FORT LEE, NJ, Dec. 19, 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, along with its wholly-owned subsidiary, HyperDigital Technologies (“HyperDigital”), is excited to announce the official commencement of the Company’s Bitcoin ATM Pilot Program with the full installation and activation of its inaugural Bitcoin ATM unit at iVapeATX, a premier vape products store located in Austin, Texas.
“We want to emphasize to our shareholders that this step is not about the revenues we will drive from this location – which could be significant – but about the pilot data we will have in hand as we market the HyperDigital service to locations across the country that meet prime specifications for transaction volume in two-way Crypto transactions driven by cash patrons,” commented Anil Idnani, CEO of GDET.
Recent research from MarketsandMarkets calls for the Bitcoin ATM space to grow at a compound annual growth rate of nearly 55%, with total market size increasing from $6.8 million in 2017 to over $144 million by 2023. A recent survey conducted by CoinATMRadar.com found that, on average, operators of Bitcoin ATMs reported an average transaction volume of $30,000 per machine per month, with some operators reporting monthly average transaction volumes exceeding $100,000 per machine.
The Company has installed the pilot unit at the iVapeATX location, where the machine is now active. Data from this location, including transaction volume and overall user engagement, will serve as the basis for expansion to other locations with similar demographic and market profiles. The Company already has initial interest from several additional locations local to the Austin market, including a second Vape store with the same ownership as the pilot location.
“Once we can prove the value, we believe we will have an easy time driving organic growth in the HyperDigital segment,” continued Mr. Idnani. “Proof means we are showing both net profitability at each location for our model and enough interest to suggest to store owners that they not only benefit from lease payment revenue but can also expect a material uptick in store traffic as they catch a tailwind from a large and rapidly growing crypto-friendly community.”
About GDET
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.
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