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

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Apr 16, 2021, 09:00 ET

NEW YORK, April 16, 2021 /PRNewswire/ -- A major portion of the economy has transitioned to remote, and for most companies it is still unclear how long it will take until the economy returns to pre-pandemic norms. As a result, several sectors in the technology industry have grown in demand. For example, cloud computing, digital payments and in particular the cryptocurrency and blockchain segments are back at the center of attention this year. As a result of the recent crypto boom, investors have once again started to view the new digital currencies as potential long-term investments necessary in a properly diversified portfolio. For example, this week, Coinbase shares closed at USD 328.28 in their Nasdaq debut on Wednesday, at which point the company's market cap reached USD 85.8 Billion on a fully diluted basis. Coinbase provides financial infrastructure and technology 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 recent years, many companies and organizations have become more friendly towards blockchain and cryptocurrencies. As a result, there has been an influx of companies buying bitcoin and accepting it as payment. For example, earlier this month Meitu, a Chinese company that makes a photo editing app, has accepted USD 22.1 Million worth of ether and USD 17.9 Million worth of bitcoin. In addition, ETFs with a focus on crypto and blockchain are doing so well. "Just over three years ago we launched the first actively-managed ETF focused on the dynamic market segment of blockchain-related stocks," said Amplify CEO Christian Magoon. "BLOK has provided investors with additional portfolio diversification through its unique portfolio makeup that includes the Bitcoin Investment Trust. Blockchain technology is primarily known for one application today: cryptocurrency."

Scienjoy Holding Corporation (NASDAQ: SJ) announced earlier this month that, "through its wholly owned subsidiary, Scienjoy Inc., it has entered into a strategic alliance (the "Alliance") via a Master Services Agreement with Snipp Interactive Inc. ("Snipp") (TSX-V: SPN; OTC: SNIPF), a global provider of digital marketing promotions, rebates, and loyalty solutions. Through the Alliance, both parties will explore different ways of incorporating Snipp's Customer Acquisition, Retention and Engagement (C.A.R.E) platform into Scienjoy's suite of mobile applications. The initial cooperative exploration between both parties are expected to focus on the following two areas:

First, Scienjoy will combine its in-app currency solution with Snipp's loyalty and rewards engine to develop a new loyalty and rewards system. This will enable Scienjoy to augment its user experience, cultivate additional revenue streams, and explore the potential of using cryptocurrencies on its platform. As part of this system, Scienjoy will utilize Snipp's platform to provide Scienjoy's broadcasters and users with more opportunities to earn points through engagement. Broadcasters and users will be able to redeem these points for various digital rewards, including Scienjoy's virtual currency, Bitcoin gift cards, retailer gift cards, trinkets, and more. Beyond enhancing Scienjoy's user acquisition, retention, and engagement capabilities, this new loyalty and rewards system will also serve as an additional monetization channel for the Company, as third-party brands interested in reaching Scienjoy's sizable user base will be able to sponsor events, broadcasters, and live broadcasts through the system.

Second, both parties will work together to enable broadcasters to mint their own non-fungible tokens ("NFTs") on Scienjoy's platform and allow users to utilize the points they have accumulated through the new loyalty and rewards system to bid on and purchase NFT "momentos" from their favorite broadcasters. In addition to strengthening the relationships between broadcasters and their fans, this initiative will provide broadcasters with more monetization opportunities, augment broadcaster loyalty, and attract more new creative talent to Scienjoy's platform.

Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, 'With approximately 250 million users and 300,000 broadcasters across our ecosystem, we are well-positioned to help our partners increase their outreach efficacy. Snipp's cutting-edge technology and loyalty solutions will serve to further strengthen our value propositions for users and broadcasters alike. Our decision to explore the usage of both cryptocurrencies and NFTs through this strategic alliance further underscores our commitment to integrating those solutions that are new, innovative, aligned with our business objectives, and capable of fueling our long-term growth trajectory.'

Mr. Atul Sabharwal, founder and Chief Executive Officer of Snipp, commented, 'We are excited to partner with Scienjoy and leverage its established infrastructure to make our initial foray into the Chinese market. By connecting to Scienjoy's substantial user base and talented broadcaster pool, we will be able to provide our portfolio of global brands and Fortune 500 clients with highly targeted marketing programs in the region. We continue to receive interest from markets outside of North America and look forward to building our presence in these areas going forward.'"

Square, Inc. (NYSE: SQ) reported earlier this year that it has purchased approximately 4,709 bitcoins at an aggregate purchase price of USD 50 Million. Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company's purpose. The investment represents approximately one percent of Square's total assets as of the end of the second quarter of 2020. "We believe that bitcoin has the potential to be a more ubiquitous currency in the future," said Square's Chief Financial Officer, Amrita Ahuja. "As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey."

Riot Blockchain, Inc. (NASDAQ: RIOT) reported earlier this March that it will achieve an estimated hash rate capacity of 1.06 Exahash per second ("EH/s") with the deployment of the newly received 2,002 S19 Pro Antminers. "Exceeding 1 EH/s in hash rate capacity marks a major milestone for the Company," said Jason Les, CEO of Riot. "While we are proud of this accomplishment, we view it as the successful completion of just one of many steps of our ongoing growth plan. Riot continues to receive and deploy next-generation miners from Bitmain and remains on schedule to more than triple our currently deployed capacity by the fourth quarter of 2021."

Marathon Patent Group, Inc. (NASDAQ: MARA) announced back in February that it has provided a one-year grant to world-renowned bitcoin core developer Jonas Schnelli. Marathon's grant follows Coinbase's recent decision to help contribute to the development of Bitcoin Core by offering grants to two developers: Joao Barbosa and an anonymous developer known only as 0xB10C. Both Barbosa and Schnelli had been receiving funding from crypto mining giant, Bitmain. However, in late 2020, Bitmain decided to stop providing its support, at which point Coinbase and Marathon Patent Group independently decided to step in and offer alternative sources of funding with their respective developer grants.

Ebang International Holdings Inc. (NASDAQ: EBON) announced earlier last month that the Company has completed the designing of a chip for simultaneous Litecoin (LTC) and Dogecoin (Doge) mining as an addition to our current portfolio of cryptocurrency mining chip designs. The Company believes the new design will allow the Company to construct high performance cryptocurrency mining machines superior to other mining machines currently on the market. Mr. Dong Hu, Chairman and CEO of the Company, commented, "The completion of the designing is a credit to our increased investment in R&D in recent years. We have made tremendous efforts to build up our R&D team and accelerate product iteration and innovation. In the future, we will focus on developing more mainstream cryptocurrency mining machines, and we are considering designing more mining chips compatible with multiple cryptocurrencies. We believe it will help increase our revenue from the cryptocurrency mining business and optimize our product offering structure along the blockchain industry value chain."

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