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Energy Firm Suffers From Cryptocurrency Losses

Jake Hill
Jake Hill

Global energy resources International group, which is owned by a Chinese billionaire recently tried to change its name to global token limited. It aims to do so due to the move in the cryptocurrency space.

According to the details which are disclosed by the company, it has launched multiple cryptocurrency trading platforms in the last few months. Also, it is breaking the cryptocurrency trading Spaces well. The company overall has invested around $ 2.4 million in cryptocurrencies. It is currently facing a 50% loss. Its investment is only worth $ 1.02 million.

Diversified holding of the company:

The company has not just invested in a single cryptocurrency. It holds around 2135 Ether tokens. On the other hand, it also holds 20 million XPA tokens. Thus, it has diversified cryptocurrency Holdings.

The cryptocurrency exchange which it had launched goes by the name of TideBit. It allows the investors to use Fiat currency to buy the cryptocurrencies. That is why it is able to provide various cryptocurrency related services as well. Currently, it holds 85% on the platform.

With that being said, the cryptocurrency portfolio of the company does not seem to be doing well. The traction which the cryptocurrencies have got is pretty limited as well. This is one of the main reasons why it seems like not all is hunky-dory for the company. Additionally, it remains to be seen whether the next bull run will actually help the company in taking the investments back of their cost.

The company is facing a huge loss with the cryptocurrency downturn. Most of the institutional investors who have invested in cryptocurrencies in the past few months are actually in the negative as well. That is why the investor appetite is not increasing significantly. Even though, the trading activity is picking up steam but the same cannot be said about the actual long-term investors.

The company is also trying to capitalize on the cryptocurrency trend. If indeed, its name change is approved it will be able to gain traction among the institutional investors for not just its blockchain-based platform but for the actual company as well. This will help it in shoring up its valuations as well. This will also increase the market capitalization of the company. Once that happens, it will become easier for the company to raise more money as it will be much more valuable than the current valuation. That is why it is trying each and everything in order to retain its future prospects.

 

chinaCrypto Exchangenews

Jake Hill

Coming from a University Education in Computer Science, I am interested in blockchains and Bitcoin since 2014 and even mined at the time. The rumors of Bitcoin bubble made me run away, but I have com