Penta buys stake in CCP Technologies with PNT coins in push to integrate blockchain, IoT
Singapore based Penta Global Blockchain Foundation has become the first altcoin to invest in a company listed on a major exchange. According to a Medium post, Penta has purchased a significant portion of shares of a company called CCP Technologies making it the largest shareholder of the company. The investment has been viewed as a positive development in the growth of Penta, a next-generation platform for both public and private blockchain projects.
Penta CEO David Ritter said, “The Penta Global Blockchain Foundation is very happy to announce the completion of a strategic investment in ASX listed company, CCP Technologies. This represents one of the first times a digital currency has invested directly in a public company on a major exchange and reflects Penta’s commitment to bring blockchain technology to the real-world economy. We see many strategic opportunities to work with CCP Technologies to deliver new solutions to the market.”
Notably, Penta didn’t use any fiat currency for its investment. The amount was paid for in Penta’ native token, PNT. This can be regarded as a new development in the business world. Cryptocurrencies being accepted as payments for investments in the traditional equities market will help the cryptocurrency industry to flourish in the modern world. It will also help achieve a wider adoption of digital currencies in the broader society. An exchange-listed company like CCP Technologies accepting investments in digital money points to the fact that the business world is gradually warming up to the idea of adoption of cryptocurrencies.
“Our company is leveraging Cloud, IoT, Blockchain, Big Data and AI technologies to revolutionize critical control point management. We have an industry-leading suite of technical capabilities, a growing customer base and partner network. We’re bringing exciting new solutions to a massive market which offer a compelling value proposition. This raise provides synergistic investment that we expect will further accelerate our commercial and technical advancements,” said Michael White, Chief Executive Officer of CCP.
The new partnership will see the integration of blockchain and IoT technologies. According to the Medium blog, CGP technologies has conferred with some government organizations regarding the probable uses of Blockchain-IoT technology for public welfare. Penta is famous for delivering blockchain technologies that have actual uses in the real economy. Therefore, the real-world applicability of technologies is the primary motive of both these companies.
A crypto company investing in a company in the traditional market using their native token is a grabbing the limelight and investor attention around the world. Many believe that this step will lead to bridging the gap between the modern world of digital currencies and the traditional market. Also, the adoption of cryptocurrencies by the traditional equities market will lead to them appearing on the account statements of companies, which will mark the beginning of wider adoption of cryptocurrencies.
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