Miami, FL – November 13, 2018 (EmergingGrowth.com NewsWire) — EmergingGrowth.com, a leading independent small cap media portal with an extensive history of providing unparalleled content for the Emerging Growth markets and companies, reports on GD Entertainment & Technology, Inc. (OTC Pink: GDET).
FORT 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.
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 vendors
- Creating an aggressive marketing/branding campaign for the ATM units
- Locating a pilot location for initial ATM services launch
- Register with additional states through strategic locations
GDET shareholders can continue to expect frequent updates as the Company’s objectives proceed over the near term.
GD Entertainment & Technology, also known as GDET, is a result driven, blockchain-oriented company focused on becoming a premier Cryptocurrency mining facility. GDET will build and manage a Cryptocurrency mining colocation and mining facility that is client-focused and dedicated to creating a new standard in the Blockchain space based on security and transparency. GDET has also developed a strong relationship with suppliers overseas to ensure future purchasing.
Safe Harbor Provision Cautionary statement for purposes of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. Please also review GD Entertainment and Technology annual and quarterly financials for a more complete discussion of risk factors. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise. This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities nor shall there be any sale of these securities in any state in which such solicitation or sale would be unlawful prior to registration or qualification of these securities under the laws of any such state
EmergingGrowth.com is a leading independent small cap media portal with an extensive history of providing unparalleled content for the Emerging Growth markets and companies. Through its evolution, EmergingGrowth.com found a niche in identifying companies that can be overlooked by the markets due to, among other reasons, trading price or market capitalization. We look for strong management, innovation, strategy, execution, and the overall potential for long- term growth. Aside from being a trusted resource for the Emerging Growth info-seekers, we are well known for discovering undervalued companies and bringing them to the attention of the investment community. Through our parent Company, we also have the ability to facilitate road shows to present your products and services to the most influential investment banks in the space.