FORT LEE, NJ, Nov. 29, 2018 (GLOBE NEWSWIRE) – GD Entertainment and Technology (OTC PINK: GDET) ("GDET" or the "Company"), is proud to announce that it has been 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 launching for its Cryptocurrency ATM program in designated cities throughout Texas.
According to www.coinatmradar.comThere 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 program for our 30,000 / month, our strategy is to place at 100 machines over the next two years.
As cryptocurrencies are gaining popularity and becoming widely adopted, it is predicted that the Bitcoin ATM 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 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 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
- Cryptocurrency ATMS with GDET's preferred vendor, Genesis Coin
- Register with additional, strategically-selected states through the Financial Crimes Enforcement Network (FINCEN)
GDET shareholders can expect new updates as 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-oriented, 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 new standards 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 Statement of the Safe Harbor Statement of the Private Securities Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties, and assumptions. These risks and uncertainties materialize or such assumptions evidence 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. Statements that could be considered forward-looking statements. Risks, uncertainties, and assumptions includes 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 will be offered to sell or the offer of these securities 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