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Friday, July 17, 2020

#CryptoCorner Episode 426: Korean Conglomerate Hanwha Participates in Funding Round for #Crypto Startup and Riot (NasdaqCM: $RIOT) Receives 1,000 S19 Miners from Bitmain


  
#CryptoCorner Episode 426: Korean Conglomerate Hanwha Participates in Funding Round for #Crypto Startup and Riot (NasdaqCM: $RIOT) Receives 1,000 S19 Miners from Bitmain


Point Roberts, WA, Delta BC July 17, 2020 -  Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.

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Stocks discussed: (KSE:003530) (KSE:000880) (NasdaqCM:RIOT)

The Bank of Thailand has started using its central bank digital currency (CBDC) ahead of its public rollout, according to an article from Thai outlet The Nation. The central bank’s assistant governor, Vachira Arromdee, told the publication that the BoT is using its digital currency “for financial transactions with some big businesses,” and that it “will begin using the digital currency for transactions with the Hong Kong Monetary Authority” in September. She also said:

“The central bank is also thinking about expanding use of the cryptocurrency to the general public, but a comprehensive study must be completed before taking such action.”

Morning Star reports that Hanhwa Investment & Securities (KSE:003530), the securities brokerage subsidiary of South Korean conglomerate Hanwha Group (KSE:000880), participated in a Series A2 investment round – worth 4 billion won ($3.3 million USD) – with CrossAngle, the operator of the global crypto asset disclosure platform Xangle. An excerpt from the article reads:

The funding is expected to enable the company to build the foundations and infrastructure for institutionalizing data services for crypto assets, which is currently regarded as one of the essential pillars for the industry.

Riot Blockchain, Inc. (NasdaqCM:RIOT) announced that it has received 1,000 S19 Pro miners, comprising the first of three orders totalling 3,040, S19 and S19 Pro Antminers from BitmainTech, at Coinmint's Massena, New York facility. Remo Mancini, Chairman of Riot Blockchain, said in the press release:

"The initial phase of the Riot Blockchain transformation is now complete. We have embarked on a systematic risk mitigation effort to benefit all shareholders.  We have overseen the termination of the SEC investigation and have improved the Company's financial profile by eliminating all long-term debt, adding significant positive working capital, and reducing our operating overhead by relocating to a lower-cost facility."

We have also streamlined our operational capabilities by reorganizing our management team, closing RiotX and focusing on the production of bitcoin, of which the Company now has over 1,000 in inventory.  We have completely upgraded the Company's mining fleet and are on-track to achieving a hash rate capacity of approximately 566 PH/s by Q4 of 2020, utilizing highly power efficient mining hardware.  We are now well-positioned to embark on the second phase of Riot Blockchain's transformation."

Sam Mowers, Investorideas

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