FinancialNewsMedia.com News Commentary Cryptocurrency is known as virtual currency. It is a form of currency that exists digitally only and has no central issuing or regulating authority above. It uses blockchain technology to authenticate the transactions. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Furthermore, it does not rely on banks to verify the transactions but is used as peer-to-peer system that enable users to send and receive payments from anywhere in the world. Increase in need for operational efficiency and transparency in financial payment systems, rise in demand for remittances in developing countries, increase in data security, and improved market cap are the major factors that drive the growth of the global cryptocurrency market. Moreover, high implementation cost and lack of awareness of cryptocurrency among the people in developing nations hamper the cryptocurrency market growth. Furthermore, increase in demand for cryptocurrency among banks, and financial institutions and untapped potential on emerging economies are expected to provide lucrative opportunity for the market expansion during the forecast period. A report from Allied Market Research said that The global cryptocurrency market size was valued at $1.49 billion in 2020, and is projected to reach $4.94 billion by 2030, growing at a CAGR of 12.8% from 2021 to 2030. Active companies with recent developments in the industry include: Hello Pal International Inc. Marathon Digital Holdings, Inc , HIVE Blockchain Technologies Ltd. , Hut 8 Mining Corp. Future FinTech Group Inc..
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The Allied Market Research report added: “By region, the cryptocurrency market was dominated by Asia-Pacific in 2020, and is expected to retain its position during the forecast period. Owing to increase in number of Bitcoin exchange across Asia, which bring a certain healthy competition and maturity to the cryptocurrency industry. Chinese banks are hiring blockchain experts as the government pushes the use of the technology behind bitcoin to increase transparency and combat fraud in its financial sector. These factors drive growth of the cryptocurrency market in the region. The cryptocurrency market is expected to witness promising growth in the coming years, owing to improved data transparency and independency across payments in banks, financial services, insurance, and various other business sectors. The use of crypto currency across banking industries provides various benefits such as sending and receiving payment transparently and storing customers detail information securely for next purpose.”
Hello Pal International Inc. BREAKING NEWS: Hello Pal Engages Donohoe Advisory Associates LLC – Hello Pal International Inc., a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce the engagement of Donohoe Advisory Associates LLC (“Donohoe”) for consulting and advisory services in connection with the potential up-listing of Hello Pal’s common shares on the n the NASDAQ Capital Market in 2022.
As announced on September 9, 2021, the Company engaged Maxim Group LLC (“Maxim”) to provide general advisory and investment banking services in connection with the potential up-listing to NASDAQ.
By up-listing to NASDAQ, Hello Pal aspires to gain new exposure and access to a larger base of retail and institutional investors in the United States and internationally. Hello Pal believes that the NASDAQ is the world’s pre-eminent exchange for technology based companies. Management believes that the up-listing will bring significant value to Hello Pal. The listing of Hello Pal’s common shares on NASDAQ is subject to the approval of that exchange and the satisfaction of all applicable listing requirements, and there can be no assurance that these requirements will be met.
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Other industry developments from around the markets include:
Marathon Digital Holdings, Inc , one of the largest enterprise Bitcoin self-mining companies in North America, recently published unaudited bitcoin (“BTC”) production and miner installation updates for November 2021.
Corporate Highlights as of December 1, 2021 Were: Cash on hand was approximately $623.7 million and total liquidity, defined as cash and bitcoin holdings, was approximately $1.1 billion; Received approximately 15,520 top-tier ASIC miners from Bitmain during the month of November and 56,826 miners year to date with an additional 8,477 miners currently in transit; Fully completed miner installations at the Company’s facility in Hardin, MT, as well as scheduled upgrades and maintenance to the power generating facility in Hardin, MT; Secured hosting for all previous purchased bitcoin miners, predominantly at wind and solar farms operated by one of the largest renewable energy power providers in North America; and Began installing miners at various facilities operated by Compute North
Following successful system upgrades to the power plant in Hardin, MT, produced approximately 34 bitcoin on December 1, 2021, as the power plant and Marathon’s miners in Hardin began operating near full capacity; Maintenance and upgrades to the power generating facility in Hardin, MT negatively impacted bitcoin production for a portion of November, resulting in 196 self-mined bitcoin during November 2021; Increased total bitcoin holdings to approximately 7,649.1 with a fair market value of approximately $437.4 million; and Existing mining fleet consists of 31,000 active miners producing approximately 3.2 EH/s
Hut 8 Mining Corp. ,one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, recently provided the following corporate update.
On November 30, 2021, Hut 8 signed an agreement with Foundry Digital LLC (“Foundry”), to purchase 2,505 MicroBT M30S machines that are currently installed at the Company’s site in Medicine Hat, Alberta, under a hosting arrangement between Hut 8 and Foundry. The purchase transaction is expected to close on December 15, 2021 and will provide immediate incremental hashrate of 228 PH/s. This fleet of miners was owned by Foundry, one of the Company’s hosting clients, and will boost Hut 8’s self-mining operating capacity, including the NVIDIA GPUs, to approximately 1.94 EH/s.
“We are excited to add incremental capacity stemming from the Foundry purchase to our self-mining operation, especially given the fact that the equipment is already on-site and hashing,” commented Jaime Leverton, Chief Executive Officer of Hut 8. “The combination of the recently deployed NVIDIA CMPs and the MicroBT M30S miners from Foundry serves to enhance both the scale and efficiency of our self-mining operations and adds momentum to our machine installations. We value our ongoing strategic relationship with Foundry and will continue to explore new partnership opportunities with them going forward.”
HIVE Blockchain Technologies Ltd. recently announced its investment in Titan.IO, Inc. (“Titan”), a cutting-edge blockchain software company and the creator of Lumerin, a next generation decentralized mining marketplace where hashpower can be bought and sold using tokens.
Titan offers software which helps Bitcoin miners increase their efficiency and scalability at a flat, low cost. It also operates the Titan Mining Pool, which recently surpassed 3 Exahash of Bitcoin mining capacity.
Future FinTech Group Inc. recently announced that its new subsidiary, FTFT UK Limited (“FTFT UK”), held an inauguration ceremony on November 19, 2021 for the opening of its new office in London, during which FTFT UK announced that it has entered the beta testing phase for its mobile financial app which will enable customers to engage in a comprehensive suite of e-wallet activities. Representatives from the local business and financial sectors, including executives of MasterCard, JP Morgan Chase, China Mobile and Bank of China attended the event.
Mr. Shanchun Huang, CEO of FTFT, said, “We believe that we can leverage our core competencies by being part of the challenger banking sector, which provides digital banking services through apps or websites, and build a comprehensive financial services platform in the future that is highly competitive with traditional banking. Our ultimate goal is to become a leading financial technology company that provides customers with a high-quality digital financial services platform for a superior user experience.”
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