This Is Why Black Cactus Global Inc. (OTCMKTS:BLGI) Is Set For More Gains

Black Cactus Global Inc. (OTCMKTS:BLGI) has made it clear its intention to become a prominent leader in the blockchain technology sector. It has also made bold investments as it looks to expand its footprint into the payment services business.Black Cactus Price Analysis The stock is currently trading in an uptrend after bouncing back from lows in March. Taking into consideration the bullish momentum, the stock faces immediate resistance at the $0.01 handle, above which it could make a push for the $0.0265 handle, which happens to be its 52-week high. OTCMKTS:BLGI Daily ChartOn the downside, immediate support is seen at the $0.003 handle. However, all indication is that the current momentum could push the stock higher given the ongoings in the company.Before we look at the catalysts likely to push the stock higher from the current trading levels, let us look at what the company does to generate shareholder value. Black Cactus Global Business Overview Formerly Envoy Group, Black Cactus Group is a digital currency and blockchain technology company. Through BitRun division, the company targets high positive cash flow method for mining digital currencies.The company also develops blockchain applications for the financial technology, digital media real estate, financial services and healthcare industries. Black Cactus Global also provides services that include trading exchange and anti-money laundering services.Given the hype around the blockchain technology and what it could power in future, it does not come as a surprise that investors are taking note of Black Cactus Global prospects. Recent Developments Black Cactus Global has been on the news in past months on the signing of a licensing agreement that paves the way for it to gain access to a powerful, yet unique market-ready blockchain solutions. The solutions are to be used on a variety of businesses as well as government applications.The digital currency and blockchain technology company is focused on developing and marketing new applications that offer enhanced services for a wide array of industries. By targeting finance and real estate industries, the company should be able to diversify its revenue streams which should lead to more shareholder value.The launch of Digital to Real Financial Trading Platform and name change to Black Cactus Global marks the first step in the company’s bid to pursue shareholder value around blockchain technology.

“Uses of Blockchain Technology are almost endless. There exists a multi-billion dollar market space and we fully intend to use our first-mover advantage to secure numerous exceptional business relationships around the world,” said CEO Lawrence Cummins.

In addition to pursuing growth opportunities in blockchain technology, Black Cactus Global has completed the acquisition of World on Wireless UK Ltd (WOW). The acquisition will expand the company’s portfolio into the payments business as the unit provides white-label payment services on an international basis to banks, financial institutions, and retail chains.WOW owns an intellectual property portfolio worth $2 million used to run programs and platforms. Some of its IPs are licensed on 3-5 year rolling agreements, which act as another stream of revenue. Some of the services provided by the unit include mobile wallets, merchant payments as well as online payment points and closed loop card programs.Investors pushed the stock higher on Black Cactus confirming the acquisition will generate recurring contractual revenue of about $1 million going forward.

“Black Cactus’ acquisition of WOW is one of the steps the company is taking in strengthening its position in the Blockchain payment services industry and with WOW’s expertize and IP it will be able to rapidly grow this business,” said Mr. Cummins.

Bottom LineBlockchain technology is still in early stages of adoption around the globe. Any company that gets a head start in coming up with applications targeting various industries is set to reap big rewards as the technology becomes mainstream.Black Cactus Global appears to be doing correctly the same, and the fact that it is paying more attention to the technology rather than cryptocurrencies explains why investors are starting to take note of its growth metrics. Cryptocurrencies have in the recent past been shrouded with a lot of uncertainty amidst concerns about a potential bubble burst in the space.On the other hand, everyone seems to agree that the underlying technology, blockchain, which powers cryptocurrencies are the real deal, expected to stay should cryptocurrencies crumble.Black Cactus Global remains well positioned for more gains in the stock market as it moves to safeguard its future around blockchain technology. It should continue to elicit investor interest on Wall Street as would be investors explore ways of gaining exposure to the cryptocurrency space.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.