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#CryptoCorner: Canaan (NasdaqGM: CAN) Sees Stock Decline Following IPO, Honeywell (NYSE: HON) Partners for Blockchain Solution Against Counterfeit in Aerospace Industry, HTC Downsizes with Focus on VR and Blockchain Phone and Fidelity Digital Assets Expanding to UK

 

Point Roberts, WA and Delta, BC - December 18, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2019/121819-CryptoMarket.mp3

#CryptoCorner: Canaan (NasdaqGM: CAN) Sees Stock Decline Following IPO, Honeywell (NYSE: HON) Partners for Blockchain Solution Against Counterfeit in Aerospace Industry, HTC Downsizes with Focus on VR and Blockchain Phone and Fidelity Digital Assets Expanding to UK

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Stocks discussed: (NasdaqGM:CAN) (NYSE:HON) (TWSE:2498)

According to a report from CoinDesk, crypto mining firm Canaan Inc. (NasdaqGM:CAN) has seen its stock price decline “in all but four of [its] first 17 trading sessions” since going public on November 21 this year. Though valued at $1.3 billion at the time of its IPO, the company is reportedly “down 35 percent since the start of last week” alone. The CoinDesk report cites an industry sales slump for crypto mining computers, as well as competition with rival Bitmain as possible reasons for Canaan’s difficulties.

Honeywell International Inc. (NYSE:HON) is collaborating with companies iTRACE and SecureMarking to fight counterfeit in the aerospace market with blockchain technology. Lisa Butters, general manager of Honeywell's GoDirect Trade online marketplace, explained:

"Honeywell is committed to enhancing part provenance and authenticity in aerospace part sales, and to provide transparency by storing digital verification records onto the blockchain ledger for all to see. Our mission is to build the first aerospace marketplace that customers can confidently buy quality parts from. Our work with Honeywell PMT, SecureMarking and iTRACE is bringing new levels of security to the aviation industry."

Taiwanese electronics giant HTC (TWSE:2498) revealed its intention to downsize and focus on its VIVE virtual reality system and Exodus series of blockchain-based smartphones, according to local outlet Taiwan News. The downsizing, described as a “workforce adjustment”, is part of the company’s realignment strategy. An excerpt from the article reads:

“The company, which has around 3,000 employees, did not reveal details of the planned layoffs such as the numbers and departments to be affected. Those who get sacked will still be eligible to receive two months' salary as their year-end bonus…”

Cointelegraph reports that Fidelity Digital Assets, the crypto arm of multinational Fidelity Investments, is expanding its services to the UK. This UK branch will launch with only services related to Bitcoin (BTC) initially. A Fidelity representative told the publication that the firm was prepared to adapt to the different regulatory environment in the UK.

“We recognize that the regulatory requirements for service providers in the digital assets space is evolving, and we intend to comply with all applicable requirements in the U.K. and elsewhere as we continue to globally expand our services to the institutional investment community.”

Sam Mowers, Investorideas

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