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#CryptoCorner: Overstock's tZero to Launch Mobile Crypto Trading App, SBI Group Announced Crypto Mining Subsidiary; Stocks discussed: (NasdaqGM: OSTK) (TYO: 8473) (NYSE: BABA)

Point Roberts, WA and Delta, BC - March 22, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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Crypto Corner

Overstock's tZero to Launch Mobile Crypto Trading App, SBI Group Announced Crypto Mining Subsidiary, Mining Giant Bitmain Deploys $80 Million Worth of Equipment to China and Alibaba Signs Agreement with Software Developer for Cloud Computing and Blockchain

Stocks discussed: (NasdaqGM:OSTK) (TYO:8473) (NYSE:BABA)

Overstock's (NasdaqGM:OSTK) security token platform, tZero, will launch its own mobile trading app, according to CoinDesk. Scheduled to launch in June this year, the app will feature buying and selling of Bitcoin (BTC) and possibly Ether (ETH), and is being developed by crypto startup Bitsy. tZero CEO Saum Noursalehi told CoinDesk:

"That's part of the reason we acquired Bitsy - to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login."

Japanese financial services giant SBI Group (TYO:8473) has announced the establishment of a subsidiary that will produce crypto mining chips. The new venture will be called SBI Mining Chip Co., Ltd. (SBIMC). An excerpt from the announcement reads:

The SBI Group strongly promote on a wide range of businesses based on the digital asset, including cryptocurrency exchange business and other blockchain related businesses. The Group has practiced its cryptocurrency mining business at overseas and has now decided to expand its business scope to the manufacturing of mining chip itself and development of mining systems, through SBIMC.

Another report from CoinDesk reveals that crypto mining giant Bitmain will deploy 200,000 units of mining equipment in China to take advantage of cheap hydroelectric power this summer. The equipment is estimated to be worth around $80 million. The CoinDesk article points out that the cheaper energy has resulted in a surge of activity in the region.

With excess electricity generated by hydropower stations in China's mountainous southwest that could be as low as $0.037 per kilowatt hour, the opportunity to mine profitably again has attracted an influx of miners to the region.

Chinese conglomerate Alibaba (NYSE:BABA) and software developer Aerospace Information Co. have signed a strategic cooperation agreement for cloud computing services, blockchain, and other fields. An excerpt from the announcement reads:

In the field of blockchain, we will jointly provide cloud solutions to promote the development of the blockchain industry. In the field of enterprise market services, we will coordinate the implementation of credit reporting services and smart mobile office services.

Sam Mowers, Investorideas

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