Nasdaq-listed logistics firm Sino-Global to accept payment in Bitcoin

Nasdaq-listed logistics firm Sino-Global to accept payment in Bitcoin
Updated: 03 Apr, 2021
2 mins read

Nasdaq listed shipping company Sino-Global (NASDAQ: SINO) is now accepting Bitcoin payments. A firm’s press statement indicates that the payment will apply to its global shipping, freight, and logistics services.

The development comes as the Bitcoin rally continues, with the asset hitting a new all-time high of $58,300. The surge has been motivated by institutional investments and crypto adoption by leading entities.

The statement adds that the Bitcoin payments will be at the rate applicable during the payment date. Sino-Global CEO Lei Cao notes that the company is leveraging Bitcoin’s rising popularity as a payment option.

“We are thrilled to begin accepting Bitcoin as payment. Sino-Global is adapting to digital currency industry trends by offering our customers options to use a variety of payment methods. Accepting Bitcoin amongst other payment methods will allow our customers and business partners to take advantage of an increasingly important payment network,” said Cao.

Following the development, Sino-Global stock was up by 10.37% in the last 24 hours by the time of writing.

Sino-Global stock’s performance. Finviz.com chart.

Sino-Global increasing crypto involvement

Before accepting Bitcoin payment, the American firm has been increasingly participating in the cryptocurrency sector. After signing a Letter of Intent (LOI), the company plans to get into cryptocurrency mining to acquire 51% of Inner Mongolia Nine-Chain Intelligent.

Currently, Nine-Chain Intelligent’s computing power center has about 150,000 KW/hour capacity for Bitcoin mining. Furthermore, the center hosts 50,000 KW/hour capacity for Ethereum mining. Commenting on the deal, Cao noted that:

“We are extremely excited to execute an LOI to help us strategically expand our business to Bitcoin and Ethereum mining. This investment will provide Sino-Global a foundation to develop the mining project efficiently.”

Furthermore, in February, Sino-Global reached a deal with the e-commerce blockchain company CyberMiles Foundation.

The partnership aims to explore opportunities using the non-fungible token (NFT) CRC-721 protocol to enable enterprises, institutions, and individuals to issue and trade NFTs on CyberMiles’ public blockchain.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.