Business
GDET Enters the Rapidly Growing Cryptocurrency ATM Market
GDET Enters the Rapidly Growing Cryptocurrency ATM Market.
About this update from Gd Entertainment & Technology, Inc.
[{"type":"text","content":"\nFORT LEE, N.J., Nov. 13, 2018 (GLOBE NEWSWIRE) -- GD Entertainment and Technology (OTC: GDET) (“GDET” or the “Company”) is excited to announce that its newest subsidiary “HyperDigital Technologies,” is now a registered Money Services Business, MSB, transmitter with the Financial Crimes Enforcement Network, FINCEN.\n A new report from the business-to-business research firm MarketsandMarkets indicates that the global Bitcoin (BTC) ATM market will score a Compound Annual Growth Rate (CAGR) of more than 50% over the next five years. Accordingly, by 2023, the Bitcoin ATM market will total $145 million. To date, there are about 3,650 Bitcoin (BTC) ATMs worldwide and the market cap has surged over 100% to $16.3 million this year versus $6.8 million last year. Company CEO Anil Idnani commented, “In an effort to expand our line of products and services we created a new subsidiary, HyperDigital Technologies, to lead our ATM division and through an aggressive marketing campaign, the company will launch its user friendly and state-of-the art ATM units in strategic locations. We are looking to diversify the company into a transactional-based enterprise. This is a very exciting time for GDET as we look to operate under the full compliance of FINCEN and look forward to launching our ATM pilot location very soon.” Under Federal Law, Money Services Businesses (\"MSB\") are required to register with the Financial Crimes Enforcement Network (\"FINCEN\") before they can operate their business.  The main purpose of the registration is to help prevent money laundering and other financial crimes. HyperDigital is an MSB because it provides Bitcoin ATM services to the public, and thus, is required to register with FINCEN.  The approved registration allows HyperDigital to operate in compliance with federal law across the United States. Some states require additional registration with a state banking agency before HyperDigital can operate within the State. At present, the Company is working to achieve the following near-term objectives: Securing relationships with reputable Cryptocurrency ATM vendorsCreating an aggressive marketing/branding campaign for the ATM unitsLocating a pilot location for initial ATM services launchRegister with additional states through strategic locations GDET ...