500.com’s Diversification into Digital currency worth $14.4m Bitcoin Mining
A narration on 500.com’s experience on a purchase deal to diversify into cryptocurrency worth $14.4m Bitcoin Mining generator, & other affiliates, personnel involved.
- There’s an offer with some specific “non-American folks” that comprise 11,882,860 Class A shares, given a price of $1.21 per one.
- 500.com target to make incomes through the Bitcoin mining systems in H1 2021, subject to the conclusive terms.
- The Bitcoin purchase conforms to a current investment policy related to the digital currency, made widely known in the previous month.
- The company’s game activities have faced difficulties recently, caused by the deferral of Multilotto’s authorization.
The firm’s intentions were made known on Bitcoin mining generators’ acquisition with a sum of $14.4m in Class A shares while diversifying its services to multiple streams.
Discovery on Bitcoin mining Generator with 500.com acquisition plan
In 500.com’s most recent proposal to extend operations into digital currency, the management reached a consensus to purchase $14.4m of Bitcoin mining generators’ exchange value.
Evidently, from an official statement on broadcast, the firm made known its purchase consent to “some specific non-American folks.” As included in the agreement, the firm considers offering as many as 11,882,860 Class A shares in aggregate & is priced at $1.21 per one. The sum equals $14.4m in approximate, assumed from the trade cost closed before the contract’s date.
The contract includes several varieties for Bitcoin mining generators, made up of the M20s, S17, T17, & S9. Depending on some specific terms, the firm looks forward to reaching terms on the purchase offer at this period, with a target to generate profits through mining systems by the first lap of 2021.
The Potentials of Digital currency with 500.com
The management team suggested considering the possible business idea across the blockchain & digital currency sector.
New policy for diversification of Income sources via Digital currency
As described in the new policy, the management team delegated Xianfeng Yang to represent its new director, & he begins operation as of December 21. The firm’s consideration for Xianfeng’s nomination as the preferred director is mainly driven by his broad experience in the blockchain online cryptocurrency sector. Besides, the firm declared that it would turn to the experience of its affiliate “Loto Interactive” across the digital currency industry.
Xianfeng’s Past Experience
In Sichuan, Xianfeng’s was formerly appointed as president of Changhe Hydropower Absorption Blockchain Big Analytics trading estate. Subsequently, Xianfeng acts out as a superintendent responsible for the development & activity of Loto Interactive’s machine room. Besides, this acquisition firm declared Bo Yu’s delegation to stand in for Administrator as of the year December. Bo Yu performed the role of the firm’s CEO beginning from the year 2017.
Purchase Agreement with Good Luck Information Technology Co
Concurrent to the period in which Yang’s responsibility was made known, a new deal on share support became established with Good Luck Information Technology Co (Headquarters in Hong Kong). The firm took responsibility to buy 85,572,963 of 500.com’s recently offered Class A shares with a sum of 23 million dollars, though 500.com only allows the transaction carried out in digital currency or USD.
500.com’s diversification to digital currency turns up as its challenges with the continuous drop in its game activities proceeds, though this firm has not announced valuation for the entire year 2020. Meanwhile, in 2019, 500.com’s current losings nearly increased to RMB634.4m ($98.1m), whereas its net losings accumulate to RMB636.4m ($98.4m).
So many explanations account for this firm’s increasing losings & low income. As of 2015, The government in China discontinued its activities across so many parts of this country’s districts, based on the findings that many simple lotto game firms failed to announce each of their trades. In an attempt for 500.com to put a stop to its losings, a decision was made to buy the affiliate firm of Nordic-based online bet-related firm “Multilotto.com.”
The firm refuses to update its authorization certificate as due.
Aside from 500.com, Multilotto also faced difficulties right from the change in rules that the Swedish industry controlled on January 1, 2019. As of the early start of the year 2020, activities in Sweden ended after the firm refused to update its authorization certificate within the scheduled period.
500.com proceeded with its first-ever operations in the middle of September in 2019 following the Multilotto achievement with its Swedish license update. Meanwhile, the income still drops 37% annually as of the 3rd lap of 2020 to an aggregate of RMB6.1m ($943,955). Activities in Sweden added up to RMB3.3m ($510,361) with this aggregate. The balance of RMB2.8m ($433,034) proceeds out of Chinese sports informatics.
At present, the firm is caught up in fraud within Japan. The previous August, two ex-authorities to the firm decide to pay tips to the legislator “Tsukasa Akimoto” in Japan. Based on the accusations, 500.com persuaded Tsukasa to foster its opportunity of getting any of the 3 Japanese affiliated licenses available. As of October, 500.com declared that a probe conducted within proved no crime.
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