Rawpool’s Bpal Wallet And Mining Farm To Be Offered By Northern Bitcoin AG
The China-based Rawpool Group developed a wallet and payments app called Bpal Wallet. Recently, Germany’s Northern Bitcoin AG made the decision to offer the app’s services in the European market.
The company was originally listed in Munich, and this new agreement makes it possible for the app to cover both mining operations and crypto exchanges. When this decision was announced, the shares for Northern Bitcoin AG rose 2.8%.
The launch of the Bpal Wallet will involve the entire European Union, which involves 28 countries. With this wallet, Northern Bitcoin AG will have the capability to enter crypto-related agreements with banks, stock exchanges, and other financial institutions worldwide.
For the mining industry, the only publicly-traded crypto company in Germany will have the ability to use Rawpool for mining BCH in exchange for inexpensive mining hardware. The mining operations that Rawpool accounts for involve over 30% of the BCH blocks mined in the entire world.
The deal, for Northern Bitcoin, is an opportunity to expand mining opportunities to Norway, based on the new and lowered energy costs. Even though the company has primarily operated with mining until now, but the new partnership will help them to setup crypto exchanges throughout Europe, which will be further supported by Bi.top Exchanges. Bi.top Exchanges is part of Crowdfund Group Inc., the owner of Rawpool in the United States.
Northern Bitcoin CEO Mathis Schultz posted a statement online, saying,
“The strategic collaboration with Rawpool takes Northern Bitcoin into a whole new dimension.” He added, “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 runs mining rigs in Norway with the use of renewable energy, collected by power facilities using water and wind. The whole point of this network is to encourage users to get involved with mining, which then distributes rewards amongst participants.
In June 2018, the mining company fell victim to a $1.72 million net loss. Though it previously traded on the OTC market, they listed their shares last week on M: Access. This secondary market is for enterprises of medium size on the Munich Stock Exchange. Throughout the year, the stock has plummeted all the way down to $1, but it also reached a height of $58. When this deal was announced, it was priced at $20.52.
Founder and chief executive of Rawpool Group, David Li, said,
“With Northern Bitcoin, we have found the perfect partner to introduce our rapidly-growing activities to the European market. We see our agreement as the start of a great partnership and are aware that we can dominate the market with combined forces.”
Rawpool reached a new level of progress in September when it achieved a status as the world’s biggest miner of BCH. To rise to the top, they beat out Coingeek, BMG Pool, and AntPool. At the time, Li was focusing on testing bigger blocks on the BCH blockchain. Regarding his efforts, he said,
“There’s lots of things to do besides the price of coins.”