NEW YORK, February 16, 2018 /PRNewswire/ --
Bitcoin price rose above $10,000 on Thursday for the first time in two weeks. According to CoinMarketCap, the price of bitcoin jumped 7.78 percent to $10,050.40. The world's largest cryptocurrency by market cap now rebounded more than 60 percent from its low of about $6,141 hit last Tuesday. Increasing adoption of cryptocurrency drives the growth of the market. Coinbase, the leading U.S. cryptocurrency trading platform, announced the launch of Coinbase Commerce, a new service that allows merchants to accept digital currencies such as Bitcoin, Bitcoin Cash, Ethereum and Litecoin. DMG Blockchain Solutions Inc. (TSX-V: DMGI), International Business Machines Corp. (NYSE: IBM), Chinanet Online Holdings Inc. (NASDAQ: CNET), Long Blockchain Corp (NASDAQ: LBCC), Bitcoin Investment Trust (OTC: GBTC)
On Wednesday, the price of Litecoin surged over 30 percent on the news that a payment system for Litecoin is set to launch on February 26th. The new payments processor, which is called LitePay, will allow businesses to accept Litecoin payments. The upcoming hard fork for Litecoin also boosts the demand of the digital currency. Litecoin's first hard fork is expected to take place on February 18th. According to CoinMarketCap, Litecoin is the fifth-largest cryptocurrency by market capitalization, with a market value of $11.8 billion. According to CNBC, Iqbal Gandham, U.K. managing director at eToro, said: "With the fork in Litecoin cash it seems to help miners use their equipment more efficiently."
DMG Blockchain Solutions Inc. (TSX-V: DMGI) is currently listed on the TSX Venture Exchange under the ticker 'DMGI'. Yesterday the company announced breaking news that, "it has secured a new customer for its bitcoin hosting business, known as "Mining-as-a-Service" ("MaaS"). DMG received an order in excess of C$3 million from Forside Financial Services Inc. ("Forside"), a company headquartered in Tokyo, Japan for the hardware purchase and set-up, with monthly recurring hosting revenues to begin upon completion.
Forside is a diversified technology company listed on the JASDAQ Standard of the Tokyo Stock Exchange (Tokyo:2330).
Mr. Izumi, the Chairman of Forside commented "We are excited and thankful to have DMG provide MaaS for our company and look forward to completing more business in the future with DMG. We conducted due diligence and spoke to many other companies and decided to do business with DMG due to its knowledge and expertise in this sector."
"DMG's access to the Japanese market continues to grow and we look forward to doing more business with Forside," said Chris Filiatrault, Co-Founder and Chairman of DMG.
Daniel Reitzik, Chief Executive Officer and Co-Founder of DMG commented "We are delighted to onboard our second major hosting client from Japan, which represents a significant market opportunity for us and further validation of our MaaS model."
MaaS adopts a unique model by democratizing the ability for customers to become a cryptocurrency miner anywhere in the world in a cost-effective manner. DMG's MaaS offering provides turn-key operations for clients by charging a set-up and monthly hosting fee.
In addition, DMG expects a previous order of an additional 1,000 S-9 bitcoin mining servers to arrive at one of its facilities in March, 2018.
DMG's facilities and power access will be for its MaaS clients, and for DMG's own use. This hybrid model allows DMG to scale at a faster pace and without as much capital, while at the same time enabling DMG to benefit from the appreciating value of bitcoin. This hybrid model balances out the capital requirements in the traditional mining model with the benefits of the value of bitcoin minted."
International Business Machines Corp. (NYSE: IBM) recently announced a new blockchain banking solution that will help financial institutions address the processes of universal cross-border payments, designed to reduce the settlement time and lower the cost of completing global payments for businesses and consumers. Using IBM Blockchain, and in collaboration with technology partners Stellar.org and KlickEx Group, the solution is intended to improve the speed in which banks both clear and settle payment transactions on a single network in near real time. Bridget van Kralingen, Senior Vice President of IBM Industry Platforms said, "Making distributed ledger technologies more interoperable is the latest example of IBM's leadership driving the rapid advancement of blockchain."
Chinanet Online Holdings Inc (NASDAQ: CNET) announced earlier in January a strategic partnership with Wuxi Jingtum Network Technology, a blockchain ecology builder and announced the expansion into the blockchain industry and its related technology. Both companies will utilize their respective advantages and exchange each other's work together to jointly develop blockchain applications. Through the contribution of underlying technologies in the blockchain, Jingtum Technology aims to develop a new generation of value-based internet technologies in China helping to upgrade from an information-based network to a value-based exchange network, establishing a credible ecology and promoting preparation as Chinese enterprises enter a new era of digital assets.
Long Blockchain Corp (NASDAQ: LBCC) 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). Ramy Soliman, Chief Executive Officer of Stater Blockchain, added, "This merger would truly be a transformational moment for our business. Stater Blockchain brings a number of different assets to the table and our collective business will be unique in the investor space. It gives a holistic value add for shareholders through accretive blockchain expertise and plans, as well as a regulated institutional brokerage through Stater Global Markets. This combination of fintech and brokerage is a really powerful value proposition and we look forward to working with Philip and his team to achieve a leading position in a dynamic new world."
Bitcoin Investment Trust (OTCQX: GBTC) enables investors to gain exposure to the price movement of bitcoin through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping bitcoins. Recently, Grayscale Investments, LLC, the sponsor of the Bitcoin Investment Trust, announced that it has declared a 91-for-1 stock split of the Trust's issued and outstanding shares. With the split, shareholders of record on January 22, 2018 will receive 90 additional shares of the Trust for each share held.
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