Global Blockchain Market Grows as Financial Organizations Adopt the Technology
NEW YORK, September 14, 2018 /PRNewswire/ --
According to a report published by Transparency Market Research, the global blockchain technology market is expected to reach USD 20 Billion by 2025 while growing at a compound annual growth rate (CAGR) of 58.7%. Blockchain technology provides more efficiencies for the various industries, especially in the banking sector. Financial organizations adopt blockchain technology to make transactions more transparent and easier to process. The new technology also helps reduce frauds due to errors, identity theft and offer more safety to the transaction processing as a whole. Blockchain technology has the potential to benefit other industries such as retail, healthcare and supply chain by providing easy access and exchange of digital data. Victory Square Technologies Inc. (OTC: VSQTF), Overstock.com, Inc. (NASDAQ: OSTK), Bitcoin Investment Trust (OTC: GBTC), Banco Santander, S.A. (NYSE: SAN), Xunlei Limited (NASDAQ: XNET)
According to a report released by the World Economic Forum and Bain & Company, the trade finance gap was valued at USD 1.5 Trillion in 2017 and is expected to increase to more than USD 2.4 Trillion by 2025. The report indicated that the distributed ledger technology and other new digital technologies can ease a large part of the gap by facilitating about USD 1.1 Trillion of new trade volumes globally. The increasing adoption of blockchain in trade processes helps dismantle financing barriers for small and medium-sized enterprises (SMEs) and emerging markets.
Victory Square Technologies Inc. (OTCQX: VSQTF) is also listed on the Canadian Securities Exchange under the ticker (CSE: VST). Earlier last week, the Company announced breaking news that, "one of its portfolio companies, PayVida Solutions Inc. ("PayVida"), an emerging global payment processor and card issuer, has become the exclusive partner and preferred vendor of British Columbia's Alliance of Beverage Licensees ("ABLE BC").
ABLE BC is the united voice of and a powerful advocate for British Columbia's private liquor industry. Its 1000+ members include private liquor stores, pubs, bars, nightclubs and hotel liquor licensees.
'ABLE BC selected PayVida over other merchant service providers because of its instant application approval process and innovative payment technology,' said PayVida CEO Ryan Strauss. 'We anticipate reducing transaction costs for our members, while growing our membership base through our new partnership.'
PayVida's partnership with ABLE BC creates a direct channel into a network of BC's private hotels and pubs. ABLE BC's Executive Director Jeff Guignard recently completed a 10,000 kilometre, 20 city, 250 liquor licensee tour of BC. Discussions included recent and pending changes to BC's liquor policies and the emerging licensing framework for cannabis retail stores.
'PayVida is more than a payment processing company,' said Guignard. 'This is an opportunity for us to collaborate with an innovative financial technology company, giving our members point-of-sale integrations and same day funding.'
B.C. currently has 670 private liquor stores and 195 government locations, generating over $3 billion of alcohol sales and several billion dollars of indirect economic activity. (Source: https://ablebc.ca/wp-content/uploads/2018/04/Member-Handbook-Updated-April-2018.pdf )
'ABLE BC is a hub to 1,000 thriving businesses that understand the importance and the power of a highly scalable FinTech and payment processing solution to accelerate their business growth. After reviewing other competitors, ABLE selected PayVida to partner with because of the value they place on leading solutions in the payments industry,' said Victory Square Technologies CEO Shafin Diamond Tejani.
Tejani continued, 'PayVida is helping to innovate the FinTech community and Victory Square remains confident that they will continue to make significant strides in this industry and stands fully ready to help support and fuel their growth.'
About Victory Square Technologies Inc. - Victory Square Technologies is an emerging technology accelerator. Victory Square portfolio companies are using blockchain, machine learning, artificial intelligence, and virtual and augmented reality to disrupt established technology and create completely new industries. Victory Square has a proven process for identifying game-changing entrepreneurs and providing them with the partners, mentorship and support necessary to accelerate their growth and help them scale globally."
Overstock.com, Inc. (NASDAQ: OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. The Company recently released the following information in response to a number of shareholder questions related to the Company's recently announced GSR Capital investment term sheets and recent 8-K filing. Overstock.com is working on exciting opportunities that will disrupt a number of industries. Partnership with GSR Capital and other strategic investrs will provide Overstock the capital and market access needed to create a global market for tokenized securities. Furthermore, Overstock is pleased with its plans to scale globally with GSR Capital and expects its current capital to adequately serve present operating needs for the retail business, Medici Ventures, and tZERO over the coming year. Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. Medici Ventures has a growing portfolio of groundbreaking blockchain-focused investments, including tZERO, Peernova, Bitt, SettleMint, Factom, and IdentityMind, Spera and Symbiont.
Bitcoin Investment Trust (OTCQX: GBTC) is a private, open-ended trust that is invested exclusively in bitcoin and derives its value solely from the price of bitcoin. The BIT's sponsor is Grayscale Investments, a wholly-owned subsidiary of Digital Currency Group. Grayscale Investments, LLC recently announced the launch of Zen Investment Trust, a single-asset investment vehicle solely comprised of ZEN, a privacy-focused digital currency. Zen Investment Trust is the eighth single-asset investment product introduced by Grayscale, and the first security solely invested in ZEN. In addition to its single-asset products, Grayscale also manages Digital Large Cap Fund™, a diversified investment product that provides exposure to the top digital currencies by market cap. "We've been very impressed with the Horizen team and its vision for ZEN as a leading privacy coin," said Michael Sonnenshein, Managing Director of Grayscale. "Grayscale is at the forefront of asset management in this emerging industry, and we will continue to offer our clients access to the most interesting blockchain projects in the world."
Banco Santander, S.A. (NYSE: SAN) is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. Santander recently announced to re-brand its Polish affiliate, the branch network of Bank Zachodni WBK, as well as its customer service and banking channels and its web page and ATMs, changed to the Santander brand. The Polish affiliate of Santander is the third bank in Poland, with a market share of approximately 12%. The new brand projects a modern image of innovation and strength while maintaining the bank's local character and roots. The bank will maintain its current strategy in Poland with the aim to help people and businesses prosper and to be the best bank in Poland. Santander Bank Polska leads the digital transformation of the banking sector in Poland. It is part of the Santander One Pay FX project, the service that makes international transfers fast and agile using blockchain-based technology that Santander launched last April in four of its main markets. The Executive Chairman of Banco Santander, Ana Botín, said, "The Santander name has been recognized as a symbol of trust and credibility for over 160 years. Today the brand is known to millions of people across Europe and the Americas and represents the 'simple, personal and fair' values that lie at the heart of everything we do. Poland is one of our core markets and is a country with incredible talent and potential. We are extremely proud to serve 6.5 million customers here. The decision to introduce the Santander brand in Poland demonstrates how important the business is to the group, and reflects our commitment to helping people and businesses in Poland prosper."
Xunlei Limited (NASDAQ: XNET) is a leading cloud-based acceleration technology company in China. Xunlei operates a powerful internet platform in China based on cloud computing to provide users with quick and easy access to digital media content through its core products and services, Xunlei Accelerator and the cloud acceleration subscription services. Xunlei Limited recently announced that it has launched StellarCloud and ThunderChain Open Platform to build a blockchain ecosystem in a product introduction ceremony held in Beijing on May 16th, 2018. Mr. Lei Chen, Chief Executive Officer of Xunlei, stated, "Incentive and trust are two main issues facing not only shared computing, but also every sharing economy model in today's digital age. The emergence of blockchain technology - featuring immutability, openness and fairness - provides efficient solutions to some of the pressing problems we encounter today. With Xunlei's blockchain infrastructure, strong developer support and a million-user ecosystem, we believe developers and companies can create practical applications and solutions that really benefit end users in the era of Blockchain 3.0."
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