Net Element, Inc. (NASDAQ:NETE) Release of A Blockchain-Focused Business Unit- Xunlei Limited (NASDAQ:XNET)
Net Element, Inc. (NASDAQ:NETE) showed itself as moving stock, shrank -22.35% to close at $14.56. Net Element, Inc. (NASDAQ:NETE) release of a blockchain-focused business unit. The new business unit is expected to become a decentralized crypto-based ecosystem that will act as a framework for an unlimited number of value-added services that can connect merchants and consumers directly utilizing blockchain technology while increasing the economic efficiency of all transactions being made within the ecosystem. Net Element has partnered with Bunker Capital to develop and deploy blockchain technology-based solutions.
Additionally, the blockchain-focused business unit intends to identify and invest into unique projects which decentralize and disrupt the payment processing industry by combining blockchain technology and real world applications with talented development teams, strong fundamentals and large addressable markets.
The cryptocurrencies’ total market values have surged from $17.7 billion to over $600 billion in 2017, which indicates the rising interest in adoption of blockchain and cryptocurrency, according to CoinMarketCap.
CEO of Net Element, Oleg Firer commented, “We believe that we’re at the dawn of a new evolution where additional digital payment methods are being rollout. “Introduction of our division focused on blockchain as part of the NASDAQ-listed entity will add transparency and compliance assurance to our investors as well as provide access to deploy value-added services to over 20 million electronic commerce clients that are currently part of Net Element’s growing network.”
Its total outstanding shares are 3.16 million shares and floated shares were 1.78 million. Its beta value stands at 1.30 times.
Shares of Xunlei Limited (NASDAQ:XNET) at the time when day-trade ended the stock finally plummeted -0.82% to close at $13.28. Chinese tech company, Xunlei Ltd. aims to release a cloud computing service in the United States and Europe next year, aiming to compete in Amazon’s home market, Xunlei’s chief executive said Wednesday.
The venture adds to a stream of Chinese technology brands that are expanding into developed markets. Huawei, the No. 3 worldwide smartphone brand, said this week it will increase its U.S. presence by selling through American telecom carriers coming year. Xunlei released its OneCloud service in August, which it says lowers costs for photo storage, video and other functions by having users contribute idle bandwidth and storage capacity.
CEO Lei Chen stated in a telephone interview that hopefully they will start to do business in the U.S. market and European market in the first half of coming year. Cloud computing is growing fast in China but access for foreign providers is limited by official restrictions on data handling.
Apple Inc. reported in July it would open a data center in China to comply with requirements that information about Chinese citizens be stored in the country. In November, Amazon Inc. sold the hardware for its cloud business in China to a local partner but said it retains ownership of the intellectual property behind it. Xunlei, based in the southern city of Shenzhen, near Hong Kong, plans to begin its foreign expansion in January or February in other markets closer to China, said Chen. He said the company wasn’t ready to disclose details.
The model of using consumers’ bandwidth “will bring us capacity to provide cloud computing at a very low cost, perhaps one-third of the cost of Amazon,” Chen said. He said Xunlei is developing technology aimed at increasing security by analyzing users’ data without gathering it in a central location.
Chen said, “We will use artificial intelligence to process users’ own data to help us to service them better, but we don’t want to know what artificial intelligence understands about our users.”.
Shares price isolated positively from its 50 days moving average with 7.80% and remote positively from 200 days moving average with 124.04%.