FinancialBuzz.com News Commentary
NEW YORK, Nov. 10, 2021 /PRNewswire/ -- The cryptocurrency market has rapidly grown in popularity in recent years. However, this year was fundamental as many businesses and governments have come to terms with the idea of digital currencies. For example, New York City Mayor-elect Eric Adams' pro-crypto stance appears to be showing early signs of enthusiasm, as a community-led crypto project planning to create a dedicated city-based token. According to a report by Bloomberg, CityCoins, which works on the Stacks protocol, decided to develop a token after Adams engaged in a friendly online banter with Miami Mayor Francis Suarez over Bitcoin, including taking paychecks in the largest cryptocurrency by market value. Adams has promised to build a crypto-friendly city when he takes office in January. ISW Holdings Inc. (OTC: ISWH), PayPal Holdings, Inc. (NASDAQ: PYPL), The OLB Group, Inc. (NASDAQ: OLB), MicroStrategy Incorporated (NASDAQ: MSTR), The9 Limited (NASDAQ: NCTY)
According to Allied Market Research, the global cryptocurrency market size is projected to reach USD 4.94 Billion by 2030 while growing at a CAGR of 12.8% from 2021 to 2030. The increased demand for operational efficiency and transparency in financial payment systems, including data security, are major factors that drive the growth of the global cryptocurrency market. Additionally, the increased demand for cryptocurrency among banks and financial institutions provides a lucrative opportunity for market expansion during the forecast period. Paypal, a company focused on online payment systems, announced on October 21st, 2020 that customers may buy and sell Bitcoin and other cryptocurrencies using their PayPal accounts. Furthermore, Mastercard partnered with Island Pay to launch the world's first CBDC-linked Card on February 10th, 2021.
ISW Holdings Inc. (OTC: ISWH), transitioning to "BlockQuarry," pending name change, announced breaking news last week regarding, "the filing of the Company's financial performance data for the Three and Nine Months ended September 30, 2021.
Financial Highlights for Three and Nine Months Ended September 30, 2021
· Revenues from operations for the Three Months ended Sep 30 of $1.075 million (including deferred revenues), up 2,435% on year-over-year basis
· Net Revenues (excluding deferred revenues) for the Three Months ended Sep 30 grew 579% on year-over-year basis
· Net Revenues (excluding deferred revenues) for the Nine Months ended Sep 30 grew 185% on year-over-year basis
· Net Cash increased by over 3,100% year to date to over $2.8 million
· Total Assets increased 5,263% year to date to $9.56 million
· Total liabilities decreased 73%, and total derivative liabilities decreased 98% to under $340k
Operational Highlights for Three Months Ended September 30, 2021
· Exceeded internal expectations for cryptocurrency performance in first quarter of significant mining operations
· Triggered Performance bonus clause for additional $1.7 million in Bitmain Miners from Minerset
· Continued to eliminate dilution risk through aggressive reduction in convertible notes outstanding
· Reached nearly $10 million in total assets
· Neared completion of Phase 1 (build-out and deployment of first 20 MW) of Southeastern U.S. project to pair 56,000 mining rigs with 200 MW of power
The three months ended September 30 exceeded management expectations for growth in the Company's assets due to positive gains from mining operations as well as greater than anticipated expansion in equipment.
This was primarily due to the triggering of a performance incentive clause in the Company's agreement with Minerset, LLC that granted the Company an additional 150 Bitmain S19 95TH/s state-of-the-art miners carrying a market value of approximately $1.7 million.
'Q3 was a landmark quarter in Company history,' remarked Alonzo Pierce, President and Chairman of ISW Holdings. 'We switched on our mining fleet and saw our first substantial mining and hosting revenues hit the books. We also broke ground on our massive cryptocurrency hosting infrastructure and nearly finished the phase 1 build-out to deploy the first 20 MW to on-site Pods. In the process, we have seen a huge growth in the tangible value of the Company, as assets grew considerably while we continued our campaign to stamp out dilution risk through elimination of toxic notes and strict adherence to financing through a combination of cash from operations and non-toxic funding sources. As a result, we were in the best overall shape in our history coming into Q4, which is set to deliver on a much larger scale into year end.'"
PayPal Holdings, Inc. (NASDAQ: PYPL) subsidiary Venmo, LLC announced on August 10th, Cash Back to Crypto, a new way for Venmo Credit Card customers to automatically purchase cryptocurrency from their Venmo account using cash back earned from their card purchases. The new feature, which further enhances the Venmo Credit Card's dynamic rewards experience, expands choice in how customers can spend their cash back while allowing them to start exploring crypto within the Venmo environment they know and love. "The introduction of the Cash Back to Crypto feature for the Venmo Credit Card offers customers a new way to start exploring the world of crypto, using their cash back earned each month to automatically and seamlessly purchase one of four cryptocurrencies on Venmo," said Darrell Esch, SVP and GM, Venmo. "We're excited to bring this new level of feature interconnectivity on the Venmo platform, linking our Venmo Credit Card and crypto experiences to provide another way for our customers to spend and manage their money with Venmo."
The OLB Group, Inc. (NASDAQ: OLB) announced earlier last week that it is ready to process Mastercard Bitcoin payments immediately. Merchants utilizing OLB's OmniSoft business management platform and the company's SecurePay Payment Gateway Platform can activate Mastercard cryptocurrency transaction processing at any time. "The recent announcement from Mastercard that it is supporting cryptocurrency should accelerate public acceptance of Bitcoin and other currencies for conducting everyday business," said Ronny Yakov, chief executive officer for the OLB Group. "We have enabled crypto commerce throughout our OmniSoft and SecurePay portfolio which enables merchants to offer a broad choice of payment options that match customer's expectations." The SecurePay Payment Gateway Platform is a Mastercard SDP program. OLB's platform supports the processing of multiple cryptocurrencies including Bitcoin, Ethereum, USDC, and DAI across all merchant platforms. The gateway provides traditional credit and debit card processing, digital wallet services such as Apple Pay® and Google Pay®, and crypto commerce functions including conversion to fiat currencies, as well as end-to-end cryptocurrency transactions.
MicroStrategy Incorporated (NASDAQ: MSTR) announced on June 21st, that it had purchased an additional approximately 13,005 bitcoins for approximately $489 million in cash at an average price of approximately $37,617 per bitcoin, inclusive of fees and expenses. As of June 21, 2021, MicroStrategy holds an aggregate of approximately 105,085 bitcoins, which were acquired at an aggregate purchase price of approximately $2.741 billion and an average purchase price of approximately $26,080 per bitcoin, inclusive of fees and expenses. MacroStrategy LLC, a subsidiary of MicroStrategy, holds approximately 92,079 of the bitcoins.
The9 Limited (NASDAQ: NCTY) announced back in August that its wholly-owned subsidiary NBTC Limited ("NBTC") and a Kazakhstan company LGHSTR Ltd. ("LGHSTR") have signed a non-binding investment memorandum to establish a joint venture in Kazakhstan. According to the investment memorandum, NBTC and LGHSTR will own 51% and 49% of the joint venture respectively. NBTC will control the board of directors of the joint venture. The joint venture plans to invest and build cryptocurrency mining sites with a total capacity of 200MW within two years. NBTC will have the priority to deploy cryptocurrency mining machines owned by NBTC or its partners. When the 200MW mining sites construction is fully completed, taking S19 Antminers as an example, the sites are expected to be able to deploy more than 50,000 S19 Antminers and accommodate about 5EH/s of hash power. The joint venture will also carry out operation and maintenance of cryptocurrency mining machines in Kazakhstan. The joint venture plans to complete the construction of 20MW in September 2021; a total of 100 MW is expected to complete by the end of 2021 cumulatively; and a total of 200MW is expected to be completed by the end of 2022 cumulatively.
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