GDET Announces Agreement to Install and Operate First Bitcoin ATM
November 12 2019 - 8:25AM
InvestorsHub NewsWire
GDET Announces Agreement to Install
and Operate First Bitcoin ATM
FORT LEE, NJ -- November 12, 2019 -- InvestorsHub NewsWire -- 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.
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.
Contact: GD Entertainment and Technology 732-851-3756
anil@gdet.co www.gdet.co 1 Bridge Plaza 2nd Floor Fort Lee, NJ
07024
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