If you’re looking for a strong long-run play in the cryptocurrency space, you may want to take a look at The Crypto Company (OTC PINK: CRCW). Today, the company broke news surrounding a definitive agreement to make a key acquisition. Below, we’ll talk about that news, what it means for the company, and what we’ll be watching for ahead.
CRCW Announces Acquisition
As mentioned above, The Crypto Company announced some big news today. The company, which is one of the first publicly-traded technology companies in the digital currency and blockchain sector, announced a key acquisition this morning. According to the press release, the company has entered into a definitive agreement to acquire a Germany-based company that is a global leader in cryptocurrency data aggregation and token-related price quotation and portfolio tracking services. That company is known as CoinTracking.info.
Established in April 2013, Cointracking.info is one of the first online-based crypto portfolios. It was designed to keep track of coins, assets, and tokens for users all in a single place. The system offers current and historic prices for more than 5,000 digital currencies and tokens. Using the system, users can import all of their transactions into the portfolio system from over 50 exchanges and wallets. CRCW will benefit from the more than 82,000 active users with growth hitting around 15,000 new users per month. In a statement, Mike Poutre, Chairman and CEO at CRCW, had the following to offer:
“The Crypto Company is forging a path to industry leadership as demonstrated by our plan to close one of the first acquisitions in the industry, CoinTracking.info, the premier portfolio monitoring and tax system for all digital currencies… CoinTracking provides a solution for the very difficult process of managing crypto transactions on different exchanges by importing and tracking them all in one place, with the added ability to then create reports for many situations. With in-depth information on more than 5,000 currencies, CoinTracking can provide prices for virtually every digital coin on earth.
The planned acquisition also highlights The Crypto Company’s value proposition as a proxy and medium for diversified exposure to the growing asset class of cryptocurrencies and blockchain technologies. As we continue to develop our consulting, trading and technology development operations, we also intend to continue to pursue partnerships with world-class teams, such as at CoinTracking, as we work to build a best in class organization.”
What This Means For The Crypto Company
At the end of the day, CRCW is making history here with one of the first acquisitions in the digital currency space. Not only are they making history, the company is making a strong move. After all, bringing on this technology will help the company to further advance its position in the leadership of the industry as a whole. All in all, this news will likely prove to be a massively positive long-run catalyst.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CRCW. In particular, we’re interested in following the company to see how they use the acquisition of CoinTracking.info to their advantage. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!