Bitcoin’s value reached historic highs in mid-March, hitting $61,000 on Saturday, March 14, its highest value since the cryptocurrency launched in 2019. This rise could signal a big few months to come not just for cryptocurrencies, but for companies adopting crypto as part of their business models. As cryptocurrency becomes an increasingly integral part of the global business, early adopting companies in the crypto and crypto-mining spaces like Hello Pal International (CSE:HP) (OTCQB:HLLPF), Future FinTech Group Inc. (NASDAQ:FTFT), Riot Blockchain Inc. (NASDAQ:RIOT), SOS Limited (NYSE:SOS), and Paypal Holdings Inc (NASDAQ:PYPL) could stand to gain huge rewards for their forward thinking.
Hello Pal Expands Crypto Capabilities
Mobile technology company Hello Pal International (CSE:HP) (OTCQB:HLLPF) is one of the latest companies to enter the crypto space, though the company says that crypto was always a core part of its development plan. Hello Pal operates a proprietary, user-friendly social networking and communication platform that lets users connect and communicate with other users all over the world through text message, voice chat, and through Hello Pal’s new full-featured live streaming platform. Features on Hello Pal’s platform include seamless real-time translation to help users overcome the language barrier, as well as secure blockchain-enabled rewards for quality live streaming content that can be turned into real cash.
On February 17, Hello Pal announced the company’s latest step into the world of crypto with the launch of a new Crypto-Mining Initiative in partnership with Shanghai Yitang Data Technology. This initiative will give Hello Pal users the ability to easily and conveniently participate in Bitcoin and Ethereum mining by purchasing crypto mining machines hosted and operated by Yitang, with the proceeds from these machines deposited into the user’s Hello Pal wallet.
“It has long been our intention for cryptocurrency to play a central part on our platform, especially given the borderless nature of cryptocurrency and our international nature,” Hello Pal Founder and Chairman KL Wong said in the company’s release. “The recent activity and interest in cryptocurrency presents us with a unique opportunity to introduce cryptocurrency to our users, as well as to bring cryptocurrency users to our platform.”
On March 8, Hello Pal added to its partnership with Yitang, as well as the company’s crypto strategy, with a letter of intent to acquire an initial 15% interest in Yitang’s cryptocurrency mining facility, North-West China, to be dedicated to mining Dogecoin and Litecoin, with an option to increase that interest to 35%, along with interests in additional Dogecoin and Litecoin mining assets. Once completed, the facility will be able to house 90,000 mining rigs and have a capacity of 70MW, which would make it one of the largest dedicated Dogecoin/Litecoin mining facilities in the world.
“We are excited to expand our crypto strategy to also include Dogecoin and Litecoin, which we believe will play an increasingly important role in the cryptocurrency world going forward,” the company’s March 8 release explained. “The Hello Pal community, especially what we envision for it to become, is a natural fit with the Dogecoin/Litecoin community, and this deal allows us to become a key player in it.”
Hello Pal recently released the company’s financial statements for February 2021, posting a third straight month of revenue over $2,000,000. The company achieved a total of CA$2,309,889 for the month.
“What was supposed to have been a very weak month for us revenue-wise has proven to be a nice surprise,” Wong said in the company’s release. “As we start to diversify away from the China live streaming market, we’re very pleased to see our results in the overseas live streaming market continue to grow, particularly in the broadening base of livestreamers broadcasting on Hello Pal.”
Crypto Companies See Huge Momentum
Recent months have seen a rush of companies expanding their assets in the crypto space. Blockchain-based e-commerce and blockchain tech services company Future FinTech Group Inc. (NASDAQ:FTFT) recently signed an agreement to acquire a 60% equity interest in Sichuan Ticode Supply Chain Management, signaling that the company is preparing for significant growth in the coming months.
Colorado-based Bitcoin mining company Riot Blockchain Inc. (NASDAQ:RIOT) has spent much of the past year expanding its mining capabilities, acquiring more than 2,000 cryptocurrency miners (Antminers) in February, bringing the company’s Bitcoin miner fleet up to 11,500 machines. The company said that it has also placed orders for an additional 26,100 Antminers.
Blockchain-based data and marketing company SOS Limited (NYSE:SOS) is a relatively new player in the crypto space, and is currently focused on building crypto mining infrastructure, as well as developing security management services for cryptocurrency owners. Recently, the company announced that it had acquired 5,000 additional crypto mining rigs to add to its mining setup.
Leading money handling and transaction company Paypal Holdings Inc (NASDAQ:PYPL) has been one of the earliest adopters of cryptocurrency. For years, the company has allowed its users to send and receive payments using digital currencies in lieu of conventional currencies. The company is also in the process of acquiring Tel Aviv-based digital asset solutions provider, Curv, including Curv’s cloud-based crypto security services.
The crypto space is in a period of huge growth and development, creating opportunities for companies like Hello Pal International to expand in new directions that could benefit their business.
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Featured image: DepositPhotos © AntonMatyukha
