web analytics

Northern Bitcoin Set To Introduce Chinese Wallet To EU Market

Northern BitcoinNorthern Bitcoin is a big name in the German bitcoin market and it plans to expand its presence in a significant way and grow its brand even bigger. The company recently inked a deal with China’s Rawpool Group to offer it access to the European market.

This includes allowing Rawpool’s Bpal Wallet entry and allowing for mining or exchange operations by Rawpool to operate in Europe. This is a big boost for Northern Bitcoin and the announcement saw its stock price by 2.8 percent.

The first part of the agreement is already being implemented. Mathis Schultz, the CEO of Northern Bitcoin announced that Bpal Wallet, which supports both bitcoin coin and bitcoin cash is going to be available shortly in the 28 countries of the European Union. This is a major step for the company as it will have to make cryptocurrency-related agreements with banks and stock exchanges.

Northern Bitcoin will also be moving into bitcoin mining. The company will be working with Rawpool to get some low-cost mining hardware for its setup. Rawpool already dominates one-third of the world bitcoin cash mining and their help would be of great assistance to Northern Bitcoin.

Northern Bitcoin AG

The plan is for Northern Bitcoin to use the help of Rawpool to build up their Norway mining operations which is helped by the country’s lower energy costs. The company also plans to diversify its operations by setting up multiple crypto exchanges in Europe. This is to be with the help of Bi.top Exchanges, another unit owned by the US owners of Rawpool.

In a statement, Schultz said

The strategic collaboration with Rawpool takes Northern Bitcoin into a whole new dimension. It is great evidence of the impressive growth momentum that we, as the world’s leading sustainable bitcoin mining company, have developed successfully in the shortest possible time.

Northern Bitcoin Shares Get A Boost

This is a good deal for Northern Bitcoin which needs to recover from its major losses. The company reported a loss of $1.72 million in the first half of 2018. Thanks to the announcement of the deal, Northern Bitcoin shares went up to $20.52 on the Munich exchange. That is far from the $58 high it earlier held but it is a lot better than the $1 low it reached.

David Li, the CEO of the Rawpool Group was happy with the deal reached between the two companies. He believes that Northern Bitcoin is a great partner for them as they look to expand their presence into the European market.


Related Articles

Forex Probe Results In Antitrust Complaint Against Credit Suisse

Credit Suisse has joined the list of major banks who have been pulled up by financial regulators in recent times.

Threat Of Banks Moving Due To Brexit Significantly Reduced

There were multiple media outlets and financial analysts predicting that Brexit would result in multiple banks and financial institutions moving

ECB’s Negative Interest Policy May Impact EU Bank Profits

Profits of European banks are likely to be impacted to the extent of 5 to 10 percent if the European