Growing Support for Cryptocurrencies Extends to Major Corporations San Francisco is a city that attracts people around the world for many reasons – the 49ers, the Golden Gate Bridge, Alcatraz Island, Lombard Street, the Fisherman’s Wharf, and the cable cars, among other popular tourist attractions. But the city also attracts many entrepreneurs, as San Francisco is one of the top innovation hubs in … The cryptocurrency market continues to march higher with fresh highs likely on the cards for a number of digital coins.
FinancialBuzz.com News Commentary
NEW YORK, Feb. 16, 2021 /PRNewswire/ — The excitement around cryptocurrencies continues to grow across the board, and it is driven by several factors. Tesla’s purchase of USD 1.5 Billion worth of Bitcoin has pushed the price of Bitcoin to new highs, and signs that other companies are warming up to cryptocurrencies are now more abundant. For example, just last week, Mastercard announced that it would begin supporting select cryptocurrencies, particularly Bitcoin, on its payment network. Raj Dhamodharan, Executive Vice President of digital asset products at Mastercard, explained that “we are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network. This is a big change that will require a lot of work.” Overall, the price of Bitcoin more than quadrupled in 2020 and is up more than 60% since the start of this year. Snipp Interactive Inc. (OTC: SNIPF) (TSX-V: SPN), Ebang International Holdings Inc. (NASDAQ: EBON),
Canaan Inc. (NASDAQ: CAN), HIVE Blockchain Technologies Ltd. (OTC: HVBTF), Argo Blockchain Plc (OTC: ARBKF)
The proliferation of cryptocurrencies in the more mainstream business infrastructure is often misunderstood by the public yet is also larger than most perceive. According to a report by Allied Market Research, in a filing published by the U.S. Patent and Trademark Office, the retailing giant Walmart applied for a patent to use a digital coin tied to a traditional fiat currency, which could allow for cheaper and faster transactions as well as loyalty features. In 2018, Intel won a patent for “Bitcoin Mining Hardware Accelerator with Optimized Message Digest and Message Scheduler Datapath”. In the filing, Intel outlined a method by which it could augment the existing bitcoin mining process, consuming less electricity, thereby, spending less money in the process.
Snipp Interactive Inc. (OTC: SNIPF) (TSX-V: SPN) announced last week that, “the addition of new and innovative reward offerings to its SnippRewards incentive platform that address today’s hottest trends playing out in financial markets. Snipp now offers its clients two cutting edge financial rewards as incentives to its end customers.
a. Bitcoin Gift Cards:
Bitcoin gift-cards make it easy for our clients to award their customers with a cryptocurrency. By using a familiar and traditional gift-card system, anyone of any age can easily receive Bitcoins as a gift, a promotion incentive as well as exchange points in a loyalty program for Bitcoins. With a Bitcoin gift-card, you can receive Bitcoins just like you would traditional gift-cards and in addition, securely deposit them into your crypto wallet or set up a new wallet for those who are not familiar with how crypto currencies work. The SnippRewards platform today already supports cash-back offers through a variety of different mechanisms. These have been developed through Snipp’s integration with various leading fin-tech companies. Our infrastructure and technical partnerships enable clients globally to offer cash back incentives in over 45 currencies. Cash-back offers are supported today on the SnippRewards platform via traditional bank Wire Transfers, Online transfers across multiple leading industry payment systems, Digital and Physical checks, Retailer Gift-Cards and more. Our rewards portfolio spans over 1300 brands and is growing as we complete integrations with various partners. By adding a layer of crypto currency enabled incentives, Snipp will further enable not only our existing clients but also attract a new genre of clients to the Snipp platform that are looking to create fun, exciting and relevant incentives in the future.
b. Stock Ownership Gifts
Stock-ownership gifts makes it easy for our clients to provide Stocks as an incentive to their customers. It allows our clients to give their loyal customers something truly unique – a gift-card redeemable for stock ownership. As Snipp’s incentive platform now supports factional ownership of stock, our clients can now provide stock ownership rewards as incentives to their customers from as low as $5. Illustrative use cases include Baby Care and Food Brands that incentivize purchase of their products with a view of supporting parents saving for college, encouraging healthy eating among children and many more such brand associations. As our partner platform supports custodial accounts for children, it would also enable an easy way for parents to set up, monitor and educate children on responsible investing early in life.
‘The team has been working diligently on the necessary integrations to enable financial rewards such as these over the course of the last year anticipating that fundamental changes are taking place in the world of financial markets and payment mechanisms’, said Atul Sabharwal, Founder of Snipp, ‘Given all of the news around increased retail participation in the stock market along with Tesla’s recent announcement that they will accept Bitcoin payments for their cars and their significant investment in Bitcoin; this new offering from SnippRewards represents a timely completion of our development and integration with our partner financial netwoks. We are constantly looking to support innovative offerings for our Fortune 500 clients as well as build our catalogue of incentives to enable our clients to be able to leverage the power of our platform globally. In addition, as blockchain technologies become more permeated into the fabric of our society, this offering is also a small step we have taken to profitably support our blockchain initiatives and strategy as they pertain to the promotions, incentive and loyalty industry.'”
For our latest “Buzz on the Street” Show featuring Snipp Interactive Inc. recent corporate news, please head over to: https://www.youtube.com/watch?v=YDiZN0Yus0A&ab_channel=FinancialBuzzMedia
Ebang International Holdings Inc. (NASDAQ: EBON) announced earlier this month that the Company has completed the designing of a chip for simultaneous Litecoin (LTC) and Dogecoin (Doge) mining as an addition to our current portfolio of cryptocurrency mining chip designs. The Company believes the new design will allow the Company to construct high performance cryptocurrency mining machines superior to other mining machines currently on the market. Mr. Dong Hu, Chairman and CEO of the Company, commented, “The completion of the designing is a credit to our increased investment in R&D in recent years. We have made tremendous efforts to build up our R&D team and accelerate product iteration and innovation. In the future, we will focus on developing more mainstream cryptocurrency mining machines, and we are considering designing more mining chips compatible with multiple cryptocurrencies. We believe it will help increase our revenue from the cryptocurrency mining business and optimize our product offering structure along the blockchain industry value chain.”
Canaan Inc. (NASDAQ: CAN) announced last week that its revenue visibility has improved substantially in 2021 as a result of attaining purchase orders totaling more than 100,000 units of bitcoin mining machines from customers in North America. Many of those purchase orders were placed with prepayment and will likely occupy the Company’s current manufacturing capacity entirely for the full year of 2021 and beyond. With those fully committed purchase orders, the Company now enjoys a much higher degree of revenue visibility and more precise forecast. As such, the Company is able to leverage such information and additional liquidity to conduct its component purchases, production scheduling, warehousing and logistics.
HIVE Blockchain Technologies Ltd. (OTCQX: HVBTF) reported last month an agreement to expand the footprint of their Sweden GPU mining data centre by an immediate 2 MW at an estimated cost of US$ 9 million, by the end of April 2021. By the end of 2021 we are planning a 30% increase in our Ethereum mining capacity. The immediate expansion of the operating footprint would be accomplished through an infrastructure re-fitting of a portion of its existing facility in Boden, Sweden at an estimated cost of US$ 250,000 and the purchase of new generation GPU chips and associated mining rigs to house them at an estimated cost of US$ 8.75 million. These new generation chips are expected to be more efficient than currently available GPU chips on the market while consuming less electricity, which should lead to continuing positive gross margins.
Argo Blockchain Plc (OTCQB: ARBKF) announced last week that it has entered into a Letter of Intent (LOI) with DPN LLC of New York, initiating the acquisition of 320 acres of land in West Texas, USA, with access to 800-megawatts of electrical power where Argo intends to build a new 200mw mining facility in the next 12 months. When completed, the facility will provide Argo with electricity at some of the lowest rates in the world, with the majority of its power coming from renewable sources. “We are incredibly excited about this agreement,” said Argo Blockchain CEO Peter Wall. “It gives Argo tremendous control over our mining operations, as well as significant capacity for expansion. In addition, we have been able to secure access to some of the cheapest renewable energy worldwide in a location where innovation in new technologies is encouraged and incentivized.”
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The most prominent Bitcoin and cryptocurrencies companies in San Francisco
San Francisco is a city that attracts people around the world for many reasons – the 49ers, the Golden Gate Bridge, Alcatraz Island, Lombard Street, the Fisherman’s Wharf, and the cable cars, among other popular tourist attractions. But the city also attracts many entrepreneurs, as San Francisco is one of the top innovation hubs in the world, with the famous Silicon Valley located in the San Francisco Bay Area.
With so many powerful international companies having their headquarters in San Francisco, such as Facebook, Google, Salesforce, Twitter, Uber, and many more, San Francisco seems to have become an epicenter for startups looking for a stimulating environment in which to thrive, thanks to what many have called the “knowledge spillover effect”. The Bitcoin and blockchain world is no exception to this phenomenon.
There are many other prominent Bitcoin and cryptocurrencies companies in San Francisco that have helped the world take advantage of cryptocurrencies and the underlying blockchain technology that appeared in 2008.
Today, cryptocurrencies have become one of the most traded assets in the world, with Bitcoin trading attracting both retail and institutional investors looking to take advantage of this new, decentralized and disruptive way to exchange money in order to make a profit and to diversify their portfolios with alternative assets.
Many companies rely on cryptocurrencies to develop products and services that might attract these new investors to invest in this new asset class, like the exchanges and trading platforms Coinbase, Kraken and Uphold; the cryptocurrency index and funds provider Bitwise Asset Management; the platform dedicated to ICOs Coinlist; the security and utility token issuance platform Ambisafe; and the multi-venue operating platform for institutional investors Omniex.
Investing isn’t the only way to participate in this monetary revolution. You can also mine cryptocurrencies – some companies in San Francisco have decided to focus their offer on helping people mine cryptocurrencies, like the blockchain technology solutions firm Bitfury. Mining is the process of coin creation used by cryptocurrencies relying on the proof-of-work (PoW) protocol to validate their transactions.
Some companies support open-source and commercial Bitcoin and other cryptocurrencies technologies like Blockstream, while other companies have developed services that allow crypto-users to spend (or accept) cryptocurrencies more easily, such as the payment APIs developer Wyre; the gift card and prepaid mobile refills provider Bitrefill; and the platform allowing you to spend your Bitcoins on Amazon Purse.
Some cryptocurrencies themselves have been developed by companies based in San Francisco.
If you look at the top 5 most important cryptocurrencies in the world by market capitalization, you will find ‘XRP’ developed by Ripple Labs, which is based in San Francisco. The cryptocurrency has been developed to offer a faster and cheaper payment protocol and network for banks and other financial institutions.
REP is another cryptocurrency developed by a company in San Francisco, based on the Augur blockchain. It helps investors draw on the “wisdom of the crowd” to predict a potential outcome of a future event.
Author: News Bureau
Bitcoin (BTC/USD) Price Probing Fresh Highs as Cryptocurrencies Remain Bid
- Bitcoin and the ‘buy the dip’ mentality.
- Little in the way of resistance to prevent higher prices.
Bitcoin (BTC/USD) is continuing to press against $50,000 and is likely to break above shortly as the cryptocurrency market continues to shrug-off any selling pressure and forge further ahead. The sell-off over the past few days has been fully bought back, as has been the case in the past, and a new all-time high is likely in the short-term.
The fundamental drivers for the latest cryptocurrency surge center around increased Bitcoin adoption, or expected adoption, by major US companies. From Tesla to Mastercard, from Bank of New York Mellon to JP Morgan, Bitcoin is finding progressively more companies backing the cryptocurrency.
Bitcoin (BTC/USD) Price Outlook: Mastercard Preparing Crypto Payments, Will Twitter Follow Tesla?
The latest BTC/USD daily chart highlights the short-term series of higher highs as well as the longer-term series of higher lows. With little in the way of resistance going forward, and with the ATR currently over $3,000, the ‘big figure’ resistance at $50,000 is likely to fall relatively easily, leaving the way clear for Bitcoin to continue printing fresh highs. There is a strong argument against ‘buying the dip’ – you should only buy when the markets are trading higher – but this needs to counterbalanced when this is within a clear and strong uptrend, which Bitcoin is in. With the ATR in excess of $3,000, further large price swings should be expected and traders need to factor this volatility in before entering the market.
How to Manage the Emotions of Trading
Retail trader data show 79.85% of traders are net-long with the ratio of traders long to short at 3.96 to 1. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall.Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias
Traders of all levels and abilities will find something to help them make more informed decisions in the new and improved DailyFX Trading Education Centre
What are your views on Bitcoin (BTC) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Author: Nick Cawley