GDET Announces Agreement to Install and Operate First Bitcoin ATM
11/12/2019 | 08:00am EST
FORT LEE, NJ, Nov. 12, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – GD Entertainment and Technology (OTC: GDET) (“GDET” or the “Company”), an emerging leader in the CBD, Blockchain, and Luxury Retail markets, is very excited to announce the establishment of a forthcoming agreement (the “Agreement”) to install and operate the Company’s first full-service cryptocurrency ATM. The location is a large retail marketplace with high-volume foot traffic in Austin, TX. The Company will provide the physical ATM as well as all related logistics involved in operating the ATM at the location.
“We truly love this line of business as a high-probability, high-ROI bet, and the installation of our first full-service crypto ATM is a huge step toward actualizing this extraordinary opportunity,” commented Anil Idnani, CEO of GDET. “While we cannot fully disclose the identity of the counterparty at this time, we can state that this is an ideal location in terms of foot traffic and cultural context. We have engaged a prominent, local retail solutions provider and a finalized agreement is expected within the coming days.”
Management notes that the Company is working as fast as possible to finalize the Agreement, but all details must continue to remain private at this point until the finalized Agreement has been executed by all parties, at which time, the Company will disclose all relevant details and involved parties.
The Company believes the Crypto ATM market is an underappreciated market opportunity with explosive potential. A recent report from MarketsandMarkets Research Private Ltd. concluded that the crypto ATM market will reach $144.5 million by 2023 from $6.8 million in 2017, representing a CAGR of 54.7%. Importantly, this aggressive growth rate is regarded as less vulnerable to broad economic cycle factors than most major commercial markets due to the countercyclical dimension generally attributed to cryptocurrency-related products and services.
Mr. Idnani continued, “This is not only a much bigger market than most people realize, but it’s also much more resilient. It’s extremely rare to have a market opportunity that offers both massive growth potential and low expected volatility of returns. The market for convenient cryptocurrency access and transactability is growing fast, and that’s unlikely to be impacted by macroeconomic factors. Once installed, we expect our first Crypto ATM location to be immediately profitable on an operating basis. We are already working toward establishing our second location.”
The Company will disclose additional details as the Agreement is finalized.
GD Entertainment & Technology, also known as GDET, focuses on high growth industries to fulfill a diverse selection of premium products nationwide. The company currently manufactures, wholesales, and markets a portfolio of blockchain/financial service-based products. GDET strives to become one of the premier Cryptocurrency mining facilities 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 worldwide to ensure future purchasing. The company currently has two subsidiaries, DreamCard and HyperDigital Technologies, which both offer a selection of transactional-based products and services. DreamCard allows users to create a customizable debit or credit card using its state of the art online platform. HyperDigital Technologies is the Cryptocurrency ATM sector of GDET and aims to secure multiple MSB, money services business, licenses in order to host ATM units throughout the country.
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.
GD Entertainment and Technology
1 Bridge Plaza
Fort Lee, NJ 07024