FORT LEE, N.J., Nov. 29, 2018 (GLOBE NEWSWIRE) — GD Entertainment and Technology (OTC PINK: GDET) (“GDET” or the “Company”), is proud to announce that it has successfully registered with the Financial Crimes Enforcement Network (FINCEN) as a Money Services Business (MSB) in the state of Texas. With this strategic registration completed, the company is now launch ready for their Cryptocurrency ATM program in designated cities throughout Texas.
According to www.coinatmradar.com, there is an estimated 156 cryptocurrency ATM units currently operating in Texas out of the total 3,650 nationwide with operators reporting an average of $30,000 in monthly transactions. This figure is based on a reported $25,000-$100,000 transactional volume per machine.
Company CEO Anil Idnani commented, “The state of Texas is a regulatory friendly state to launch our Cryptocurrency ATM program, combined with the reported median transaction fee of $30,000/month, our strategy is to place a 100 machines over the next two years.
As cryptocurrencies are gaining popularity and becoming widely adopted, it is predicted that the Bitcoin ATM market will skyrocket within five years. While at the moment the Bitcoin ATM market values $16.3 million (in 2017, this indicator was $6.8 million), experts expect it to achieve $145 million in value by 2023.
At present, the Company is working to achieve the following near-term objectives:
- Negotiate favorable terms for rent or revenue sharing with local Texas businesses looking to partner with us
- Retain a brand consulting firm to lead in the design and customization of the stock Cryptocurrency ATM units
- Complete initial purchase order of Cryptocurrency ATMS with GDET’s preferred vendor, Genesis Coin
- Register with additional, strategically-chosen states through the Financial Crimes Enforcement Network (FINCEN)
GDET shareholders can expect new updates very soon as the Company enters an aggressive phase of operational development 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 & Technology annual and quarterly financials for a 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
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SOURCE: GD Entertainment And Technology