Blockchain-based Future FinTech Group (FTFT.Q) entered into a non-binding equity acquisition agreement with Joyrich Enterprises Limited to acquire 51% interest in Nice Talent Asset Management Limited (NTAM) today.
It takes a certain kind of person to be optimistic about cryptocurrency in the wake of the coronavirus. Bitcoin dropped almost 50% over the weekend and while it’s starting to correct itself, having climbed up a few hundred bucks over the past 24 hours, it’s still not anywhere close to the CAD$10K it was at this time last week.
Bitcoin is supposed to be a safe-haven currency. When the markets go to shit like they are today, in theory people evacuate their traditional positions and throw their money into digital currencies and other adjacent crypto-related stock, like bitcoin mining or one of the many digital asset companies offering the proximity and benefits of bitcoin without any of the hassle of actually owning any.
The progress for cryptocurrency markets in North America has benefited so far from the lax regulatory environment. It allowed most of the major coins to slip under the radar of the major powers here, with only a handful of exceptions where the United States had to take a closer look. The relationship now that Facebook (FB.Q) has forced the government’s hand is now adversarial, ranging from benign contempt to outright hostility. The European markets are different.
Let’s be real for a moment here. There aren’t a lot of blockchain companies out there worth your attention. Most are floundering around with business plans that sounded prosperous in 2017, while others have pivoted away in search of greener pastures. Others have diversified—extending past base cryptocurrency mining or blockchain services into artificial intelligence, IoT and cloud computing—all of which are excellent uses of blockchain tech.