PALM BEACH, Florida, October 3, 2018 /PRNewswire/ --
Financialnewsmedia.com News Commentary
Global initial coin offerings (ICO) are becoming more frequent in nature as cryptocurrency continues to gain traction in markets around the world. In order to bolster these transactions, industry leaders are turning to advancements of blockchain technologies. Through a decentralized global economy fueled by rising levels of cryptocurrency, investors are leveraging blockchain technology to serve as the backbone of the digital currency age. The rapid growth in this space is fueled by an increasingly educated and aware consumer base that is becoming more confident in experimenting with innovative digital assets. As a whole, this is a multi-billion dollar space with plenty of room for growth moving forward. Active tech companies in the markets this week include: Sino United Worldwide Consolidated Ltd. (OTC: SUIC), Seven Stars Cloud Group Inc. (NASDAQ:SSC), MGT Capital Investments Inc. (OTC:MGTI), Xunlei Limited (NASDAQ:XNET), Bitcoin Investment Trust (OTC:GBTC).
Sino United Worldwide Consolidated Ltd. (OTCPK: SUIC) BREAKING NEWS : Sino United Worldwide is pleased to advise that the company has signed a joint venture agreement with Singapore-based company, Kryptoia, to provide full ICO consultancy services to its clientele in Asia.
Sino United Worldwide Consolidated Ltd. has identified Kryptoia as the first joint-venture partner to provide ICO consultancy and related services to clients. Kryptoia, which is led by a strong management team of blockchain, smart contract, and cryptocurrency experts, has already launched several successful ICOs. Kryptoia is one of many companies in the Fintech industry that is supported by the Monetary Authority of Singapore, which has formally outlined its framework for driving the country's innovation with a focus on providing a "conducive" regulatory environment and ecosystem to support new technologies. Singapore has completed 276 blockchain projects as of July 2017, ranking the third in terms of number of projects, and is the sum of Asia-Pacific countries and regions, including China, Hong Kong, Japan, and India.
Kryptoia is SUIC's first strategic partner and has local stronghold in Asia and ASEAN countries where it is directly positioned. SUIC is confident that this will pave the way for SUIC to become a leading Blockchain player, empowering the global Blockchain economy by offerings its premium services in kickstarter, offering consulting, marketing advisory and integrated services. As previously mentioned, through joint venture and investments, SUIC will aggressively form alliances with other dynamic partners who can provide strong Blockchain technology and related services that would secure a global network for engagement. Read this and more news for SUIC at http://www.financialnewsmedia.com/news-suic
Other recent developments in the industry include:
Seven Stars Cloud Group Inc. (NASDAQ: SSC) recently announced it has hired a prominent Connecticut architectural firm with significant West Hartford experience to design its planned $283 million redevelopment of the former UConn campus on Asylum Avenue. Newman Architects, PC, whose experience includes major projects at both Hall High School and Conard High School in West Hartford, has been hired for the planning and design of Fintech Village, which will transform the 58-acre former UConn site into an open, community-friendly campus for Ideanomics, a blockchain and fintech-based company that plans to turn the site into its technology and innovation hub. Fintech Village is expected to create 330 jobs for West Hartford and the area.
MGT Capital Investments Inc. (OTCQB:MGTI) recently issued a letter to shareholders rom H. Robert Holmes, Chairman of the Board and Interim Chief Executive Officer, Stephen Schaeffer, Chief Operating Officer, and Robert Lowrey, Chief Financial Officer: "The past several months have posed tremendous challenges to the Bitcoin mining industry, and to MGT itself. Given this, we would like to address some of those challenges, and share with investors the steps we are taking to assure future successes. Less than a year ago, as MGT was ramping up its expansion plans, Bitcoin was trading at about the same level as today, only to move to what many deemed a bubble at $20,000 in December 2017. But while nearly all external attention focuses on the price of Bitcoin, mining economics have been much more pressured by the Difficulty Rate - a computation used by miners to determine the amount of computing power required to mine bitcoin. The Difficulty Rate is directly influenced by the total size of the entire Bitcoin network. The Bitcoin network has grown six-fold in the past year, resulting in a six-fold increase in difficulty. Today, the network requires the computing power of 80 Bitmain S9 miners to mine one Bitcoin per month, where a year ago it required roughly 12. Meanwhile, demand from miners also drove up hardware and power prices, the largest costs of production. Read more herehttps://www.otcmarkets.com/stock/MGTI/news/MGT-Capital-Issues-Letter-to-Shareholders?id=205247
Xunlei Limited (NASDAQ:XNET) recently announced it has entered into a transaction with Beijing LinkChain Co., Ltd. ("Beijing LinkChain"), an independent third party, to transfer its overseas LinkToken program (the "Transfer"). Pursuant to the Transfer, Xunlei will transfer the exclusive right to operate LinkToken program outside mainland China, including without limitation, the formulation, amendment and execution of the rules governing the rewarding of LinkToken to users of overseas LinkToken program, LinkToken Pocket, and the related assets and liabilities to Beijing LinkChain. While the exclusive right to operate the overseas LinkToken program has been transferred, overseas users of OneThing Cloud device will still be able to obtain LinkToken via contributing their idle computing resources and redeem products and services in LinkToken Mall. Xunlei will also continue to leverage shared computing and blockchain technology to provide enterprise customers with cloud computing services.
Bitcoin Investment Trust (OTCQX:GBTC)'s parent, Grayscale Investments LLC, a global leader in digital currency asset management, recently announced the launch of Zen Investment Trust, a single-asset investment vehicle solely comprised of ZEN, a privacy-focused digital currency. Zen Investment Trust is the eighth single-asset investment product introduced by Grayscale, and the first security solely invested in ZEN. In addition to its single-asset products, Grayscale also manages Digital Large Cap Fund™, a diversified investment product that provides exposure to the top digital currencies by market cap. ZEN is a privacy-oriented digital currency native to Horizen (formerly ZenCash), a decentralized technology platform that provides users with complete control of their digital footprint. Horizen users can transfer ZEN using both public addresses - similar to bitcoin - and private addresses wherein the sender, recipient, and amount are shielded. Beyond the ZEN currency, the Horizen platform enables private messaging, file storage, media sharing, and internet access.
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