#CryptoCorner
Special Report: Is #Crypto Going Mainstream? Increase of Crypto Payments
Adoption says Yes (TSXV: $INLA.V) (TSXV: $HUT.V) (NASDAQ: $MARA) (OTC: $GBTC)
Point Roberts WA, Delta BC
– June 4, 2019 – Investorideas.com,
a global investor news source covering blockchain and cryptocurrency issues a
special edition of the Crypto Corner
looking at developments in the cryptocurrency sector, featuring Interlapse
Technologies Corp. (TSX-V:
INLA)
and its recent entry in the space as a public company.
Read this in full
at https://www.investorideas.com/news/2019/crypto-corner/06041PaymentsAdoption.asp
In recent news from The WallStreet Journal, Facebook is reportedly recruiting financial
firms to help start a cryptocurrency-based payments system.
The effort represents the most mainstream application yet of
cryptocurrency and Facebook has discussed the matter with payments firms
including Visa, MasterCard and First Data Corp.
A spokeswoman for Facebook's blockchain efforts declined to comment to
the Journal, saying simply that it "is exploring many different
applications."
In just the past 12 months, investments in cryptocurrency-related assets
have nearly tripled to $14.4 billion, across more than 700 companies and funds,
according to industry tracker Crypto Fund Research. Regulators in New York State describe the
market as "thriving" and have granted virtual-currency
trading approvals known as "BitLicenses" to at least 18 companies.
Bitcoinist also recently reported on how as the stock market has suffered
under US-China relations as of late, Bitcoin “has been outperforming the red-hot stock market by a whopping 10 times so
far in 2019. BTC price $8268.81 -2.40%
also managed to mark a sharp recovery back to $8,680.”
As Bitcoinist reported, “Bitcoin is breaking through and then finding
support at levels which were previously a resistance throughout the bear
market. This could suggest the bulls are in control as they are constantly
breaking through prior resistance. The next target to break is an important
psychological level of $10,000.”
Interlapse
Technologies Corp. (TSX-V: INLA), who through their wholly owned subsidiary Coincurve.com allows
Canadian customers to buy Bitcoin and BitcoinCash in the simplest form,
announced that the Company’s shares commenced trading on May 30th on Canada’s
TSX Venture Exchange under the trading symbol: INLA.
This listing follows Interlapse’s acquisition of Vancouver-based Skyrun
Technology Corp., which is now a wholly owned subsidiary of the Company.
“The transaction with Skyrun and a concurrent listing on a globally
recognized stock exchange brings credibility and authenticity to our business,
as well as the entire virtual currency industry,” commented Wayne Chen,
co-founder of Skyrun and the newly appointed CEO of Interlapse.
As a result of the Skyrun acquisition, the Company now owns the
intellectual property relating to the virtual currency platform coincurve.com, where Canadians and eventually international
customers can purchase Bitcoin and Bitcoin Cash.
As a public company, customers can rely on coincurve.com for transparency. Furthermore, coincurve.com is a non-custodial service, greatly minimizing
financial risk or loss of customers’ virtual currencies. The company also
expects soon to expand globally into emerging and under-banked countries,
hoping to educate, adopt and deliver Bitcoin and Bitcoin Cash to users across
the world.
“I am privileged to be a part of this opportunity, and enthusiastic
about our expansion into global markets,” Mr. Chen further commented. “With the
growing acceptance of virtual currency, we are positioned to flourish within
this new, globally connected business frontier.”
Hut 8 Mining Corp. (TSXV: HUT) (OTCQX: HUTMF), one of the world's largest public
cryptocurrency mining companies by operating capacity and market
capitalization, recently announced its financial results for the first quarter
ended March 31, 2019.
Some of the Q1-2019 highlights included revenue of $12.1 million for
Q1-2019, adjusted EBITDA of negative $1.3 million for Q1-2019, 2,405 bitcoin
mined in Q1-2019 and a fair value gain on re-measurement of digital assets of
$789,678.
"While bitcoin mining economics significantly improved in April
2019 with an increase in the price of bitcoin, our first quarter was negatively
impacted by bitcoin prices consistently trading below US$4,000 and the network
difficulty increasing by 14%. In addition, record cold weather in Alberta
resulted in higher electricity pricing," said Andrew Kiguel, Chief
Executive Officer of Hut 8. "In March and continuing into the second
quarter, we have experienced lower electricity prices and a much improved
bitcoin price. This has significantly improved our margins in the second
quarter thus far."
“Alberta had a record cold winter, which led to higher electricity
prices at our operations that are not under a power contract. Despite having
higher than normal electricity prices in January and February, Hut 8's cost per
bitcoin decreased slightly from US$3,995 in Q4-2018 to US$3,950 in Q1-2019. The
impact of management's cost reduction initiatives and electricity optimization
in Q1-2019 were successful in offsetting the higher energy prices. In addition,
Hut 8's management was successful in reducing corporate overhead excluding
non-cash share-based compensation from $994k in Q4-2018 to $747k in Q1-2019.”
For Q1-2019, fair value gain on re-measurement of digital assets of
$789,678 represented the gain on adjusting the value of the digital assets held
in inventory to the market value on the reporting date. This was the first gain
on re-measurement of digital assets in Hut 8's history and marks a turn in the
bitcoin prices. In future quarters, the Company would expect to see gains or
losses based on the price of bitcoin on the reporting date, relative to the
price on the day mined, when revenue is recorded.
Hut 8 recognized negative $1.3 million in Adjusted EBITDA, the first
quarter of negative Adjusted EBITDA operations for the Company. A net loss was
recorded for the quarter was $6,065,495. Both losses were largely as a result
of bitcoin prices remaining at approximately a 52-week low during Q1-2019, hash
rates increasing, and volatile natural gas prices which all negatively impacted
operations for the quarter.
"Hut 8 remains committed to solely mining bitcoin and to retain as
much as possible. Despite harsh operating conditions, Hut 8 retained 2,615
bitcoin at the end of Q1-2019. Management underwent significant cost saving
measures at the end of 2018 to ensure we maintain a lean cost structure and are
in a position to capitalize on the recent upswing. Our operations are stronger
than ever, and we are poised for improved financial performance going forward given
the recent appreciation in the price of bitcoin that began in April 2019,"
said Kiguel.
Marathon Patent
Group, Inc. (NASDAQ:MARA) also recently announced its operating results for the three months
ended March 31, 2019, as published in its Form 10-Q filed with the Securities
and Exchange Commission.
Some of the operating results for the Quarter Ended March 31, 2019
included revenues of $230,694 during the three months ended March 31, 2019
compared to $239,967 during the three months ended March 31, 2018; operating
loss improved to $984,909 (inclusive of non-cash expenses) for the quarter
ended March 31, 2019 compared to an operating loss of $1.8 million (inclusive
of non-cash expenses) quarter ended March 31, 2018 and the company had
approximately $2 million of cash and cash equivalents as of March 31, 2019.
Merrick Okamoto, Chief Executive Officer, stated, “We’re pleased to show
significant financial improvement on a year over year basis including
significant reductions in our operating costs, While recent improvements in the
price of Bitcoin are clearly beneficial to our ongoing mining operations and
should benefit our financial performance in our Q2, we continue to seek
potential acquisition opportunities that we deem to offer the best opportunity
for appreciation for our shareholders.”
Grayscale
Investments, LLC (OTC: GBTC), a global leader in digital currency asset management, recently announced that common units of fractional
undivided beneficial interest in Grayscale Ethereum Trust™ (“ETHE”) were
approved by FINRA for a public quotation on the OTC Markets.
Launched in 2017 and sponsored by
Grayscale, ETHE is an open-ended trust that holds Ethereum and derives its
value solely from the value of Ethereum. Investors in ETHE can gain exposure to
the price movement of Ethereum without the challenges of buying, storing, and
safekeeping Ethereum. As of April 30, 2019, each Share of ETHE represents ownership
of 0.09662399 Ethereum. ETHE will not generate any income and regularly
distributes Ethereum to pay for its ongoing expenses. Therefore, the amount of
Ethereum represented by each Share gradually decreases over time.
There will be no trading volume in
the Shares’ public quotation until the Shares are DTC eligible, which ETHE is
expected to receive soon. Investors will be able to find current financial
disclosure and Real-Time Level 2 quotes for Shares of ETHE on the OTC Markets
website once trading commences.
Grayscale’s investment products are
available to institutional and accredited individual investors. Grayscale
sponsors nine single-asset investment products that provide exposure to Bitcoin
(BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Horizen
(ZEN), Litecoin (LTC), Stellar Lumens (XLM), XRP, and Zcash (ZEC). In 2018,
Grayscale introduced its first diversified investment product, Grayscale
Digital Large Cap Fund™, which provides exposure to the top digital currencies
by market capitalization. As of May 15, 2019, Grayscale managed approximately
$1.9 billion in assets.
ETHE is Grayscale’s third publicly
quoted investment product. In addition to ETHE, Grayscale Bitcoin Trust™ and
Grayscale Ethereum Classic Trust™ are also publicly quoted and available to all
individual and institutional investors.
Mass adoption of crypto payments
and Bitcoin has been viewed with skepticism since its entry into the financial
community, however with the recent improvements in technology, more companies
coming out with crypto payment solutions and instability in the stock market,
2019 looks to be the closest we’ve come to seeing crypto going mainstream.
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