Metaverse Capital Corp (CSE:FORK) (OTCMKTS:GBCHF) is riding on the wings of a surging cryptocurrency sector, issuing an update to shareholders Tuesday morning in light of market conditions.
Over the past year, the market capitalization for cryptocurrencies has more than doubled to US$286 bill from $125 billion. Bitcoin, which crossed the $9,000 threshold over the weekend, is trading nearly 2.5 times higher year over year, and Ethereum has nearly doubled over the same span.
For Metaverse, the crypto craze has delivered similarly strong performances. The company facilitated the crowdsale of AMR, the digital asset of Ammbr’s decentralized internet network. FORK managed to sell 80% of the total allocation during the crowdsale period, and exchanged its own AMR tokens for a 25% stake in the company’s equity.
The company's shares were flat at C$0.02 on the CSE and up 1.7% to US$0.02 on OTC Markets.
The Vancouver-based company oversaw the initial exchange offering for the NUVO token, the crypto belonging to its Nuvo blockchain network, and is facilitating a similar IEO for MVU, a crypto for sports betting site meVu.bet.
During the 2018 FIFA World Cup, meVU had more than 89,000 new signups.
A blockchain authority
The blockchain bonanza has led lots of companies to bring in Metaverse for advice. In May, the company was asked to advise on a $50 million crypto offering for Spend Group, which produces Visa-branded payment cards.
Similarly, FORK was approached by Hyperion, a security token exchange, to advise on an equity offering from Ocean Falls Blockchain Corp.
FORK was also brought in to create a blockchain payment and administration platform for Bravio Technologies Limited using the Lightning network, a means by which Bitcoin users can quickly conduct unlimited transactions between one another.
"We are pleased to have such an extensive and diverse portfolio of assets and projects that use or relate to cryptocurrency,” CEO Shidan Gouran said. “This macro-level growth bodes very well for us and our shareholders, especially with many of our projects being built for newly-strengthened areas of growth such as sports betting. We look forward to a productive 2019 for both us and our partners, as crypto and blockchain begin to play a greater role in mainstream commerce."
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