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Argo Blockchain Announces Strategic Partnership with HIVE Blockchain

£5.1 million share swap values Argo at 11.6p per share Argo is pleased to announce that it has entered into conditional heads of terms with HIVE Blockchain Technologies Ltd ("HIVE") to create the world's largest purpose-built business-to-business mining service provider aimed at large-scale enterprise and institutional customers. The new partnership, which follows three months of discussions, will enable miners to benefit from the combination of the two groups' existing mining capacity, including part of HIVE's 45MW and part of Argo's 10.5MW capacity. As a foundation stone of their proposed strategic co-operation, HIVE and Argo have conditionally agreed to a share swap arrangement, by which Argo will receive 16,321,281 HIVE common shares, representing 5% of the existing outstanding share capital in exchange for 44,062,500 ordinary shares in Argo, representing 15% of Argo's existing issued share capital. The transaction values Argo shares at 11.6 pence per share, a 231% premium to Friday's closing Argo share price. The transaction, which does not involve any cash payment by either side, is expected to close on 30th June 2019 and is conditional on the completion of satisfactory due diligence by both parties as well as Argo receiving an independent valuation in relation to the transaction for the purposes of the Companies Act 2006. HIVE is one of the world's leading crypto-mining companies, with state-of-the-art mining facilities in Iceland, Sweden and Norway. The company is listed on the TSX Venture Exchange in Toronto - with a market value of C$179 million at Friday's closing price - and reported mining income of US$35.2 million in the 12 months to December ...Full story available on Benzinga.com
Benzinga

Crypto mining firms HIVE Blockchain and Argo Blockchain look to combine

CryptoNinjas HIVE Blockchain Technologies, the operator of cryptocurrency mining facilities, today announced that it has entered a non-binding letter of intent and heads of terms and a share swap agreement with Argo Blockchain, to explore a proposed strategic... Crypto mining firms HIVE Blockchain and Argo Blockchain look to combine
CryptoNinjas

HIVE Blockchain Announces Strategic Partnership and Share Swap Agreement with Argo Blockchain

ZUG, Switzerland and VANCOUVER, May 13, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") is pleased to announce that it has entered a non-binding letter of intent and heads of terms and a share swap agreement with Argo Blockchain PLC (LSE:ARB) ("Argo") to explore a proposed strategic partnership to create the world's largest business-to-business mining service provider aimed at large-scale enterprise and institutional customers. The proposed strategic partnership will enable all miners to benefit from the combination of the two groups' existing mining capacity, including part of HIVE's equivalent mining capacity of 45 megawatts ("MW") and Argo's 10.5MW capacity and presents a significant opportunity to service strategic institutional clients that require Mining-as-a-Service (MaaS) infrastructure to mine virgin coins from safe jurisdictions like North America and Europe. "We are excited about this strategic partnership and our analysis indicates that Argo is significantly undervalued," said Frank Holmes, Interim Executive Chairman and Interim CEO. "They have a healthy cash position with more than £16 million, as of December 31, 2018, and since then Argo has deployed some of the most efficient ASIC chips to expand Bitcoin operations while cryptocurrencies continue to rebound from lows seen at the beginning of 2019. In our view, the crypto market is ready for a mining solution focused on enterprise customers that require accountability and transparency. Our combination of scale, software and teams will be transformational in this growing market." "This deal makes strategic sense and demonstrates the intrinsic value of our business, our vision and existing investment," added Jonathan Bixby, Executive Chairman of Argo. "The alliance is transformational for Argo and will deliver long-term and sustainable fiat-based revenue streams." This proposed strategic partnership will leverage the strengths of Argo's Canadian infrastructure including software, capacity, team, competitive electricity prices in Quebec and hardware costs and HIVE's industrial scale production capacity in Iceland and ...Full story available on Benzinga.com
Benzinga

HIVE Blockchain announces date for annual general meeting and rejects Genesis Mining's meeting requisition

ZUG, SWITZERLAND and VANCOUVER, May 10, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") announces that it will hold its annual general meeting of the Company's shareholders (the "Meeting") on November 12, 2019. The Company also announces that after careful review it has rejected the purported meeting requisition (the "Requisition") submitted by Genesis Mining Ltd. ("Genesis") on April 19, 2019 for being invalid. The Requisition is invalid as it failed to comply with the legal requirements applicable to a shareholder meeting requisition. Moreover, as disclosed in the Company's press release dated April 22, 2019, the primary purpose of the Requisition is to redress a personal grievance against the Company relating to the formal notice that the Company provided to Genesis on April 2, 2019 regarding certain material breaches by Genesis of the master service agreement (the "MSA") between the Company and Genesis, a clear contravention of the Business Corporations Act (British Columbia). "HIVE is pleased that this latest unfortunate chapter with Genesis is behind us," said Frank Holmes, Interim Executive Chairman and Interim CEO of HIVE. "We are focused on driving shareholder value and resolving any differences with Genesis in good faith for the benefit of all HIVE shareholders." The Company has engaged Norton Rose Fulbright Canada LLP as its ...Full story available on Benzinga.com
Benzinga

Genesis Mining attempts to take over HIVE Board in reaction to demand for return of $50M

CryptoNinjas HIVE Blockchain Technologies Ltd., a cryptocurrency mining operator notified its shareholders that on April 19th, 2019 Genesis Mining, the largest shareholder of HIVE, holding approximately 26.3% of the company’s outstanding shares, requisitioned a meeting of shareholders for the purpose of removing directors independent... Genesis Mining attempts to take over HIVE Board in reaction to demand for return of $50M
CryptoNinjas

Genesis Mining attempts to take over HIVE Blockchain Board in reaction to Demand for Return of US$50 Million From Genesis and Resolution of Material Breaches of the Master Service Agreement

ZUG, Switzerland and VANCOUVER, April 22, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF)  (the "Company" or "HIVE") advises that on April 19, 2019 Genesis Mining ("Genesis"), the largest shareholder of the Company, holding approximately 26.3% of the Company's outstanding shares, has requisitioned a meeting of shareholders for the purpose of removing directors independent of Genesis and electing a board of directors, the majority of whom would be senior officers and employees of Genesis. On April 20, 2019, the HIVE Board met and appointed an independent Special Committee of the Board to deal with the requisition and related contractual disputes between Genesis and HIVE which gave rise to the requisition. The Special Committee will act in the interests of all HIVE shareholders and the Special Committee will set a date for the requisitioned meeting to be held within four months of proper delivery of the requisition notice. The meeting requisition is in reaction to a formal notice which HIVE provided on April 2, 2019 to Genesis regarding material breaches of the Master Service Agreement ("MSA") between the parties.  Initially following that notice, the Genesis representatives on HIVE's Board convened a Board Meeting to remove Frank Holmes as interim Chairman and Chief Executive Officer, but were unsuccessful. Discussions have been ongoing between HIVE and Genesis regarding the MSA for several months and the formal notice was issued after it became apparent to HIVE that the matters could not be solved through good-faith negotiation.  HIVE estimates that the various breaches are valued at approximately US$50 million to HIVE.  Under the MSA, unless such material breaches are cured, HIVE will have the right to terminate the MSA and applicable services orders for cause, which will lead to the right for HIVE to require Genesis to repurchase the mining equipment. "Discussions with Genesis for full disclosure of all costs for all mining operations have been ongoing since September 2018," said Frank Holmes, Interim Executive Chairman and Interim CEO. "We are frustrated that Genesis unilaterally gave notice of increased costs in Sweden and services under the MSA have not been 'performed in a professional and workmanlike manner in accordance with the highest industry standards' as required ...Full story available on Benzinga.com
Benzinga

HIVE Blockchain Announces Change of Auditor

ZUG, Switzerland and VANCOUVER, April 11, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") announces that it has changed its auditors from Grant Thornton LLP ("Former Auditor") to Davidson & Company LLP ("Successor Auditor"). The Former Auditor resigned as the auditor of the Company effective April 5, 2019 and the board of directors of the Company appointed the Successor Auditor as the Company's auditor effective April 10, 2019, until the next Annual General Meeting of the Company. "We would like to thank Grant Thornton LLP for their guidance and expertise and we are pleased to announce that Davidson & Company LLP, which has specific expertise in blockchain and cryptocurrency, will be an important part of the next phase of HIVE's growth," said Frank Holmes, Interim Executive Chairman and Interim CEO. There were no reservations in the Former Auditor's audit reports for the relevant period, being the financial year ended March 31, 2018 and any period subsequent to the most recently completed financial year for which an audit report was issued and preceding the resignation of the Former Auditor. In accordance with National Instrument 51-102 – Continuous Disclosure Obligations ("NI 51-102"), the Company has filed a Change of Auditor Notice (the "Notice") on SEDAR together with ...Full story available on Benzinga.com
Benzinga

HIVE Blockchain Releases Third Quarter 2019 Financial Results

ZUG, Switzerland and VANCOUVER, March 1, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") today announced its results for the third quarter ended December 31, 2018 (all amounts in US dollars, unless otherwise indicated). "The cryptocurrency ecosystem continues to undergo significant volatility amid continually evolving regulatory review and fluctuations in price," said Frank Holmes, Interim Executive Chairman of HIVE. "However, HIVE has remained committed to deploying infrastructure assets and diversifying our business mix to commence mining of new coins. We continue to accumulate Ethereum and Ethereum Classic and in the third quarter began adding Bitcoin to our coin inventory. In the quarter we more than doubled our mining capacity, negotiated improved financial terms with our largest partner and added an additional 100 Petahashes ("PH") of capacity at a significantly lower cost than prior deployments." "We continue to assess opportunities to selectively add to our capacity but we are also looking to the future as we are entering a phase of the Company we are calling HIVE 2.0," added Frank Holmes. "Having deployed significant infrastructure since going public at costs that we expected, I remain excited by new opportunities in blockchain infrastructure and, as I have said in the past, I continue to believe that HIVE is well positioned to capitalize on these opportunities. Though cryptocurrency volatility has shown improvements since we reported our second quarter, it continues to exhibit volatility that outpaces other asset classes though we are seeing improvements in the mining ecosystem broadly. As such, we remain bullish on the long-term prospects and utility of cryptocurrencies and blockchain as a technology that continues to revolutionize industries that touch our lives everyday." Quarterly Highlights Generated income of $8.4 million, with a gross mining margin loss1 of $2.2 million, from mining of digital currencies; Mined 28,343 newly minted Ethereum during the period ended December 31, 2018, as compared to second quarter production of 19,569 Ethereum representing an increase of 45% for the quarter; Mined 784 newly minted Bitcoin during the period ended December 31, 2018; Incurred a net loss of $36.4 million for the period; and Launched the operation of an additional 100 PH of cloud-based ASIC Bitcoin mining on December 1, 2018 bringing the Company's digital currency mining footprint to a total of 24.2 MW of GPU mining and 300 PH of ASIC capacity. ______________________ 1 Gross mining margin is a non-IFRS measure; see Non-IFRS Measures in Q3 MD&A for reconciliation   Financial Review For the 3 month period ended December 31, 2018, HIVE's gross mining loss was 27%.  Third quarter income from digital currency mining was produced from an average of 24.2 MW of GPU production capacity, and an average of 234 PH of Cloud Mining capacity as at December 31, 2018.  Below is an analysis of the Company's income and gross mining margin: Q3 2019 Q2 2019 Q1 2019 Q4 2018 Income from digital currency mining $ 8,449,545 $ 6,523,217 $ 17,183,881 $ 9,636,390 Full story available on Benzinga.com
Benzinga

HIVE Blockchain To Release Third Quarter Financial Results on March 1, 2019 and Host Webcast on March 4, 2019 at 8:30 am Eastern Time

ZUG, Switzerland and VANCOUVER, Feb. 27, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") will be announcing its financial results for the third quarter ended December 31, 2018 after TSXV market close on March 1, 2019.  Management will host a webcast on Monday, March 4, 2019 at 5:30am Pacific Time/7:30am Central Time/8:30am Eastern Time to discuss ...Full story available on Benzinga.com
Benzinga

HIVE Blockchain Announces DTC Eligibility and Commencement of Trading on the OTCQX® Best Market

ZUG, SWITZERLAND and VANCOUVER, Feb. 11, 2019 /CNW/ - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (the "Company" or "HIVE") is pleased to announce it has qualified for trading on the OTCQX® Best Market ("OTCQX") and will begin trading on the OTCQX under the symbol "HVBTF," effective February 11, 2019. "Upgrading to the OTCQX is an important event for the Company." said Frank Holmes, Interim Executive Chairman. "The OTCQX equips HIVE with better liquidity and exposure for existing and future U.S. investors as we continue our long-term strategy to enhance shareholder value. HIVE is an industry leader among publicly traded blockchain infrastructure companies and trading on OTCQX in the U.S. provides investors with an opportunity to participate in the long-term potential of blockchain and to invest in a stock that is highly correlated to the price movements of cryptocurrencies like Bitcoin and Ethereum." The OTCQX Market is reserved for established, investor-focused U.S. and global companies that meet high financial standards, provide timely news and disclosure to investors, and are sponsored by a professional third-party advisor. "We are pleased to welcome HIVE Blockchain Technologies to our OTCQX Best Market," said Jason Paltrowitz, Director, OTC Markets Group International Ltd. and EVP, Corporate Services, OTC Markets Group. "HIVE Blockchain joins a robust roster of Canadian companies that benefit from cross-trading their shares and providing a premium market for accessing U.S. investors. We look forward to supporting HIVE Blockchain as the company builds long-term shareholder value." The Company will continue to trade on the TSX Venture Exchange (TSX-V) under its existing symbol "HIVE". U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com. HIVE is also pleased to ...Full story available on Benzinga.com
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XRP Spikes 10% on Ripple MoneyGram Partnership News

Big partnership announcements have been thin on the ground for many of the major crypto companies recently. That changed for Ripple a few hours ago when the firm announced a strategic partnership with one of the world’s largest money transfer companies, MoneyGram. XRP Climbs 15% in a Week Compared to bitcoin and litecoin, XRP has been asleep for the past two months. Even Ethereum has outperformed it in terms of percentage gains. That all changed a few hours ago when XRP awoke from its range bound channel at $0.42 and surged almost 10% to hit an intraday high just over $0.46. A minor pullback followed in the hours after the announcement but XRP is still one of the day’s top performers. XRP price 1 hour candles – Tradingview.com XRP 00 has climbed almost 15% over the past week as it was trading just under $0.40 this time last Tuesday. Daily volume has just topped $2 billion as XRP market capitalization approaches $20 billion. The gap to ETH in second place is still $10 billion in terms of market cap, however. It has been one of the best weeks for XRP in terms of gains as the Ripple token has only made 27% since the beginning of the year. Big Partnership Driving FOMO The San Francisco based firm announced the partnership on its company blog late last night. It stated that the initial partnership will last two years during which Ripple will become the key partner for MoneyGram’s cross border payments and foreign exchange settlements. A substantial capital commitment of $50 million has also been pledged by the blockchain company enabling MoneyGram to draw it over a two year period in exchange for equity. Ripple’s xRapid system will be deployed for the partnership. It facilitates on-demand liquidity enabling instant transactions by reducing reliance on pre-funding. The XRP token will be used as the ‘real-time bridge’ between different currencies. Ripple CEO, Brad Garlinghouse, stated; This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies. MoneyGram has a $600 billion global remittance market supporting multiple currencies in more than 200 countries. Traditional forex markets requiring advance purchases are currently used for international transfers. The partnership and leverage of Ripple’s native token are expected to reduce costs and increase transfer speeds for the firm. Alex Holmes, MoneyGram Chairman and CEO, added; Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management. Will XRP hit $0.50 this week? Add your comments below. Images via Shutterstock, Tradingview.com The post XRP Spikes 10% on Ripple MoneyGram Partnership News appeared first on Bitcoinist.com.
Bitcoinist

XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms?

Ripple bought a share issue from MoneyGram worth $30 million at $4.10 per share to acquire 8-10% of the company. MoneyGram would also have an option of infusing another $20 million over the next two years. A strategic partnership will now ensue where Ripple will become the critical service provider for cross-border payment and foreign exchange settlement using digital assets. The digital asset they will be leveraging is Ripple, using Ripple’s xRapid Product. This partnership is a massive step towards the vision with which Ripple began, and investors put money is XRP. Also Read: Ripple Fathers’ Day Gift Propels It Past $0.4400 as Bulls Return Until now, MoneyGram has had to use banking services to provide settlements for payments they initiate. Due to the difference in time of settling payments, MoneyGram has to take loans to increase the required liquidity. However, by deploying xRapid, they will now be able to leverage XRP’s liquidity to provide cheaper and faster settlements. MoneyGram Chairman and CEO, Alex Holmes noted, “Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.” MoneyGram reported a net loss of $24 million in 2018 compared to a net loss of $29.8 million for the fourth quarter of 2017. The money transmitting service provider has been working towards developing, and 2019 will be part of the roadmap. Hence, the success of this strategic partnership is crucial for MoneyGram. Also Read: Bitcoin Vs Facebook Coin: Should Bitcoin Hodlers Care About Facebook Coin? Currently, MoneyGram works independently by leveraging money from banks. Ripple CEO Brad Garlinghouse told the media,  “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations,” XRP/USD 4-Hour Chart on Bitstamp (TradingView) Moreover, while XRP recorded gains around 5%, it rose from $0.43 to a reach high at $0.46. Notably, a partnership like this back in 2016 or 2017 would have likely propelled the price by 30%. This can be attributed to an apparent decrease in the use case for MoneyGram itself. Digital payment is quickly becoming more accessible than ever with major firms working on implementing or integrating digital currencies on their respective platforms. Facebook is the most prominent example of it. Do you think MoneyGram and Ripple will be able to increase their volume and user base in the current environment? Please share your views with us.  The post XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms? appeared first on Coingape.
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Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP

Ripple has secured another major partnership with international money transfer company MoneyGram. This will allow the company to use Ripple’s native token XRP to provide liquidity for international payments to MoneyGram customers. This is in a bid to enhance the speed and efficiency of the payment system that MoneyGram operates. In an interview with Fortune on the partnership, Ripple CEO Brad Garlinghouse said: “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations.” The partnership also gives Ripple an 8% to 10% stake in MoneyGram by paying $4.10 per share. This, however, does not give Ripple a voice in the dealings of MoneyGram for now as part of the agreement. MoneyGram, on the other hand, will have the opportunity of reviving its financial standing from Ripple’s investment which it direly needs after its share price crashed significantly.  It will also increase the efficiency of the payment platform, the management said. “We are very pleased with the terms of the Ripple investment which supports the Company with permanent capital and additional liquidity,” Larry Angelilli, chief financial officer of MoneyGram, said in a statement. “This partnership also provides MoneyGram with the opportunity to improve operating efficiencies and increase earnings and free cash flow,” Larry Angelilli, the chief financial officer of MoneyGram said. Ripple is the leader in remittance services as far as the blockchain industry is concerned. Its xRapid is second to none in terms of transaction efficiency and speed. With the new partnership, XRP which will be used for liquidity will be exposed to MoneyGram’s customers in over 200 countries globally. MoneyGram is the second largest provider of money transfer services in the world and while partnering with Ripple will ensure better service delivery to its customers, it is also a huge breakthrough for Ripple which has been looking to expand its reach further into the world. With hundreds of clients using Ripple’s payment platform, the company has grown significantly thus improving the international remittance settlement market by improving customer experience in conventional financial institutions. The post Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP appeared first on ZyCrypto.
ZyCrypto

Ripple (XRP) enters key partnership with MoneyGram; invests $30 million

Ripple (XRP) enters key partnership with MoneyGram; invests $30 million - CryptoNinjas MoneyGram, a global money transfer company, announced today it has entered into a strategic agreement with Ripple (XRP), the provider of enterprise blockchain solutions for cross-border payments. The deal will enable MoneyGram to utilize Ripple’s xRapid product, leveraging ripples (XRP) in foreign exchange settlement as part of MoneyGram’s global payment process With an initial term […] Ripple (XRP) enters key partnership with MoneyGram; invests $30 million - CryptoNinjas
CryptoNinjas

Ripple Announces Game-Changing Partnership With MoneyGram

By CCN Markets: Ripple announced a partnership with money transfer giant MoneyGram today. Two Year Exclusive Agreement, Ripple and MoneyGram According to Ripple Labs, a two-year partnership has been struck with MoneyGram which makes Ripple its exclusive digital assets partner. The purview of Ripple’s use case here might be more limited than expected. It depends on how many of the transactions are sent and received using Ripple’s technology and how much they’re worth. Whatever the case, the partnership doesn’t, for example, mean that you’ll be able to buy and sell XRP at any MoneyGram location. Something along those lines would The post Ripple Announces Game-Changing Partnership With MoneyGram appeared first on CCN Markets
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