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HONG KONG, Mar 23, 2021 - (ACN Newswire) - Taoping Inc. (NASDAQ: TAOP), a leading provider of internet-based smart display screens, and a new-media ecosystem enabling targeted advertising and online retail in Greater Bay Area, shares rose 10.76% to US$13.69 last Friday. Many have noticed the great potential on its new business division. The company is currently dedicating to the research and application of blockchain, which officially entered the market of digital asset and blockchain.
Grasp Great Opportunities in Blockchain Technology
With the raise of digital currency, more and more companies and institutions are adopting blockchain as a future-proof technology. The price of Bitcoin has recently crossed the record high of $54,000. The historic feat was achieved after a leading electric carmaker announced that it bought $1.5 billion in Bitcoin and would accept the currency as the mode of payment. That steep rise in the value of the virtual currency has made it a hot topic all over the world and brought great opportunities in investment. In light of this trend, Taoping Inc. has planned for this move for more than 3 years.
Taoping Inc.'s predecessor, China Information Technology Co., Ltd., was established in 2004 and successfully landed on Nasdaq in the United States in 2008. From 2017 to 2018, Taoping Smart Cloud, Taoping.com, and Taoping Merchant APP went online one after another, and were renamed "Taoping Co., Ltd.". In 2019, Taoping GO went online to achieve efficient integration of offline life scenes and online mobile scenes.
At the same time as the development of its new media platform, Taoping Inc. also initiated in-depth research on the application of blockchain technology. In the past three years, the company has continuously upgraded Taoping Inc's intelligent cloud platform. Taoping Inc.'s terminals are now covering 211 cities in 26 provinces across the country. With the development of financial technology, the global demand for digital assets has increased. The gradual maturity of advanced solutions and the improvement of regulatory clarity have brought considerable market opportunities. Taoping Inc. took advantage of the trend to seize the blockchain industry and digital assets, especially a good time for opportunities in the currency.
Shares Were Up After Strategic Transformation
Taoping Inc. has adopted several strategic moves to strengthen its position and development in blockchain market. The shares were up more than 10 % each after its strategic moves such as bringing in strategic investors and appointing new talents.
With the explosion of the blockchain in the fourth quarter of 2020, the price of Bitcoin has risen all the way after hitting a new high. In March 2021, it has risen it new high to more than $60,000, constantly refreshing historical heights. Meanwhile, Taoping Inc.'s stock price has continued to rise after announcing the expansion of its blockchain business. As of March 19, Taoping Inc.'s stock price has risen to US$14.06, with the highest rise to US$16.8 during the period. Since the launch of the stock price in February, which increased exceeded 4 times.
On 22 March 2021, Taoping Inc. has also entered into a strategic cooperation agreement with BitFuFu.com ("BitFuFu"). This move helps Taoping Inc. focus on blockchain based cloud computing field to carry out all-round and multi-level cooperation on a global scale. Taoping Inc. will purchase blockchain cloud computing service with a total value of $10 million from BitFuFu within three years. The first batch of $1 million service subscription agreement was signed simultaneously with the strategic cooperation agreement. The first batch service period is from March 18, 2021 to March 13, 2022.
Antminer, a cryptocurrency mining machine brand by Bitmain Technologies Ltd. ("Bitmain") with the world's largest market share, is a strategic partner of Bitfufu, and holds patents in mainland China. Bitmain is a company headquartered in Beijing, China that designs application-specific integrated circuit (ASIC) chips for bitcoin mining. By purchasing the blockchain cloud computing service, Taoping Inc. will be able to start Bitcoin mining through Antminer, which is expected to bring direct revenues for the Company. Choosing this high-quality brand of mining machine will not only ensure continuous revenues for Taoping Inc., but also ensure a safer and more scalable platform to achieve healthy business operations and rapid growth.
Looking ahead, Taoping Inc. will continue to take the advantages of Bit Fufu and can generate profits directly through Antminer with a low cost. Better still, the industry is optimistic about prospect and investment value of Bitcoin. Taoping Inc. will seize the opportunity to bring profitable reward to the company as well as the stock market.
Topic: Press release summary
Source: Taoping Inc.
Sectors: Daily Finance, Blockchain Technology
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From the Asia Corporate News Network
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