Black Cactus Global Inc (OTCMKTS:BLGI) has been on the receiving end, ever since the rout in the cryptocurrency space began. The stock lost nearly 60% of market value as investors reacted to a crackdown on cryptocurrencies around the world.While the company has some stakes in the cryptocurrency space, its focus is on the emerging blockchain technology, which has the potential to revolutionize many industries. Amidst concerns about cryptocurrencies long-term prospects, there is no doubt that the underlying technology powering virtual currencies is here to stay.Black Cactus Global’s blockchain technology aspirations make it an exciting pick despite the recent sell-off. Amidst increasing trading volumes, the stock needs to close above the $ 0.30 handle for it’s to be considered a bounce back play, after the recent rout. BLGI Daily ChartOn the downside, the stock faces immediate support at the $0.15 handle, below which it could drop to its 52-week lows.What Does Black Cactus Group Do?Black Cactus Group bills itself as a technology development company, focused on blockchain technology, machine learning, cryptocurrency and Internet of Things. The company partners government agencies as well as large corporations and specialized groups, in key development areas of Fintech, digital media Cybersecurity, healthcare, and financial services.However, in the recent past, the company has increased its focus on the blockchain, the underlying technology powering cryptocurrencies.Why Black Cactus Is an Exciting Blockchain PlayUnlike other companies with stakes in the cryptocurrency space, Black Cactus Group core business involves pioneering blockchain and overlapping technologies to protect IP and security of data.There have been concerns as to whether cryptocurrencies will one day replace fiat currencies. Crackdowns in the recent past made investors think twice about pursuing opportunities in the space. Most have switched their attention to companies with investments in blockchain technology, seen as a safe bet in the volatile space.Black Cactus Group should emerge as an exciting pick in the space given its pursuit of opportunities around blockchain technology.Management ExpertiseIn a bid to strengthen its expertise in the emerging technological spectacle, the company has been aggressive on the poaching of top talent. Dr. Ramesh Para is the latest high profile Information systems guru to join the company’s board of directors.Dr. Par joins the company with vast experience in Management Information System, which will be a great addition to the company’s team of expertsDr. Kancherla Pruthvinath has also joined the company’s board of directors. In addition to being, a medical doctor Dr. Pruthvinath is a holder of Master’s Degree in Hospital Administration with a concentration in Cybersecurity and technology.His experience will be relied upon on the development of blockchain applications and technologies for streamlining the administration process in the healthcare sector.Indian Subsidiary FormationBlack Cactus Group has already hit the ground running in its attempt to come up with blockchain-based applications overseas. The company has inked a Memorandum of Understanding with an Indian Technology firm, for the formation of a powerful subsidiary.Under the terms of the agreement, Black Cactus will become the largest shareholder in the technology company with offices in the ‘FinTech Valley.’Dubbed Black Cactus Global Technologies, the subsidiary is to focus on advancing blockchain based intellectual property.
“The Board and Development Team are excited to work closely with Black Cactus Global Inc. to add to our current and planned development projects. We have a committed and talented team determined to deliver above and beyond the expectations of Black Cactus Global and our other clients,” said CEO, Dr. Ramesh Para.
Digital Banking AmbitionsBlack Cactus has inked an agreement with NSB Holdings of Iceland for the formation of a one of a kind digital bank. The company is to become a majority stakeholder in the bank as it makes the first step to becoming a fully integrated digital financial institution with blockchain technology.Buy Rating Impressed by the strides that Black Cactus has made in the recent past, research Align Research Limited of the United Kingdom has initiated coverage of the stock. The research firm has reiterated a ‘conviction buy’ rating on the stock, based on the stage of the company’s technologies and near-term revenue growth potential.Black Cactus Investment Play There is no doubt that Black Cactus has been battered as investors remain wary of what the future holds for cryptocurrencies. While virtual currency's future looks bleak, it is worth remembering; Black Cactus has a diversified portfolio.The company’s investments in blockchain technology make it an exciting pick, given that the technology is here to stay. Any investor looking to gain exposure in the industry, Black Cactus remains a safe bet given its effort on pursuing blockchain intellectual property that will affect many industries in future.We will be updating our subscribers as soon as we know more. For the latest updates on BLGI, sign up below!Disclosure: We have no position in BLGI and have not been compensated for this article.
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