HIVE Blockchain Technologies (HIVE), owner and operator of GPU-based cryptocurrency mining facilities in Iceland and Sweden today announced a new partnership with Amber AI, an electronic trading firm offering a range of fully-integrated institutional services.
The agreement provides HIVE with access to Amber AI’s machine learning with sophisticated quantitative research and technology to provide liquidity in digital currencies and derivatives. HIVE will benefit by maximizing the value of cryptocurrencies that the company sells to fund operations by leveraging the expertise of Amber AI as well as to mitigate inventory volatility by using hedging strategies such as derivatives and asset management.
HIVE previously announced that it held roughly 44,000 Ethereum coins and 85,000 Ethereum Classic as of September 30, 2018.
[perfectpullquote align=”full” bordertop=”false” cite=”Michael Wu, Amber AI CEO” color=”” class=”” size=””]”We’re thrilled to be partnering with HIVE Blockchain as they seek to strengthen and streamline the processes between mining operations and secondary markets. Our goal has always been to make crypto markets as frictionless as possible and we’re delighted that HIVE shares this vision. We see this partnership not only as a highly synergistic and a tremendous commercial opportunity but also as a chance to move forward the adoption of crypto as a mature, tradable asset class.”[/perfectpullquote]
HIVE further reported that it has granted an aggregate of 500,000 stock options under the company’s stock option plan to the Chief Financial Officer pursuant to his appointment in fiscal Q3 with an exercise price of C$0.27 per stock option, exercisable for a period of ten years from the date of grant, vesting over periods of up to two years. The stock option grant is subject to the approval of the TSX Venture Exchange.
[perfectpullquote align=”full” bordertop=”false” cite=”Frank Holmes, HIVE Interim Executive Chairman” link=”” color=”” class=”” size=””]“We are excited by the partnership that we have forged with Amber AI and look forward to the improved profitability that HIVE can realize on the trading of our cryptocurrency inventory. Cryptocurrencies are exciting, and we are bullish on its long-term prospects but it is impossible to ignore the volatility of this new asset class. It appears that Bitcoin and Ethereum are finding a bottom in prices after peaking a year ago and our stock is tracking 92% with their prices. Our partnership is expected to help manage volatility within our inventory and to improve profitability of coins that we sell to fund operations.”[/perfectpullquote]