Bitcoin has made an upward climb after hitting a five-day rut, sitting under $15,000. Since then, investors are starting to jump back on U.S stocks that are adopting its underlying technology, the blockchain. Pareteum Corp. (NYSE:TEUM) is up 120.47% this morning selling at $2.80 a share, at time of reporting.
The company announced yesterday that it would be offering blockchain technology to its billing and settlement services. Pareteum would also allow its customers to process and accept cryptocurrencies like Bitcoin, Ether, and other altcoins. This new service would give its customers a gateway to participate in the transformational “Digital Economy Monetization to the Cloud.”
Parateum’s new feature would not only allow its Cloud customers to accept the cryptocurrencies’ but also perform payment settlements and processing with their partners in any currency. This new option allows new emerging markets, such as smart cities, the opportunity to create their own local digital currency that could aid in the primary economic benefit of their new city for their citizens.
CEO of Pareteum, Vic Bozzo, said:
“The demand in the mobile market for digital wallet applications has quickly morphed into a requirement to process and settle all forms of currency and an entire eco-system of applications relying on purely digital settlement has emerged.”
Blockchain, the foundation of digital currencies, has been viewed as the potential revolutionary foundation for building a new generation of transactional applications that establish trust, is entirely transparent, and has the ability to streamline business processes. $287 million of digital currency transactions and 7.8% of Initial Coin Offerings involved payments in the year 2017, according to Coinschedule.
With Bitcoin rallying more than 1,500% this year, it has pushed many industries, mostly financial, to look at the technology that it was built upon. Many investors have been quick to snatch up shares of a company that are implementing blockchain, rather than investing in the highly volatile cryptocurrency itself.
Still, this blockchain adoption has become the new frenzy, as many microcap companies have jumped on the craze, hoping to gain just a portion of its stock gains. Just last week, the Long Island Iced Tea Crop. (NASDAQ: LTEA) changed its name to Long Blockchain Corp and its shares rose above 230%.
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