Change of Tact Has Led to an Enhance within the Utilization of Cryptocurrency

NEW YORK, April 16, 2021 /PRNewswire/ — A significant portion of the economic system has transitioned to distant, and for many corporations it’s nonetheless unclear how lengthy it would take till the economic system returns to pre-pandemic norms. Because of this, a number of sectors within the know-how trade have grown in demand. For instance, cloud computing, digital funds and particularly the cryptocurrency and blockchain segments are again on the focal point this 12 months. Because of the current crypto growth, traders have as soon as once more began to view the brand new digital currencies as potential long-term investments obligatory in a correctly diversified portfolio. For instance, this week, Coinbase shares closed at USD 328.28 of their Nasdaq debut on Wednesday, at which level the corporate’s market cap reached USD 85.8 Billion on a completely diluted foundation. Coinbase offers monetary infrastructure and know-how for the cryptoeconomy. Scienjoy Holding Company (NASDAQ: SJ), Sq., Inc. (NYSE: SQ), Riot Blockchain, Inc. (NASDAQ: RIOT), Marathon Patent Group, Inc. (NASDAQ: MARA), Ebang Worldwide Holdings Inc. (NASDAQ: EBON)

In recent times, many corporations and organizations have turn into extra pleasant in the direction of blockchain and cryptocurrencies. Because of this, there was an inflow of corporations shopping for bitcoin and accepting it as cost. For instance, earlier this month Meitu, a Chinese language firm that makes a photograph enhancing app, has accepted USD 22.1 Million price of ether and USD 17.9 Million price of bitcoin. As well as, ETFs with a concentrate on crypto and blockchain are doing so nicely. “Simply over three years in the past we launched the primary actively-managed ETF targeted on the dynamic market section of blockchain-related shares,” stated Amplify CEO Christian Magoon. “BLOK has supplied traders with extra portfolio diversification by way of its distinctive portfolio make-up that features the Bitcoin Funding Belief. Blockchain know-how is primarily identified for one utility immediately: cryptocurrency.”

Scienjoy Holding Company (NASDAQ: SJ) introduced earlier this month that, “by way of its wholly owned subsidiary, Scienjoy Inc., it has entered right into a strategic alliance (the “Alliance”) by way of a Grasp Companies Settlement with Snipp Interactive Inc. (“Snipp”) (TSX-V: SPN; OTC: SNIPF), a world supplier of digital advertising promotions, rebates, and loyalty options. By way of the Alliance, each events will discover other ways of incorporating Snipp’s Buyer Acquisition, Retention and Engagement (C.A.R.E) platform into Scienjoy’s suite of cellular purposes. The preliminary cooperative exploration between each events are anticipated to concentrate on the next two areas:

First, Scienjoy will mix its in-app forex answer with Snipp’s loyalty and rewards engine to develop a brand new loyalty and rewards system. It will allow Scienjoy to enhance its consumer expertise, domesticate extra income streams, and discover the potential of utilizing cryptocurrencies on its platform. As a part of this technique, Scienjoy will make the most of Snipp’s platform to offer Scienjoy’s broadcasters and customers with extra alternatives to earn factors by way of engagement. Broadcasters and customers will be capable to redeem these factors for varied digital rewards, together with Scienjoy’s digital forex, Bitcoin reward playing cards, retailer reward playing cards, trinkets, and extra. Past enhancing Scienjoy’s consumer acquisition, retention, and engagement capabilities, this new loyalty and rewards system will even function a further monetization channel for the Firm, as third-party manufacturers fascinated about reaching Scienjoy’s sizable consumer base will be capable to sponsor occasions, broadcasters, and reside broadcasts by way of the system.

Second, each events will work collectively to allow broadcasters to mint their very own non-fungible tokens (“NFTs”) on Scienjoy’s platform and permit customers to make the most of the factors they’ve amassed by way of the brand new loyalty and rewards system to bid on and buy NFT “momentos” from their favourite broadcasters. Along with strengthening the relationships between broadcasters and their followers, this initiative will present broadcasters with extra monetization alternatives, increase broadcaster loyalty, and entice extra new inventive expertise to Scienjoy’s platform.

Mr. Victor He, Chairman and Chief Govt Officer of Scienjoy, commented, ‘With roughly 250 million customers and 300,000 broadcasters throughout our ecosystem, we’re well-positioned to assist our companions enhance their outreach efficacy. Snipp’s cutting-edge know-how and loyalty options will serve to additional strengthen our price propositions for customers and broadcasters alike. Our resolution to discover the utilization of each cryptocurrencies and NFTs by way of this strategic alliance additional underscores our dedication to integrating these options which can be new, modern, aligned with our enterprise aims, and able to fueling our long-term development trajectory.’

Mr. Atul Sabharwal, founder and Chief Govt Officer of Snipp, commented, ‘We’re excited to associate with Scienjoy and leverage its established infrastructure to make our preliminary foray into the Chinese language market. By connecting to Scienjoy’s substantial consumer base and proficient broadcaster pool, we will present our portfolio of world manufacturers and Fortune 500 purchasers with extremely focused advertising packages within the area. We proceed to obtain curiosity from markets exterior of North America and stay up for constructing our presence in these areas going ahead.'”

Sq., Inc. (NYSE: SQ) reported earlier this 12 months that it has bought roughly 4,709 bitcoins at an mixture buy worth of USD 50 Million. Sq. believes that cryptocurrency is an instrument of financial empowerment and offers a method for the world to take part in a world financial system, which aligns with the corporate’s objective. The funding represents roughly one p.c of Sq.’s whole belongings as of the top of the second quarter of 2020. “We consider that bitcoin has the potential to be a extra ubiquitous forex sooner or later,” stated Sq.’s Chief Monetary Officer, Amrita Ahuja. “Because it grows in adoption, we intend to study and take part in a disciplined method. For an organization that’s constructing merchandise based mostly on a extra inclusive future, this funding is a step on that journey.”

Riot Blockchain, Inc. (NASDAQ: RIOT) reported earlier this March that it’s going to obtain an estimated hash price capability of 1.06 Exahash per second (“EH/s”) with the deployment of the newly acquired 2,002 S19 Professional Antminers. “Exceeding 1 EH/s in hash price capability marks a significant milestone for the Firm,” stated Jason Les, CEO of Riot. “Whereas we’re pleased with this accomplishment, we view it because the profitable completion of simply certainly one of many steps of our ongoing development plan. Riot continues to obtain and deploy next-generation miners from Bitmain and stays on schedule to greater than triple our at present deployed capability by the fourth quarter of 2021.”

Marathon Patent Group, Inc. (NASDAQ: MARA) introduced again in February that it has supplied a one-year grant to world-renowned bitcoin core developer Jonas Schnelli. Marathon’s grant follows Coinbase’s current resolution to assist contribute to the event of Bitcoin Core by providing grants to 2 builders: Joao Barbosa and an nameless developer identified solely as 0xB10C. Each Barbosa and Schnelli had been receiving funding from crypto mining big, Bitmain. Nevertheless, in late 2020, Bitmain determined to cease offering its help, at which level Coinbase and Marathon Patent Group independently determined to step in and supply various sources of funding with their respective developer grants.

Ebang Worldwide Holdings Inc. (NASDAQ: EBON) introduced earlier final month that the Firm has accomplished the designing of a chip for simultaneous Litecoin (LTC) and Dogecoin (Doge) mining as an addition to our present portfolio of cryptocurrency mining chip designs. The Firm believes the brand new design will enable the Firm to assemble excessive efficiency cryptocurrency mining machines superior to different mining machines at present in the marketplace. Mr. Dong Hu, Chairman and CEO of the Firm, commented, “The completion of the designing is a credit score to our elevated funding in R&D in recent times. We’ve made super efforts to construct up our R&D workforce and speed up product iteration and innovation. Sooner or later, we are going to concentrate on creating extra mainstream cryptocurrency mining machines, and we’re contemplating designing extra mining chips suitable with a number of cryptocurrencies. We consider it would assist enhance our income from the cryptocurrency mining enterprise and optimize our product providing construction alongside the blockchain trade worth chain.”

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