Market Overview

Blockchain Market is Set to Grow Rapidly on Funding from Various Industries


Blockchain Market is Set to Grow Rapidly on Funding from Various Industries News Commentary

PR Newswire

NEW YORK, August 23, 2018 /PRNewswire/ --

According to a report by Research and Markets, the global blockchain technology market was valued at about USD 0.67 Billion in 2017 and will reach USD 10.58 Billion while boasting a CAGR of 58.39% by 2023. The key factor for the strong growth rate of the market is the investments made by financial institutes in the budding technology. The transparent nature of the innovative tech, as well as the minimized time consumption of transactions, are features that make the blockchain attractive to businesses. The report also indicates that North America currently holds the largest market share, due to large number of industries increasing funding for the development of blockchain. Victory Square Technologies Inc. (OTC:VSQTF), Pareteum Corporation (NYSE:TEUM), Nova LifeStyle Inc. (NASDAQ:NVFY), Xunlei Limited (NASDAQ:XNET), MoneyGram International, Inc. (NASDAQ:MGI)

Businesses are not the only ones experimenting in blockchain as governments are also trying to improve their systems using the technology. According to a report by CoinDesk, the National Research Council of Canada (NRC) recently announced that it has built an ethereum blockchain explorer. The NRC explained, "These are early days, but NRC IRAP's experiments with blockchain are expected to provide constructive insight into the potential for this technology and how it may be used for more open and transparent operations for public programs."

Victory Square Technologies Inc. (OTCQX:VSQTF) also listed on the Canadian Securities Exchange under the ticker (CSE:VST). Just earlier today the company announced breaking blockchain news that it is pleased to announce a partnership between portfolio company FansUnite Entertainment Inc. ("​FansUnite​") and Leicester City Football Club, the 2016 English Premier League Champions.

FansUnite (​ ) is a blockchain protocol on target to disrupt & revolutionize the sports betting and sports data markets. FansUnite's blockchain technology will provide a tamper-proof and transparent global store for sports data; a development that will have far reaching implications in a world that is increasingly conscious of data rights and sports integrity. In addition, this will enable sports betting, daily fantasy and betting exchanges to be built atop the FansUnite Protocol.

"Leicester City F.C. is one of the premier brands in the sport, being one of just six clubs to hoist the Premier League Trophy since its inception in 1992. They are at the forefront of incorporating new technology to help improve player performance and fan engagement," said ​FansUnite CEO Darius Eghdami​. "Partnering with a globally recognized brand that shares our commitment to improving conditions for sports fans through the application of new technology was a natural fit and a win-win for both companies."

This newly announced partnership will introduce the FansUnite brand to Leicester City F.C. supporters through targeted promotions and co-branded activations both in and outside the stadium.

"FansUnite has set their sights on changing the entire sports betting and sports data marketplaces with their proprietary blockchain protocol. This partnership expands their reach and influence, exposes them to millions of sports fans across the world and serves as a great illustration of their continued growth and success," said ​Victory Square CEO Shafin Tejani​.

FansUnite's sports betting protocol will be launching in late 2018, with operators and government run wagering sites across the globe able to offer bettors lower fees and increased payback percentages offered directly to the waging public. FansUnite truly is "Better for Bettors." After their Series A financing of $4.45M CAD, FansUnite has been developing the protocol in preparation for their regulatory-compliant token launch later this calendar year. In addition to the sportsbook offering, the FansUnite Protocol serves as the blockchain-based infrastructure for sports data applications, daily fantasy sports and a variety of other applications reliant on receiving secured sports data.

About FansUnite - The FansUnite Protocol is an industry standard for sports betting and sports data applications built on the Ethereum blockchain. The protocol will provide the infrastructure necessary to redistribute the responsibility over the execution and resolution of bets from centralized operators out to a network of independently operated and incentivized Oracles, providing bettors assurance that their bets are executed as entered, free from bias or tampering, while bet details are immutably and transparently stored on the Ethereum blockchain.

The protocol will provide the groundwork for a host of applications that span traditional bookmaking, betting exchanges, daily fantasy sports, poker and card-based games, and a variety of other services reliant on sports data. These decentralized applications (DApps) will be free to charge fees, utilize their own tokens for betting, and set market prices based on full market information transparently available on the blockchain. For more details on the FansUnite Protocol, please visit ​ to review the ​White Paper​ and ​Business Case​.

Earlier in the week, Victory Square Technologies Inc. also announced, "the Company's approval to graduate to the OTCQX Best Market as a foreign issuer, with full DTC eligibility now in process. The Company's common shares are scheduled to commence trading on the OTCQX under the symbol "VSQTF" effective August 22nd, 2018.

Graduation to the OTCQX Best Market provides added service, value and convenience to U.S. investors, brokers and institutions seeking to trade "VSQTF" while DTC eligibility simplifies and accelerates the settlement process of daily trades. The OTCQX Best Market is OTC Markets Group's premier market for established, investor-focused U.S. and international companies. To be eligible, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, be current in their disclosure, and have a professional third-party sponsor introduction.

'As an emerging technology company with global aspirations in game-changing tech such as Artificial Intelligence, Blockchain, Virtual and Augmented Reality, we're very pleased to join the OTCQX and the dynamic pipeline it gives us to U.S. and international investors,' said Shafin Diamond Tejani, Chief Executive Officer of Victory Square Technologies. 'Without question this is a positive move for Victory Square and our portfolio companies, as the OTCQX enhances shareholder value through increased visibility and liquidity by attracting a broader range of retail and institutional investors, while upholding high standards for transparency.'

Victory Square was sponsored for the OTCQX by Clark Wilson LLP, a qualified third-party firm responsible for providing guidance on OTCQX requirements and recommending membership.

'We are pleased to welcome Victory Square Technologies, a member of the CSE25 index of the largest CSE-listed companies, to the OTCQX Best Market," said Jason Paltrowitz, Executive Vice President of OTC Markets Group. "International companies on the OTCQX Market, on average, have increased U.S. ownership and improved liquidity in their home market, according to a recent study conducted by Oxford Metrica. Cross-trading on the CSE in Canada and the OTCQX Market in the U.S. will enable Victory Square Technologies to efficiently build global investor awareness and enhance disclosure in the U.S.'"

ABOUT VICTORY SQUARE TECHNOLOGIES INC. - Victory Square Technologies is an emerging technology accelerator. Victory Square portfolio companies are disrupting every sector of the global economy including Blockchain, Artificial Intelligence, VR/AR/MR, Gaming and Payments. Victory Square has a proven process for identifying game-changing entrepreneurs and providing them with the partners, mentorship and support necessary to accelerate their growth and help them scale globally. For more information, please visit ​ ​.

Pareteum Corporation (NYSE:TEUM) is a leading Global provider of mobile networking software and services. Earlier this year, the Company announced that it has published a white paper to explore the opportunities that Blockchain enables including security, identity management and settlement. The whitepaper begins with defining how Blockchain supports the integration of various forms of traditional and next-generation payment models. Providing real-world use cases, the whitepaper demonstrates how Blockchain relates to the communications market. The Whitepaper explores how the Pareteum Global Cloud Service Platform supports Blockchain enablement and why it's important for mobile solutions providers to understand the basics of this new technology.

Nova LifeStyle Inc. (NASDAQ:NVFY), is a fast growing, innovative designer and distributor of modern LifeStyle furniture. Recently, the Company announced the appointment of a key technology executive, Mr. Wilson Yiu, to lead the expansion efforts of the Company's Blockchain technology platform. The Company is seeking to incorporate blockchain technology into its product supply chain. Nova LifeStyle CEO, Tawny Lam, commented, "In December 2017, we announced the formation of a new entity - iDesign Blockchain Technology Inc - with a goal of creating an integrated community of product designers, users, interior decorators, customers and suppliers built on Blockchain technology. Our product catalog emphasizes the 'modern' lifestyle which appeals to younger, technology-centric clientele. Those same individuals are most interested in new technologies such as Blockchain and we are very excited to have Wilson join us to advance our efforts as we look to develop new and innovative ways to engaging with our customers."

Xunlei Limited (NASDAQ:XNET) is a leading cloud-based acceleration technology company in China. Recently, the Company announced that it has launched the ThunderChain File System (TCFS) and three TRC Smart Contract Standards to support the development of blockchain applications. The Company also revealed the winners of Xunlei Blockchain Applications Global Challenge final tournament held in Shenzhen. ThunderChain File System (TCFS), based on Xunlei's proprietary distributed technology and millions of shared computing nodes, is a distributed file system for data storage and authorized distribution. It is built specifically for blockchain platforms including ThunderChain and other platforms. Blockchain developers and enterprises can build decentralized applications (DApps) with distributed data storage and integration, possessing the improved capabilities in openness, transparency, non-temper ability, traceability, reliability, security and encryption, mass storage and authorization. In addition to TCFS, Xunlei published three ThunderChain Request for Comment (TRC) standards to help blockchain developers and companies reduce costs and build a ThunderChain ecosystem.

MoneyGram International, Inc. (NASDAQ:MGI) is a global provider of innovative money transfer and payment services and is recognized worldwide as a financial connection to friends and family. Earlier this year, the Company has partnered with Ripple to pilot XRP in their payment flows. MoneyGram will pilot the use of XRP, the native digital asset of the XRP Ledger, in payment flows through xRapid, Ripple's solution for on-demand liquidity. XRP remains the most efficient digital asset for payments with transaction fees at just fractions of a penny, compared to Bitcoin fees of about $30 per transaction. Similarly, the average transaction time for XRP is 2-3 seconds with other top digital assets ranging from 15 minutes to an hour. For MoneyGram, the second largest money transfer company in the world, this strategic partnership will allow them to understand how blockchain technology and XRP can improve the efficiency of their global treasury operations and consumer experience.

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