What's New in Cryptocurrency Sector with Square (NYSE: $SQ), SponsorsOne (CSE: $SPO.C) (Frankfurt: 5SO), Kodak (NYSE: $KODK), Overstock.com (NASDAQ: $OSTK)
Expert comments on bigger picture following recent volatility
Point Roberts, WA and Delta, BC - February 1, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in Blockchain content with its Bitcoin and blockchain portals Bitcoinandblockchainstocks.com, Cryptocurrencyinvestorideas.com and Blockchaininvestorideas.com reports on recent news and developments for investors following the sector.
Square, Inc.'s (NYSE: SQ) stock price rose on January 31st following news and a twitter post from its CEO Jack Dorsey's that "Instant buying (and selling, if you don't want to hodl) of Bitcoin is now available to most Cash App customers. We support Bitcoin because we see it as a long-term path towards greater financial access for all. This is a small step." @jack
On January 30th SponsorsOne Inc. (CSE: SPO) (Frankfurt: 5SO) announced it developed the SponsorsCloudTM platform to support the SponsorCoin, the world's first scalable, digital cryptocurrency for social networks. Smart contracts, between brands, consumers and influencers, which automatically determine compensation for authentic social engagement are backed by SponsorCoins. SponsorsOne is pleased to announce that the SponsorsCoin digital wallet will now facilitate the automatic, real-time conversion of SponsorCoin into Bitcoin, Ethereum and many other popular cryptocurrencies that trade internationally.
"Providing liquidity outside the SponsorsCloud for our Brand Communities has always been our goal," states Myles Bartholomew, CEO of SponsorsOne. "The conversion will be 100% cash backed and as an audited public company the cash held in reserve will be fully reported on our balance sheet."
The SponsorCoin digital wallet will show, in real time, the exchange value of Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple, Dash and other currencies based on the current exchange prices around the world. With one click users can exchange their SponsorCoins into any of the supported blockchain crypto-currencies.
Each exchange is supported with USD or CAD held on SponsorsOne's balance sheet in a segregated account and reported quarterly through an audit report. This cash reserve is built up from the revenue generated through successful marketing campaigns that lead to sales directly with brands that contract with SponsorsOne. SponsorsOne earns 20% of revenue generated from brand sales and will set aside 10% (2% of sales) of revenue as a cash reserve. Exchanged SponsorCoins will be returned back to SponsorsOne's account for allocation back to the contracted brands supporting further smart marketing campaigns and ongoing revenue generation.
Kodak (NYSE: KODK) issued a statement on January 31st about the KODAKCOIN https://kodakcoin.com/ saying that they had interest from over 40,000 investors for the coin and were now in the process of "accredited investor" verification that may take several weeks.
On January 31st Overstock.com, Inc. (NASDAQ: OSTK) announced the launch of a digitally driven investment platform, powered by tZERO Advisors, within the online retailer's FinanceHub™.
"This service introduces robo-advising investment management services to our millions of customers and continues Overstock's commitment to bridging Wall Street and e-commerce," said Patrick M. Byrne, Overstock's founder and CEO.
"Overstock currently delivers world-class service and award-winning customer experiences to as many as 40 million unique visitors per month. They trust us with their home and, more recently, auto purchases," continued Byrne. "We are excited about this new program that offers our customers the opportunity to bring artificial intelligence to their financial planning."
tZERO Advisors is powered by FusionIQ's B2C investment platform. FusionIQ is an innovative fintech company that provides intelligent investment solutions that enable easy online investing.
Investors can select from a group of pre-established Adaptive Dynamic Portfolios that are matched to their investment profile or can create a customized blend of these portfolios for a low-cost monthly fee of $9.95.
The robust platform is driven by FusionIQ's proprietary algorithms and scoring system that develop and rebalance the Adaptive Dynamic Portfolios based upon dynamic market factors.
Addressing some of the volatility and concerns in the cryptocurrency sector , Fred Schebesta, CEO and co-founder of finder.com recently said following the recent collapse ,"Cryptocurrency is without a doubt one of the most exciting disruptors the financial and tech industries have ever seen. As various coins have moved out of niche investor circles and into the mainstream, its driven equal amounts of enthusiasts and naysayers to near hysteria.
"Investing in general is a rollercoaster ride, full of frequent peaks and troughs. However with an industry as fast-evolving and dynamic as cryptocurrency, it's expected that these highs and lows will be even more dramatic and more often. This is evidenced by the huge spikes and dips we're now seeing of double digit percentages in just a day.
"A number of factors can drive the direction of a price. Anything from political movements, media reports, company announcements and publicized expert opinions. The only thing that is certain is that nothing stays stagnant for very long.
"As with any investment it's important that you do your research thoroughly and only commit as much as you can afford. I also urge would-be investors to consider investing as a long-term strategy and not a get rich quick scheme. Consider the big picture as opposed to following the excitement or panic actions of others."
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