360 Blockchain Inc (CSE:CODE, OTCMKTS:BKLLF) shares pointed higher Wednesday as it ran through recent achievements, saying it was well positioned to benefit in this emerging sector.
Just as the Internet grew from a curiosity in the 1990s to the world's most transformative technology in the early 2000s, so, too, will blockchain impact all aspects of our daily lives, it said in a letter to shareholders.
"As an early mover, the company is positioned to benefit from this mass adoption."
Since the start of 2018, the company has started and/or closed major investments in several transformative blockchain-based companies, including SV Crypto Lab, Arcology and Pressland, it noted.
"We also continue to execute modest initial investments in teams working on solutions for the industry's most pressing problems, such as ePIC's plan to produce a computing chip designed specifically to mine cryptocurrencies."
- On Jan. 1, 2018, Jeff Koyen was appointed as president and chief executive officer of 360 Blockchain USA, a subsidiary of 360 Blockchain founded to facilitate investments in U.S.-based companies.
- On Jan. 4, the company announced a $100,000 investment in ePIC Blockchain Technologies Inc., a Toronto-based manufacturer of highly energy efficient cryptocurrency mining tools and infrastructure. 360's investment will be used to accelerate development of ePIC's first-generation bitcoin-mining chip.
- On Jan. 17, 360 closed previously announced 60-per-cent acquisition of SV CryptoLab Inc.
- On Feb. 28, the company issued 40,999,500 units at 10 cents per unit for gross proceeds of $4,099,950. The proceeds are to be used for working capital and potential business investments.
- On March 20, SV CryptoLab announced its spring hackathon, a development sprint focused on creating proprietary solutions for hedging cryptocurrency investments against price declines.
- On April 5, the company announced the closing of the acquisition of Pressland, a Brooklyn-based media start-up that will relaunch as blockchain-powered enterprise platform to fight fake news. 360 Blockchain USA's president and chief executive officer, Mr. Koyen, will oversee development.
- On April 9, company prospect Arcology announced the hiring of its senior engineering team and formally began production on a new enterprise-focused blockchain platform designed to improve upon -- and compete with -- market leader Ethereum.
Finally, the group noted that at least two of its portfolio companies were exploring plans to issue their own transactional currencies in the form of blockchain-based cryptographic tokens.
Shares in Toronto gained 5.26% to C$0.10 before easing back around 5%