Global Energy Resources Group, a Hong Kong-based energy firm is moving forward with plans to rebrand itself as a cryptocurrency company. The firm is publicly traded and backed by a Chinese billionaire.
Despite the plans to rebrand itself, the company has faced some setbacks with regards to cryptocurrency in the last year.
According to official reports from the company, it had invested over $2 million in various cryptocurrencies. Due to an overall decline in the cryptocurrency market, almost 50% of the money was lost as a result.
As of now, the company owns 3,135 ether and over 20 million XPA tokens which have a combined worth of about $1.2 million, almost half of what was initially invested.
The company, however, appears resilient in its desire to dominate the cryptocurrency market and despite its bumpy start, is determined to continue.
Over the course of 2018, the company has made more efforts to invest in cryptocurrency.
According to an official statement:
“As announced by the Company on 18 January 2018, the Board had resolved to re-allocate approximately HK$50.0 million ($6.3 million) of the unutilized net proceeds to make investment in, among others, cryptocurrency”
It has also made efforts to set up several crypto-trading platforms including a fiat-to-crypto and a crypto-to-crypto platform.
This year, the company has, however, recorded a lost that totals at over $6 million. This loss can be attributed to the overall performance of the cryptomarket and the stiff competition that crypto trading platforms face overall.
One of the company’s biggest assets is that it is chaired by Chen Ping, a Chinese billionaire, and crypto enthusiast. Chen is a majority owner of both a satellite network based in Hong Kong and TideBit, a trading platform.
It is believed that Chen’s involvement in the company has served as driving force for their cryptocurrency investments.
He said in an interview earlier in May 2018 that ‘’Blockchain can solve any problem of the future that involves interpersonal communication.’’
With enthusiasm such as this, a top position in the company and access to funds, Chen, and Global Energy, by extension, will likely be in the cryptocurrency game for the foreseeable future.
How it will find its place in the market and eventually turn a profit, however, isn’t certain for the time being.