DALLAS, TX, Jan. 30, 2018 (GLOBE NEWSWIRE) --
Bayport International Holdings, Inc. (OTC Pink: BAYP) is pleased to announce that it is currently evaluating potential entries into the cryptocurrency space. Cryptocurrencies have gone mainstream in the past year, which has opened the door to a plethora of potential business opportunities. Management is actively evaluating different opportunities within the fast-growing sector.
Management has expressed interest in utilizing cryptocurrencies across its cannabis technology ecosystem in recent months, particularly as a potential payment option for the Weedwiser.com and a new platform geared towards e-commerce platforms. However, the Bayport team is considering additional methods to implement crypto within its operations. Bayport is currently analyzing which technologies and coins would be most advantageous to deploy within its ecosystem. Management believes that the coins are ideally suited for compensation within the various aspects of its ecosystem where partners desire to share in revenue streams driven through the platform.
Despite the recent major hack of the Japanese cryptocurrency exchange, Coincheck, which resulted in the theft of up to $500 million worth of assets, the overall concept remains sound. Governments may be increasingly stepping up their scrutiny of the emerging industry, but Bayport believes that, in this case, regulation is a good thing. We believe regulating the cryptocurrency markets will help bring further legitimacy to the emerging concept.
Bitcoin is the “grandfather” of all cryptocurrencies, but that does not mean it will likely be around forever. In fact, Bayport believes that as governments increase regulations and gain a deeper understanding of the cryptocurrency concept, we will likely begin to see similar moves to Russia and Venezuela.
Russia and Venezuela have both established and tendered their own national cryptocurrencies to serve as a medium for exchange of goods. While critics argue that these two countries have created their own crypto-assets in an effort to get around sanctions, utilizing the blockchain to replace fiat currency makes sense for a whole host of reasons: tracking money flow, greater counterfeit deterrence, less manipulation than fiat, greater oversight, and more.
Overall, Bayport remains very interested within the cryptocurrency markets and the possible long-term potential. Blockchain technology remains viable and some countries are already trying to take advantage of the movement. We look forward to continue evaluating these potential Bitcoin and cryptocurrency opportunities and providing further information to our shareholders in the near future.
About Bayport International Holdings, Inc. (OTC PINK: BAYP):
Bayport International Holdings, Inc. is a holding company active within the cannabis technology industry. Through its Weedwiser.com and Ecannago.com digital platforms, the company seeks to be a leader in the emerging cannabis technology industry. Furthermore, the company is currently evaluating acquisitions within the industry. Learn more about the company by visiting http://www.weedwiser.com, www.ecannago.com and www.baypcanna.com.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Bayport International Holdings, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Bayport International Holding's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Bayport International Holding's filings with the Securities and Exchange Commission.