Cryptocurrency's Expansion Garners Institutional Attention

FinancialBuzz.com News Commentary

NEW YORK, March 9, 2021 /PRNewswire/ -- A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database. The database uses strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. The first decentralized cryptocurrency, bitcoin, was created in 2009. Now, the burgeoning popularity of cryptocurrencies has resulted in major financial institutions, like banks, paying attention to developments in the crypto market. In addition, fin-tech companies are now stepping into the arena. For example, PayPal, recently announced plans to acquire Curv, a cryptocurrency startup based in Tel Aviv, Israel. In October 2020, PayPal announced its commitment to help shape the role that digital currencies will play in the future of financial services and commerce. Snipp Interactive Inc. (OTC: SNIPF) (TSX-V: SPN), Ebang International Holdings Inc. (NASDAQ: EBON), Marathon Patent Group, Inc. (NASDAQ: MARA), Square, Inc. (NYSE: SQ), Argo Blockchain Plc (OTC: ARBKF)

There has also been an influx of companies buying bitcoin and accepting it as payment. For example, Meitu, a Chinese company that makes a photo editing app, accepted USD 22.1 Million worth of ether and USD 17.9 Million worth of bitcoin. "The Board believes cryptocurrencies have ample room for appreciation in value and by allocating part of its treasury in cryptocurrencies can also serve as a diversification to holding cash (which is subject to depreciation pressure due to aggressive increases in money supply by central banks globally) in treasury management," Meitu said, according to a report by CNBC. This follows companies like Tesla and Square, which have also put emphasis on cryptocurrency.

Snipp Interactive Inc. (OTC: SNIPF) (TSX-V: SPN) just announced breaking news regarding,

"its preliminary unaudited financial results for Q4 2020. Note that these preliminary Q4 2020 financial results have not been audited. The Company is currently in the process of having its full fiscal 2020 financial results audited. All results are reported under International Financial Reporting Standards ("IFRS") and in US dollars.

Q4 2020 Highlights - based on preliminary unaudited results

(Refer to Non-GAAP Measures, Gross Margin, EBITDA and Bookings Backlog discussion below)

• EBITDA in Q4 2020 is forecast to improve by over 100% compared to Q4 2019, an EBITDA improvement of over $1,000,000. Q4 2020 EBITDA is forecast to be greater than $100,000 positive vs Q4 2019 EBITDA that was negative $1,014,667.
• The Company also forecasts to be EBITDA positive on a full year basis
• Revenue for Q4 2020 is forecast to increase by over 50% compared to Q4 2019. Revenue for Q4 2020 is forecast to be above $2,000,000 compared to revenue for Q4 2019 of $1,349,685.
• Gross margin in Q4 2020 is forecast to be above 70% compared to 60% in Q4 2019.
• The Company continued to focus on cost improvements from its integration efforts, resulting in lower costs over multiple expense categories.

"Q4 marked the end of what was a difficult year for everyone. Despite the profound challenges posed by the COVID-19 pandemic and the resulting loss of revenue of over $1.5MM for the year, I am very proud of our teams' dedication and focus on executing to our strategy. This has ultimately led to an epic fourth quarter of growth that clearly demonstrates the growing value of our platform and gives us a base to build on for 2021. As we enter the final month of our first quarter in 2021, we are seeing the benefits accruing from a strong end to the last year. We look forward to completing our annual audit and releasing our full year audited financials in April as well as our first quarter results in May as per our regular release schedule.

Visit the Snipp website at http://www.snipp.com/ for Snipp's full suite of solutions and examples of Snipp programs.

Non-GAAP Measures

Snipp uses certain performance measures throughout this document that are not recognizable under Canadian generally accepted accounting principles or IFRS ("GAAP"). These performance measures include Gross Margin and EBITDA. Management believes that these measures provide supplemental financial information that is useful in the evaluation of the Company's operations.

Investors should be cautioned, however, that these measures should not be construed as alternatives to measures determined in accordance with GAAP and IFRS as an indicator of Snipp's performance. The Company's method of calculating these measures may differ from that of other organizations, and accordingly, these may not be comparable.

EBITDA

Snipp defines earnings before interest, taxes, depreciation and amortization ("EBITDA") as revenue minus operating expenses excluding non-cash operating expenses of stock-based compensation, depreciation and amortization (interest and taxes are not included in the Company's operating expenses).

Gross Margin

Snipp defines Gross Margin as revenue less campaign infrastructure. The Company's calculation of Gross Margin is not a financial measure that is recognized under GAAP. Investors should be cautioned that the Company's defined Gross Margin should not be construed as an alternative measure to other measures determined in accordance with GAAP.

Bookings Backlog

Snipp defines Bookings Backlog as future revenue from existing customer contracts to be recognized in future quarters. Bookings get translated into revenues based on IFRS principles and the Bookings Backlog reflects how revenues in future quarters are steadily being booked today.

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 last 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."

Marathon Patent Group, Inc. (NASDAQ: MARA) announced last month that it has provided a one-year grant to world-renowned bitcoin core developer Jonas Schnelli. Marathon's grant follows Coinbase's recent decision to help contribute to the development of Bitcoin Core by offering grants to two developers: Joao Barbosa and an anonymous developer known only as 0xB10C. Both Barbosa and Schnelli had been receiving funding from crypto mining giant, Bitmain. However, in late 2020, Bitmain decided to stop providing its support, at which point Coinbase and Marathon Patent Group independently decided to step in and offer alternative sources of funding with their respective developer grants.

Square, Inc. (NYSE: SQ) reported last month that it has purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million. Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company's purpose. The investment represents approximately one percent of Square's total assets as of the end of the second quarter of 2020. "We believe that bitcoin has the potential to be a more ubiquitous currency in the future," said Square's Chief Financial Officer, Amrita Ahuja. "As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey."

Argo Blockchain Plc (OTCQB: ARBKF) announced last month 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."

Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia

Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz

Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz

Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/

About FinancialBuzz.com 

FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.

Please Note: FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For snipp interactive inc. video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com expects to be compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com .

Media Contact:

info@financialbuzz.com
+1-877-601-1879
www.FinancialBuzz.com