ENVV just changed its name

Here’s Some Clarity As To What’s Happening At Envoy Group Corp (OTCMKTS:ENVV)

Back in July, we published this piece on Envoy Group Corp (OTCMKTS:ENVV).

The company had just picked up quite a substantial run on the back of a pivot into the cryptocurrency space and, subsequent to the run, we made an attempt to figure out exactly what it entailed and where it would take Envoy near term.

ENVV Daily Chart

ENVV Daily Chart

Our conclusion was that the company was looking to take blockchain technology and apply it to an industry that, presently, is underpinned a less advanced framework.

It has taken a couple of months and we have finally got an answer. Turns out we weren’t quite on the money but we were in the right ballpark.

On October 18, Envoy put out this release.

Basically, the company is going to change its name to Black Cactus Global and, concurrent to the name change, has signed an agreement that will see it acquire what it calls a Digital-to-Real Financial Trading and Processing Platform.

These sort of press releases, and especially as is the case in this space right now (the blockchain and cryptocurrency space) are often filled with jargon. Most of the time it’s not because the company is trying to confuse readers, but because even those writing press releases aren’t really sure exactly what they are trying to get across.

This is a new space and technology is very much at the stage where it’s complicated to the masses.

What Black Cactus Global is trying to say here is that the company has picked up an as-yet-unnamed platform (unnamed in the sense that we don’t know which platform it is, there’s a good chance it’s one of the existing and well-established platforms in the sector) that is capable of exchanging fiat currency (so, USD, GBP, etc.) to cryptocurrency and back again. This is an important discrepancy – the company calls it digital currency, which it is not. Cryptocurrency is backed by encryption while digital currency is just a virtual representation of fiat (so, PayPal, for example).

Anyway, the company now has this platform in hand and the company’s co-founder and managing director, Lawrence Cummins, who reportedly holds degrees from The University of Oxford and Northwestern, is set to become CEO of Black Cactus Global.

So where does the company go from here?

Well, it all depends on what the plan is as far as expansion is concerned. What we don’t yet know is whether Black Cactus Global intends to run this platform as a sort of primary operation or whether it intends to build out the technology to include ancillary services – just has Coinbase, the online wallet and exchange company that currently dominates the bitcoin space has done with GDAX, it’s algo-trading platform, for example.

If this latter scenario is the case, there’s the potential for some near-term growth on a couple of fronts – user acquisition and service expansion.

Primarily, then, that’s what we are looking for from the newly named Black Cactus Global near term. If the company can serve up some clarity as to exactly which platform it has acquired it will be possible to put together some estimates as to what the impact of this acquisition will be from a revenues perspective based on estimated user count count as things stand.

Management has stated that it intends to put out further communication associated with the transaction near term, so there is a good chance we will get what we’re looking for from the company before the close of this quarter.

When we do, it could run.

Keep in mind that this is a volatile space right now and there’s no guarantee that the platform this company has acquired is already established and, in turn, has any users. With that said, however, bitcoin continues to rise ($5,800 at last count) and even against the backdrop of muted operational activity, there is a good chance Black Cactus Global will appreciate moving forward.

Check out our previous coverage of this one here.

We will be updating our subscribers as soon as we know more. For the latest updates on ENVV, sign up below!

Image courtesy of Stormotion via Flickr

Disclosure: We have no position in ENVV and have not been compensated for this article.

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Here’s Some Clarity As To What’s Happening At Envoy Group Corp (OTCMKTS:ENVV)
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