- Letters of intent herald plans for popular digital currency wallet, marijuana business services
- Bitcoin enjoying meteoric rise; marijuana legalization continues to advance
- Large exchanges anticipating bitcoin futures contracts
Recent announcements of AppSwarm, Inc.’s (OTC: SWRM) forays into the cannabis and bitcoin industries demonstrate the mobile business incubation company’s focus on emerging revenue streams with anticipated success.
AppSwarm’s foundation is in the mobile gaming industry, which has provided it a stable of financial tech resources to leverage in accelerating ventures that don’t otherwise share much in common with game-playing apps. The company’s announcement in November that it had inked a letter of intent with USA Real Estate Holding Co. (OTC: USTC) to ride the surging popularity of bitcoin with a smartphone-based “wallet” for the alternative global currency network followed on the heels of an LOI with SinglePoint, Inc. (OTC: SING) to produce apps that will serve the cannabis industry and its consumers.
SWRM vets mobile apps with the potential for viral distribution through a proprietary screening process it refers to as the “Swarm,” drawing on decades of administrative experience in corporate turnaround and growth issues post acquisition or partnership agreement.
Bitcoin has remained somewhat controversial in the United States, despite signs that the digital currency is gaining traction among mainstream investors. At the close of November trading, Reuters reported Internet searches for information about bitcoin exceeded searches related to President Donald Trump for the first time (http://cnw.fm/1Eg0K). Bitcoin trading had risen almost 1,100 percent year-over-year before volatile forces kicked in as some investors decided to cash-out profits.
The report stated that some large exchanges, such as Nasdaq, CBOE Holdings and CME Group, plan to introduce futures contracts based on bitcoin. Blockchain.info, which is one of the largest established bitcoin wallet providers worldwide, said that it added more than 100,000 customers on a single day amid the speculation, taking its total to more than 19 million.
Likewise, cannabis production is gaining popularity amid an advancing wave of legislation throughout the United States and other countries, where the marijuana plant is being touted for its potential medicinal properties as well as its recreational benefits. Canada, in particular, is poised to legalize recreational use of the drug nationwide in July (http://cnw.fm/SlF4d), prompting local governments to begin rushing regulatory processes into place as farming and testing companies anticipate the need for quality-controlled extracts.
AppSwarm’s bread and butter in the mobile app market targets a multi-billion dollar industry with a compound annual growth rate of 31 percent, according to the company’s own research. SWRM finished 2016 with $589,000 in annual revenues and corporate debt reduction of well over $500,000, and the company has maintained revenue production throughout the course of 2017. The company expects to report revenues of $6 million to $7 million by the end of 2018 (http://cnw.fm/81AbL).
For more information, visit the company’s website at www.App-Swarm.com
More from CannabisNewsWire
About CannabisNewsWire
CannabisNewsWire (CNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) CannabisNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, CNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. CNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, CNW brings its clients unparalleled visibility, recognition and brand awareness. CNW is where news, content and information converge.
For more information please visit https://www.cannabisnewswire.com
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: http://CNW.fm/Disclaimer
CannabisNewsWire (CNW)
Denver, Colorado
www.cannabisnewswire.com
303.498.7722 Office
Editor@CannabisNewsWire.com
