Palm Beach FL–A report by McKinsey & Company on global banking, projected that global payment market revenues are poised to approach $3 Trillion by 2023. As cryptocurrency payment platforms become more common… that number should rise… but the purveyors of traditional payment methods may have to get over their initial reluctance to this new disruptive technology… or they could miss the boat! A recent article in the Bitcoin Exchange Guide addressed this subject: “One of the longtime fears that the traditional financial world seems to have about cryptocurrency is its potential for overtaking payment systems
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. People who are comfortable with the archaic system do not want to see a broader market… However, as the technology behind cryptocurrency and blockchain finds more use cases, the disruption of the current payment system may not be far behind. Active Companies in the industry include NetCents Technology Inc., Xunlei Limited, PayPal Holdings, Inc., Pareteum Corporation, Riot Blockchain, Inc.
The report continued: “Lisa Ellis is an analyst with MoffettNathanson… (recently) stated that she believes that cryptocurrency’s global acceptance could change payment systems. To be clear, she does not believe that the big names like Visa, Mastercard and PayPal will be pushed aside anytime soon, but the… idea of crypto replacing (the traditional standards) is worth exploring. Cryptocurrency has this unique quality of remaining independent of any specific country, and the way that it has jumped in as a saving grace to many countries suffering from hyperinflation is a reprieve.
NetCents Technology Inc. NetCents Technology is pleased to announce that it has begun processing cryptocurrency transactions for its first charity partner, HS Aware.
NetCents is a strong believer about being able to invoke change. Change not only on its business side but more importantly throughout our communities with initiatives that positively impact people’s lives. On March 7th, the Company launched its Charity Impact Initiative and we are proud to announce our first charity partnership with HS Aware.
NetCents is providing all registered charities and non-profits free cryptocurrency processing. Any charity that signs up through this initiative is able to accept donations and sell their merchandise and tickets with zero processing fees. Interested charities can visit https://net-cents.com/partners#partners-form to learn more and sign up.
“HS Aware is excited to remain an innovator in the non-profit space by now accepting cryptocurrency donations to fund our future initiatives and events,” stated Maria Goguen, President of HS Aware. “We’ve had a lot of interest to begin accepting donations in crypto to further support the HS community and now through this partnership, we are able to. We are thankful for any and all support members of the community want to give.”
HS Aware regularly lobbies and liaisons with the government and medical organizations, hosts events bringing awareness and support to HS (Hidradenitis Suppurativa), and provides an open and safe space for HS patients to discuss living with HS. Founded in Canada, HS Aware is the largest Canadian community and has increased its footprint globally as one of the largest non-profits in the world representing HS with a community of over 15,000 active supporters worldwide. Read this and more news for NetCents at: https://www.financialnewsmedia.com/news-nc/
Other recent developments in the tech industry include:
Xunlei Limited, a leading innovator in shared cloud computing and blockchain technology in China, recently announced that the Company has cooperated with the Copyright Protection Center of China (“CPCC”) to build a blockchain-powered digital copyright identifier (“DCI”) system. CPCC, established in 1998, is the national copyright public service institution supervised directly by the State Administration of Press, Publication, Radio, Film and Television of the People’s Republic of China (National Copyright Administration of China). CPCC has a DCI system, which plays a significant role in the core infrastructure of the national internet copyright public services.
Riot Blockchain, Inc. recently announced the filing of its 2018 Annual Report on Form 10-K, which can be viewed on the Company’s website or at SEC.gov. Highlights extracted from the December 31, 2018 annual consolidated financial statements (all amounts as of, or for the year ended, December 31, 2018) include: Generated approximately $7.7 million in revenue on the production of 1,081 Bitcoins (including Bitcoin Cash as converted) and 3,023 Litecoins for the year. The Company established steady-state mining of cryptocurrencies at our approximately 8,000-miner facility in Oklahoma City commencing in June, 2018 – Positive gross margin of 33% before depreciation, amortization and impairment, despite a decline in the average price of Bitcoin throughout the year – Cash and digital currencies totaled $1.6 million – No long-term debt – Net loss attributable to Riot Blockchain of approximately $58 million. The net loss was largely attributable to the noncash aggregate impairments, depreciation, amortization, and stock-based compensation expenses of approximately $45.2 million – 13,403,846 weighted average number of common shares outstanding.
Pareteum Corporation, a rapidly growing global cloud software communications platform company with a mission to connect every person and every(thing)™, announced that it will report first quarter 2019 financial results after the market close on Tuesday, May 7, 2019. Management will host a conference call and webcast to discuss the Company’s financial results.
PayPal Holdings, Inc. and Cambridge Blockchain, Inc. a digital identity enterprise software provider, announced today that PayPal has joined its Series A funding round. With this investment, the two companies will explore potential collaborations to leverage blockchain technology.
“Our service helps streamline digital identity compliance while giving customers control over their identity data,” said Matthew Commons, Cambridge Blockchain’s CEO. “We are honored by PayPal’s vote of confidence, and we look forward to their support and guidance.”