#CryptoCorner: Overstock’s tZero to Launch Mobile Crypto Trading App, SBI Group Announced Crypto Mining Subsidiary; Stocks discussed: (NasdaqGM: $OSTK) (TYO:8473) (NYSE: $BABA)
#CryptoCorner:
Overstock’s tZero to Launch Mobile Crypto
Trading App, SBI Group Announced Crypto Mining Subsidiary; Stocks discussed:
(NasdaqGM: $OSTK) (TYO:8473) (NYSE: $BABA)
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March
22
Crypto Corner
Overstock’s tZero to Launch Mobile Crypto Trading App,
SBI Group Announced Crypto Mining Subsidiary, Mining Giant Bitmain Deploys $80
Million Worth of Equipment to China and Alibaba Signs Agreement with Software
Developer for Cloud Computing and Blockchain
Stocks discussed: (NasdaqGM:OSTK)
(TYO:8473) (NYSE:BABA)
Overstock’s
(NasdaqGM:OSTK)
security token platform, tZero, will launch its own mobile trading app,
according to CoinDesk.
Scheduled to launch in June this year, the app will feature buying and selling
of Bitcoin (BTC) and
possibly Ether (ETH),
and is being developed by crypto startup Bitsy. tZero CEO Saum
Noursalehi told CoinDesk:
“That’s part of the reason we acquired
Bitsy — to accelerate time to market for our mobile app. They have an app for
trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key
recovery mechanism, and this will be the foundation of the mobile app for
tZERO. They are also working on some cool stuff like biometric login.”
Japanese financial
services giant SBI Group (TYO:8473) has announced the establishment
of a subsidiary that will produce crypto mining chips. The new venture will be
called SBI Mining Chip Co., Ltd. (SBIMC). An excerpt from the announcement
reads:
The SBI Group strongly promote on a wide
range of businesses based on the digital asset, including cryptocurrency
exchange business and other blockchain related businesses. The Group has
practiced its cryptocurrency mining business at overseas and has now decided to
expand its business scope to the manufacturing of mining chip itself and
development of mining systems, through SBIMC.
Another report from
CoinDesk reveals that
crypto mining giant Bitmain will deploy 200,000 units of mining equipment in
China to take advantage of cheap hydroelectric power this summer. The equipment
is estimated to be worth around $80 million. The CoinDesk article points out
that the cheaper energy has resulted in a surge of activity in the region.
With excess electricity generated by
hydropower stations in China’s mountainous southwest that could be as low as
$0.037 per kilowatt hour, the opportunity to mine profitably again has
attracted an influx of miners to the region.
Chinese
conglomerate Alibaba (NYSE:BABA) and software
developer Aerospace Information Co. have signed a strategic
cooperation agreement for cloud computing services, blockchain, and other
fields. An excerpt from the announcement reads:
In the field of blockchain, we will jointly
provide cloud solutions to promote the development of the blockchain industry.
In the field of enterprise market services, we will coordinate the
implementation of credit reporting services and smart mobile office services.
Sam Mowers, Investorideas
Read other editions of the Crypto Corner
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