The Israeli regulator overseeing the Tel Aviv Stock exchange has more than once, come out to warn that it will not allow the enlisting of bitcoin on the Tel Aviv Stock Exchange. Despite such warnings, companies are continuously pivoting towards bitcoin investing. Recently, a firm that primarily focuses on refineries announced that it plans on selling bitcoins to casinos. The target markets for the bitcoins are casinos in the Turkish occupied regions of Northern Cyprus and in Nigeria, West Africa.
Is bitcoin investing becoming the “New Oil?”
Chiron Refineries LTD is a firm that has been investing in the development of oil refineries in Africa. On Tuesday, the company announced to its shareholders that it was venturing into the cryptocurrency market. Immediately after breaking the news on its investment planning, Chiron’s stock prices soared by nearly 60%. After consultations with the regulatory body, Chiron made a second announcement that provided more details about its cryptocurrency venture.
In the second announcement, Chiron Refineries LTD, which on Sunday closed a deal that will see it build a new oil refinery in Nigeria, stated that it is venturing into the cryptocurrency accessibility sector. Chiron has additionally signed an agreement with Crypto Technologies LTD that requires Crypto Technologies to create a subsidiary in Northern Cyprus (which is occupied by the Turks).
Every Casino Needs a Bitcoin ATM
The subsidiary will be the primary distributor of the firm’s products in both Turkey and the Turkish occupied regions of Northern Cyprus. Chiron Refineries Limited has also laid out a plan to expand its distribution business to Nigeria within 12 months of penning the agreement.
Crypto technologies LTD, which is insured by an American insurance company is said to have designed a technology that allows for a fast and secure technology that end-user clients can use to trade cryptocurrency. From the description made available on the new technology, the primary product Crypto Technologies LTD has up its sleeves is an application.
The Crypto Technology designed app works by converting mobile tablets/device into bitcoin ATMs. Distribution of the mobile application is scheduled for April this year. Chiron also states that its intended clients are not individuals but casino companies accepting or using bitcoin.