Global Energy Resources Seeks ‘Global Token Limited’ in Crypto Business Rebrand
Global Energy Resources Rebrands Itself To Crypto Firm Despite Incurred Losses
Energy firm dubbed, “Global Energy Resources International Group, has recently filed to rebrand itself as a cryptocurrency firm. In particular, the proposition to change its Chinese name to “Global Token Limited” was given to the Hong Kong Stock Exchange on Monday, August 20.
The decision for a name change stems from the various crypto activities that the energy firm was part of. As per Coin Desk’s reporting, Global Energy Resources has since launched two crypto exchanges, one being a fiat-to-crypto, TidBit, and the latter being crypto-to-crypto, TiDeal.
The company itself has confirmed its crypto activities in a statement. The statement mentioned possible distribution of funds from its current operations and it reads as follows:
“The Board has resolved to re-allocate approximately HK$50 million of unutilized net proceeds […] to make investment, in among others, cryptocurrency.”
The rebranding comes of surprise, as the company has supposedly incurred a 50 per cent loss from holding a little over 2,100 Ethereum [ETH] and 20 million XPA tokens. This being said, interest within the crypto and blockchain industry comes from Global Energy Resources’ chair and billionaire, Chen Ping. According to Coin Desk, the billionaire is the owner of Sun TV, holds large stakes in TideBit and was solely responsible for the exchange, TiDeal.
In a May interview, the billionaire expressed passion for blockchain technology and its ability to revolutionize society as a whole. In particular, he trusts that it can resolve existing problems, especially one “that involves interpersonal communication.”
Do you think the time is right for a firm to rebrand and change its operations to that within the blockchain sector? With the several mixed opinions revolving around blockchain technology and its use cases, how to you perceive this change?