Blockchain Market is Set to Grow Rapidly on Funding from Various Industries

FinancialBuzz.com News Commentary

According to a report by Research and Markets, the global blockchain technology market was valued at about USD 0.67 Billion in 2017 and will reach USD 10.58 Billion while boasting a CAGR of 58.39% by 2023. The key factor for the strong growth rate of the market is the investments made by financial institutes in the budding technology. The transparent nature of the innovative tech, as well as the minimized time consumption of transactions, are features that make the blockchain attractive to businesses. The report also indicates that North America currently holds the largest market share, due to large number of industries increasing funding for the development of blockchain. Victory Square Technologies Inc. (OTC: VSQTF), Pareteum Corporation (NYSE : TEUM ), Nova LifeStyle Inc. (NASDAQ : NVFY ), Xunlei Limited (NASDAQ : XNET ), MoneyGram International, Inc. (NASDAQ : MGI )

Businesses are not the only ones experimenting in blockchain as governments are also trying to improve their systems using the technology. According to a report by CoinDesk, the National Research Council of Canada (NRC) recently announced that it has built an ethereum blockchain explorer. The NRC explained, “These are early days, but NRC IRAP’s experiments with blockchain are expected to provide constructive insight into the potential for this technology and how it may be used for more open and transparent operations for public programs.”

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Victory Square Technologies Inc. (OTCQX: VSQTF) also listed on the Canadian Securities Exchange under the ticker (CSE: VST). Just earlier today the company announced breaking blockchain news that it is pleased to announce a partnership between portfolio company FansUnite Entertainment Inc. (“​FansUnite​”) and Leicester City Football Club, the 2016 English Premier League Champions.

FansUnite (​http://www.fansunite.com ) is a blockchain protocol on target to disrupt & revolutionize the sports betting and sports data markets. FansUnite’s blockchain technology will provide a tamper-proof and transparent global store for sports data; a development that will have far reaching implications in a world that is increasingly conscious of data rights and sports integrity. In addition, this will enable sports betting, daily fantasy and betting exchanges to be built atop the FansUnite Protocol.

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“Leicester City F.C. is one of the premier brands in the sport, being one of just six clubs to hoist the Premier League Trophy since its inception in 1992. They are at the forefront of incorporating new technology to help improve player performance and fan engagement,” said ​FansUnite CEO Darius Eghdami​. “Partnering with a globally recognized brand that shares our commitment to improving conditions for sports fans through the application of new technology was a natural fit and a win-win for both companies.”

This newly announced partnership will introduce the FansUnite brand to Leicester City F.C. supporters through targeted promotions and co-branded activations both in and outside the stadium.

“FansUnite has set their sights on changing the entire sports betting and sports data marketplaces with their proprietary blockchain protocol. This partnership expands their reach and influence, exposes them to millions of sports fans across the world and serves as a great illustration of their continued growth and success,” said ​Victory Square CEO Shafin Tejani​.

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FansUnite’s sports betting protocol will be launching in late 2018, with operators and government run wagering sites across the globe able to offer bettors lower fees and increased payback percentages offered directly to the waging public. FansUnite truly is “Better for Bettors.” After their Series A financing of $4.45M CAD, FansUnite has been developing the protocol in preparation for their regulatory-compliant token launch later this calendar year. In addition to the sportsbook offering, the FansUnite Protocol serves as the blockchain-based infrastructure for sports data applications, daily fantasy sports and a variety of other applications reliant on receiving secured sports data.

About FansUnite – The FansUnite Protocol is an industry standard for sports betting and sports data applications built on the Ethereum blockchain. The protocol will provide the infrastructure necessary to redistribute the responsibility over the execution and resolution of bets from centralized operators out to a network of independently operated and incentivized Oracles, providing bettors assurance that their bets are executed as entered, free from bias or tampering, while bet details are immutably and transparently stored on the Ethereum blockchain.

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The protocol will provide the groundwork for a host of applications that span traditional bookmaking, betting exchanges, daily fantasy sports, poker and card-based games, and a variety of other services reliant on sports data. These decentralized applications (DApps) will be free to charge fees, utilize their own tokens for betting, and set market prices based on full market information transparently available on the blockchain. For more details on the FansUnite Protocol, please visit ​http://www.fansunite.com to review the ​White Paper​ and ​Business Case​.

Earlier in the week, Victory Square Technologies Inc. also announced, “the Company’s approval to graduate to the OTCQX Best Market as a foreign issuer, with full DTC eligibility now in process. The Company’s common shares are scheduled to commence trading on the OTCQX under the symbol “VSQTF” effective August 22^nd, 2018.

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Graduation to the OTCQX Best Market provides added service, value and convenience to U.S. investors, brokers and institutions seeking to trade “VSQTF” while DTC eligibility simplifies and accelerates the settlement process of daily trades. The OTCQX Best Market is OTC Markets Group’s premier market for established, investor-focused U.S. and international companies. To be eligible, companies must meet high financial standards, follow best practice corporate governance, demonstrate compliance with U.S. securities laws, be current in their disclosure, and have a professional third-party sponsor introduction.

‘As an emerging technology company with global aspirations in game-changing tech such as Artificial Intelligence, Blockchain, Virtual and Augmented Reality, we’re very pleased to join the OTCQX and the dynamic pipeline it gives us to U.S. and international investors,’ said Shafin Diamond Tejani, Chief Executive Officer of Victory Square Technologies. ‘Without question this is a positive move for Victory Square and our portfolio companies, as the OTCQX enhances shareholder value through increased visibility and liquidity by attracting a broader range of retail and institutional investors, while upholding high standards for transparency.’

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Victory Square was sponsored for the OTCQX by Clark Wilson LLP, a qualified third-party firm responsible for providing guidance on OTCQX requirements and recommending membership.

‘We are pleased to welcome Victory Square Technologies, a member of the CSE25 index of the largest CSE-listed companies, to the OTCQX Best Market,” said Jason Paltrowitz, Executive Vice President of OTC Markets Group. “International companies on the OTCQX Market, on average, have increased U.S. ownership and improved liquidity in their home market, according to a recent study conducted by Oxford Metrica. Cross-trading on the CSE in Canada and the OTCQX Market in the U.S. will enable Victory Square Technologies to efficiently build global investor awareness and enhance disclosure in the U.S.'”