $0.35 per share (the "HashChain Shares") equivalent to $19.25 million. The Company expects the additional 5,000 rigs will be fully operational by the end of June 2018 . This will be added to the 4,870 rigs that HashChain has already purchased and committed pending its recent announcement of the acquisition of a company with 1,000 Rigs, bringing total rigs to 9,870, which is the equivalent of approximately 15 megawatts.
Global Blockchain Technologies Corp (CSE:BLOC.CN) (OTC:BLKCF) recently announced that it has added fintech pioneer, Richard Schaeffer, to its advisory board. As Chairman of NYMEX, Mr. Schaeffer was responsible for the company's transition to electronic trading. In doing so, he played a significant role in moving the financial industry online. It was during his tenure that NYMEX had its IPO and listing on the NYSE, which was the most successful public offering of its time. Previously he also served on the boards of Sacred Heart University and the University of Maryland's School of Business. Mr. Schaeffer currently serves as Chairman of the Board for the eco-friendly chain of food trucks in New York called Neapolitan Express Pizza, and he is an investor in several private companies in commodities and technology.
JGR Capital, an independent equity research firm, announced last week it has initiated coverage on Net Element, Inc. (NASDAQ: NETE), a global financial technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment spanning across point-of-sale (POS), e-commerce and mobile devices. Net Element enables merchants to accept payments in the retail, e-commerce, mobile and smart payments industry. The company's products and services include a multi-channel payment processing platform that provides consumers with a streamlined and integrated mobile commerce experience, cloud-based solutions, marketing solutions, business analytics, and more.
MGT Capital Investments, Inc. (OTCQB:MGTI) announced earlier this month the filing of its 2017 Annual Report on Form 10-K with the Securities and Exchange Commission yesterday. The entire document can be viewed at the Company's website or at http://www.sec.gov. MGT reported revenues from bitcoin mining of $3.1 million in 2017 versus $313,000 in 2016, with a gross margin of $1.6 million compared to $104,000, respectively. Net loss was $50.4 million for 2017 and $24.5 million for 2016. Net loss in 2017 was largely the result of non-cash accounting charges relating to stock-based compensation and to the early extinguishment of debt. Net cash used in operating activities decreased to $2.4 million in 2017 compared to $5.5 million in the prior period. Balance sheet metrics include cash of $9.5 million as of December 31, 2017 versus $345,000 at yearend 2016. Total debt was reduced to zero at yearend 2017 compared to $2.3 million for the prior period. On December 31, 2017, stockholder's equity was $11.9 million versus a deficit of ($583,000) a year earlier.
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