Business
Bayport International Holdings, Inc. Evaluates Entry Into Cryptocurrency Market
Bayport International Holdings, Inc. Evaluates Entry Into Cryptocurrency Market.
About this update from Bayport International Holdings, Inc.
[{"type":"text","content":"\nDALLAS, TX, Jan. 30, 2018 (GLOBE NEWSWIRE) -- \n\n Bayport International Holdings, Inc. (OTC Pink: BAYP) is pleased to announce that it is currently evaluating potential entries into the cryptocurrency space. Cryptocurrencies have gone mainstream in the past year, which has opened the door to a plethora of potential business opportunities. Management is actively evaluating different opportunities within the fast-growing sector. Management has expressed interest in utilizing cryptocurrencies across its cannabis technology ecosystem in recent months, particularly as a potential payment option for the Weedwiser.com and a new platform geared towards e-commerce platforms. However, the Bayport team is considering additional methods to implement crypto within its operations. Bayport is currently analyzing which technologies and coins would be most advantageous to deploy within its ecosystem. Management believes that the coins are ideally suited for compensation within the various aspects of its ecosystem where partners desire to share in revenue streams driven through the platform. Despite the recent major hack of the Japanese cryptocurrency exchange, Coincheck, which resulted in the theft of up to $500 million worth of assets, the overall concept remains sound. Governments may be increasingly stepping up their scrutiny of the emerging industry, but Bayport believes that, in this case, regulation is a good thing. We believe regulating the cryptocurrency markets will help bring further legitimacy to the emerging concept. Bitcoin is the “grandfather” of all cryptocurrencies, but that does not mean it will likely be around forever. In fact, Bayport believes that as governments increase regulations and gain a deeper understanding of the cryptocurrency concept, we will likely begin to see similar moves to Russia and Venezuela. Russia and Venezuela have both established and tendered their own national cryptocurrencies to serve as a medium for exchange of goods. While critics argue that these two countries have created their own crypto-assets in an effort to get around sanctions, utilizing the blockchain to replace fiat currency makes sense for a whole host of reasons: tracking money flow, greater counterfeit deterrence, less manipulation than fiat, greater oversight, and more. Overall, Bayport remains very interested within the...