Change of Tact Has Led to an Increase in the Utilization of Cryptocurrency

NEW YORK, April 16, 2021 /PRNewswire/ — A significant portion of the financial system has transitioned to distant, and for many firms it’s nonetheless unclear how lengthy it’s going to take till the financial system returns to pre-pandemic norms. As a end result, a number of sectors in the know-how business have grown in demand. For instance, cloud computing, digital funds and in explicit the cryptocurrency and blockchain segments are again at the middle of consideration this 12 months. As a end result of the latest crypto growth, buyers have as soon as once more began to view the new digital currencies as potential long-term investments essential in a correctly diversified portfolio. For instance, this week, Coinbase shares closed at USD 328.28 in their Nasdaq debut on Wednesday, at which level the firm’s market cap reached USD 85.8 Billion on a totally diluted foundation. Coinbase offers monetary infrastructure and know-how for the cryptoeconomy. Scienjoy Holding Corporation (NASDAQ: SJ), Square, Inc. (NYSE: SQ), Riot Blockchain, Inc. (NASDAQ: RIOT), Marathon Patent Group, Inc. (NASDAQ: MARA), Ebang International Holdings Inc. (NASDAQ: EBON)

In latest years, many firms and organizations have change into extra pleasant in the direction of blockchain and cryptocurrencies. As a end result, there was an inflow of firms shopping for bitcoin and accepting it as cost. For instance, earlier this month Meitu, a Chinese firm that makes a photograph modifying app, has accepted USD 22.1 Million value of ether and USD 17.9 Million value of bitcoin. In addition, ETFs with a give attention to crypto and blockchain are doing so effectively. “Just over three years in the past we launched the first actively-managed ETF centered on the dynamic market phase of blockchain-related shares,” stated Amplify CEO Christian Magoon. “BLOK has offered buyers with further portfolio diversification via its distinctive portfolio make-up that features the Bitcoin Investment Trust. Blockchain know-how is primarily identified for one software as we speak: cryptocurrency.”

Scienjoy Holding Corporation (NASDAQ: SJ) introduced earlier this month that, “via its wholly owned subsidiary, Scienjoy Inc., it has entered right into a strategic alliance (the “Alliance”) through a Master Services Agreement with Snipp Interactive Inc. (“Snipp”) (TSX-V: SPN; OTC: SNIPF), a worldwide supplier of digital advertising and marketing promotions, rebates, and loyalty options. Through the Alliance, each events will discover alternative ways of incorporating Snipp’s Customer Acquisition, Retention and Engagement (C.A.R.E) platform into Scienjoy’s suite of cell functions. The preliminary cooperative exploration between each events are anticipated to give attention to the following two areas:

First, Scienjoy will mix its in-app forex resolution with Snipp’s loyalty and rewards engine to develop a brand new loyalty and rewards system. This will allow Scienjoy to increase its person expertise, domesticate further income streams, and discover the potential of utilizing cryptocurrencies on its platform. As half of this method, Scienjoy will make the most of Snipp’s platform to present Scienjoy’s broadcasters and customers with extra alternatives to earn factors via engagement. Broadcasters and customers shall be ready to redeem these factors for numerous digital rewards, together with Scienjoy’s digital forex, Bitcoin reward playing cards, retailer reward playing cards, trinkets, and extra. Beyond enhancing Scienjoy’s person acquisition, retention, and engagement capabilities, this new loyalty and rewards system may also function an further monetization channel for the Company, as third-party manufacturers in reaching Scienjoy’s sizable person base shall be ready to sponsor occasions, broadcasters, and dwell broadcasts via 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 collected via the new loyalty and rewards system to bid on and buy NFT “momentos” from their favourite broadcasters. In addition to strengthening the relationships between broadcasters and their followers, this initiative will present broadcasters with extra monetization alternatives, increase broadcaster loyalty, and appeal to extra new inventive expertise to Scienjoy’s platform.

Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, ‘With roughly 250 million customers and 300,000 broadcasters throughout our ecosystem, we’re well-positioned to assist our companions improve their outreach efficacy. Snipp’s cutting-edge know-how and loyalty options will serve to additional strengthen our worth propositions for customers and broadcasters alike. Our choice to discover the utilization of each cryptocurrencies and NFTs via this strategic alliance additional underscores our dedication to integrating these options which are new, revolutionary, aligned with our enterprise targets, and succesful of fueling our long-term progress trajectory.’

Mr. Atul Sabharwal, founder and Chief Executive Officer of Snipp, commented, ‘We are excited to companion with Scienjoy and leverage its established infrastructure to make our preliminary foray into the Chinese market. By connecting to Scienjoy’s substantial person base and gifted broadcaster pool, we shall be ready to present our portfolio of international manufacturers and Fortune 500 purchasers with extremely focused advertising and marketing packages in the area. We proceed to obtain curiosity from markets exterior of North America and look ahead to constructing our presence in these areas going ahead.'”

Square, Inc. (NYSE: SQ) reported earlier this 12 months that it has bought roughly 4,709 bitcoins at an combination buy value of USD 50 Million. Square believes that cryptocurrency is an instrument of financial empowerment and offers a means for the world to take part in a worldwide financial system, which aligns with the firm’s function. The funding represents roughly one p.c of Square’s whole belongings as of the finish of the second quarter of 2020. “We imagine that bitcoin has the potential to be a extra ubiquitous forex in the future,” stated Square’s Chief Financial Officer, Amrita Ahuja. “As it grows in adoption, we intend to study and take part in a disciplined means. For an organization that’s constructing merchandise primarily based on a extra inclusive future, this funding is a step on that journey.”

Riot Blockchain, Inc. (NASDAQ: RIOT) reported earlier this March that it’ll obtain an estimated hash fee capability of 1.06 Exahash per second (“EH/s”) with the deployment of the newly obtained 2,002 S19 Pro Antminers. “Exceeding 1 EH/s in hash fee capability marks a serious milestone for the Company,” stated Jason Les, CEO of Riot. “While we’re proud of this accomplishment, we view it as the profitable completion of only one of many steps of our ongoing progress plan. Riot continues to obtain and deploy next-generation miners from Bitmain and stays on schedule to greater than triple our at the moment deployed capability by the fourth quarter of 2021.”

Marathon Patent Group, Inc. (NASDAQ: MARA) introduced again in February that it has offered a one-year grant to world-renowned bitcoin core developer Jonas Schnelli. Marathon’s grant follows Coinbase’s latest choice to assist contribute to the growth of Bitcoin Core by providing grants to two builders: Joao Barbosa and an nameless developer identified solely as 0xB10C. Both Barbosa and Schnelli had been receiving funding from crypto mining large, Bitmain. However, in late 2020, Bitmain determined to cease offering its help, at which level Coinbase and Marathon Patent Group independently determined to step in and provide different sources of funding with their respective developer grants.

Ebang International Holdings Inc. (NASDAQ: EBON) introduced earlier final month that the Company 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 Company believes the new design will enable the Company to assemble excessive efficiency cryptocurrency mining machines superior to different mining machines at the moment on the market. Mr. Dong Hu, Chairman and CEO of the Company, commented, “The completion of the designing is a credit score to our elevated funding in R&D in latest years. We have made super efforts to construct up our R&D staff and speed up product iteration and innovation. In the future, we’ll give attention to growing extra mainstream cryptocurrency mining machines, and we’re contemplating designing extra mining chips suitable with a number of cryptocurrencies. We imagine it’s going to assist improve our income from the cryptocurrency mining enterprise and optimize our product providing construction alongside the blockchain business worth chain.”

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