UMF Group Inc (OTCMKTS:UMFG)
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UMF Group Inc (OTCMKTS:UMFG) Turns to Cryptocurrencies for Redemption

UMF Group Inc (OTCMKTS:UMFG) investors have had no real reason to smile it became listed in 2012. In spite of some minor resurgence in the last few months, it has become painfully clear that the company needs a massive turnaround if it is to stay alive. This is possibly the reason behind its new foray into the highly volatile cryptocurrency market. In this piece, we provide you with details on its new investment and what may be possibly expected from the firm in the future.

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Company Profile

UMF Group, Inc. was established in August 1988 and has its head office in Denver, Colorado. It is a pharmaceutical marijuana firm, with an objective to develop original extracts as medications and to eventually take to the market pharmaceuticals which are a set apart from both cannabinoid drugs both and medical marijuana. With its acquisition of BBGI, the firm has put in place plans to create a cryptocurrency wallet, to be named CryptoSecure. The application is already is in the final beta testing phase. The firm has made public its mission to become a market leader in the continuously evolving digital world through the provision of convenience, unparalleled security, and service to its users. In the long term, CryptoSecure will be used in creating and fostering long-term business relations with partners, clients and its team of Research and Development innovators to maintain its innovativeness and deliver fresh products.

For further information on the company, take a look at our previous post here.

 Recent Developments

In February 2018, the firm provided a discussion which focused on the anticipated expansion of the cryptocurrency market in the future.

President of UMF Group Inc., Sean Ross mentioned that although 2017 was widely regarded as the breakout year for cryptocurrencies, the reality is that the potential growth ahead for the market is lot larger as it is highly likely that even more consumers, businesses and possibly governments will get active in the cryptocurrency market as users, developers, and regulators. As it is currently, cryptocurrencies such Bitcoin, Ripple and Ethereum along with plenty others, have captured the attention of the general public. 2018 has been predicted to be a year that will further shape the future of this new market and may see even more volatile growth as new adopters and innovators harness decentralized blockchain technologies to transform the world in fundamental ways that are still waiting to be fully realized.

Numerous significant industry professional expectations for the future of this market in 2018 and after, include amplified acceptance by users and traditional vendors, sustained price fluctuations, improved institutional investor involvement, and extended government directive.

An additional primary worry for the budding cryptocurrency marketplace is the necessity for improved promptness and security for transacting, storing and trading a swiftly increasing number of coins. Numerous new transaction swiftness and security inventions are likely, but for the regular cryptocurrency customer, a very-secure wallet is the best way to safeguard digital currency assets.

The firm’s CryptoSecure application, created by its subsidiary BitBao Group, is a futuristic Hierarchical Deterministic crypto wallet developed to very securely store, transact and manage a variation of digital currencies such as Litecoin, Ethereum, and the well-known Bitcoin. CryptoSecure allows digital currency owners to remain in custody of their money, as well as assisting to use difficult to understand cryptocurrency ecosystems with the assistance of a highly qualified support team.

The CryptoSecure HD Wallet app is presently in the final phase of its development as well as beta testing. The firm expects the launching of CryptoSecure will be in the next few weeks for iOS, Mac OS, Windows, Android, and Linux.

Financial Performance

According to its statement of comprehensive income, the firm was unable to grow, which dropped by sales revenue by 13% from the last period, dropping from $11,821 to $10,237 in the current year. The sparse income statement is an indicator of how early the company still is in the development phase.  However, given the time of the firm’s establishment, investors will be expecting that it begins to rake in revenues as soon as possible. At the end of the year, the firm had a net loss of $2724, continuing another trend.

The firm is very highly leveraged with its liabilities more than seven times just as much as its assets. Its dangerously low liquidity of 0.01 will also be a danger sign and may deter investors and potential investors from injecting fresh capital into the business.

Conclusion

UMFG is already on the brink, but its new foray into the cryptocurrency market may just provide the turnaround the business desperately needs.

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

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

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UMF Group Inc (OTCMKTS:UMFG) Turns to Cryptocurrencies for Redemption
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