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- Rhodium is going into partnership with SilverSun.
- The company is trying to go public for quite some time.
- This merger will help the Bitcoin mining company to make its way into NASDAQ.
Bold Move by Rhodium
Crypto mining has offered some tremendous profits to the miners based on the sector’s price history. But now the times have changed as crypto winter is bothering everyone associated with space. Recently, a cryptocurrency mining firm, Rhodium, made an announcement that they are going into a partnership with a publicly traded company SilverSun.
They are trying to get listed on NASDAQ again after an initial delay. The company also confirmed that both the organization’s Board of Directors came to a mutual agreement regarding the collaboration. SilverSun is already listed on the stock exchange and will help Rhodium’s ultimate vision to join the public list.
Deal includes financial benefit for the shareholders. They will receive 1 share from the newly created stock SWK Technologies. Additionally, they will get at least $1.5 as dividends per share. Chase Blackmon, CEO of Rhodium, said that “The United States is the superior player in the capital intensive market and the merger could bring out accretive value in the long run.”
Meanwhile, SilverSun CEO, Mark Meller, was excited about the partnership too. He said that “He believes that this collaboration may prove financially fruitful to the shareholders.” Adding that “They will have the opportunities to engage with Rhodium during a vital period in the crypto sector.”
Since the collapse of the Terra ecosystem, investors have witnessed one of the worst phases of this space. Their crypto portfolio was burning, and all they could do was either escape the bubble or just stand there and watch. According to Bloomberg, crypto mining firms dealt a blow of nearly $1 Billion during crypto winter. Institutional miners Core Scientific and Marathon Digital lost $100 Million combined.
As of this publication, There wasn’t any significant sign of recovery, especially in the top ten chart. Ethereum tried to thrive a little but managed to go near $1400 mark only, but slipped the rope to fall around $1260 levels. According to Forbes, cross-border payments businesses can revive the crypto market. Reason being their low cost in contrast to the traditional payment methods.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
