Fintech Industry Blasting Energized by Most Recent Blockchain Development
Blockchain innovation continues to be the force to be reckoned with in the digital world, as its effects are being felt in a number of different industries. The global blockchain technology market size is expected to reach USD $7.59 billion by 2024, according to a new report by Grand View Research, Inc., registering a 37.2% CAGR during the forecast period. Increasing demand for this technology across financial transactions, consumer products, technology, media and telecom, healthcare, transportation, and public sectors is largely responsible for market growth. According to Grand View, the market is expected to exhibit significant growth owing to abundant benefits provided by this technology, such as eliminating need for any financial institution to authenticate transactions, eliminating reconciliation, reducing duplicative recordkeeping, facilitating faster settlement, and minimizing error rates. This technology allows access to databases from everywhere, thereby allowing multiple institutions to use it simultaneously to bring different systems nearer and help improve efficiency. Active tech companies in the markets this week include Surge Holdings, Inc. (OTC: SURG), Seven Stars Cloud Group, Inc. (NASDAQ: SSC), Xunlei Limited (NASDAQ: XNET), Pareteum Corporation (NYSE: TEUM), HIVE Blockchain Technologies Ltd. (OTC: HVBTF) (TSX-V:HIVE).
Surge Holdings, Inc. (OTCQB:SURG) BREAKING NEWS: SURG, the Las Vegas-based telecom and Fintech software company intending to become the country’s leading provider of technology and consumable products to convenient stores, today announced an MOU commitment of 40,000 new store locations utilizing the SurgePays Blockchain SaaS portal with a commitment of $1,500per month in sales per location.
“We have worked relentlessly over the last year aligning our products and support while engineering our SurgePays e-commerce portal to gear up for this type of rollout with a great company like Pastime Foods,” said Brian Cox, Surge Holdings CEO. “This is just the start of our push to add products and services to our SurgePays merchant portal while we aggressively add convenient stores and corner markets to our expanding merchant network.”
Pastime Foods CEO Tim Riedel stated, “This venture will enable Pastime Foods to utilize the technology offered by Surge to increase efficiency and sales while expanding our market reach footprint.”
Surge will begin delivering certain Pastime Foods products through the SurgePays portal while additionally offering the Surge Fintech and Telecom suite of products to all locations. Pastime Foods will leverage existing contracts, contacts and retail relationships to accomplish these initial joint rollout goals.
Cox Added, “We anticipate this rollout to be completed within the next 12 months. Surge should see an annual impact of $720 Million top line sales after 40,000 stores have been onboarded. Additionally, I see our relationship with Pastime Foods growing far beyond this 40,000 store rollout.” Read this and more news for SURG at: http://www.financialnewsmedia.com/news-surg/
Other recent developments in the tech industry include:
Ideanomics (formerly: Seven Stars Cloud Group, Inc.) (NASDAQ: SSC), a leading global fintech and asset digitization services company focused on digital asset production and distribution, is pleased to announce it has hired a prominent Connecticut architectural firm with significant West Hartfordexperience to design its planned $283 million redevelopment of the former UConn campus on Asylum Avenue. Newman Architects, PC, whose experience includes major projects at both Hall High School and Conard High School in West Hartford, has been hired for the planning and design of Fintech Village, which will transform the 58-acre former UConn site into an open, community-friendly campus for Ideanomics, a blockchain and fintech-based company that plans to turn the site into its technology and innovation hub. Fintech Village is expected to create 330 jobs for West Hartford and the area.
Xunlei Limited (NASDAQ: XNET), a leading cloud-based bandwidth acceleration technology company in China, today announced that the Company has entered into a transaction with Beijing LinkChain Co., Ltd. (“Beijing LinkChain”), an independent third party, to transfer its overseas LinkToken program (the “Transfer”). Pursuant to the Transfer, Xunlei will transfer the exclusive right to operate LinkToken program outside mainland China, including without limitation, the formulation, amendment and execution of the rules governing the rewarding of LinkToken to users of overseas LinkToken program, LinkToken Pocket, and the related assets and liabilities to Beijing LinkChain. While the exclusive right to operate the overseas LinkToken program has been transferred, overseas users of OneThing Cloud device will still be able to obtain LinkToken via contributing their idle computing resources and redeem products and services in LinkToken Mall. Xunlei will also continue to leverage shared computing and blockchain technology to provide enterprise customers with cloud computing services.
Pareteum Corporation (NYSE: TEUM), a cloud software platform company, today announced a $50 million contract with One Development, Thailand’s first mobile virtual network aggregator and enabler, and leader in the country’s growing mobile virtual network operator market. Pareteum’s cloud software platform will power One Development’s ability to offer a turnkey solution to the over 50 companies that have obtained a mobile virtual network operator license in Thailand. Pareteum’s Global Software Defined Cloud (GSDC) enables One Development’s ability to provide flexible solutions for public and private enterprises in Thailand. Pareteum’s suite of options make analytics, billing, and branding tools function seamlessly, and makes them available for One Development’s customers. Pareteum’s SuperAPI serves up developer opportunities to customize content for consumers.
HIVE Blockchain Technologies Ltd. (OTC: HVBTF) (TSXV:HIVE) closed up over 5% on Monday on the OTC exchange at $0.49 trading over 600,000 shares by the market close. Hive Blockchain is a growth-oriented, TSX Venture Exchange-listed and OTC Pink Exchange listed company building a bridge from the blockchain sector to traditional capital markets. Hive is strategically partnered with Genesis Mining Ltd. to build the next generation of blockchain infrastructure.
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