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Oil company announces to sell Bitcoin ATMs to Casinos, Stocks Shoot 60%

Jan 25, 2018 Posted /  2956 Views

Oil company announces to sell Bitcoin ATMs to Casinos, Stocks Shoot 60%

In recent months, Israeli government have repeatedly issued warnings to companies that it won't tolerate the backdoor listing of Bitcoin on Tel Aviv Stock Exchange. However, it seems that the public companies are not in a mood to listen and they are persistently whirling into the field. In the latest news, a firm involved in oil refineries have declared to market bitcoin ATMs to casinos in Turkish occupied Northern Cyprus, and probably Nigeria.

Chiron Refineries LTD (TASE: CHR), a company which converges on expanding oil refineries in Africa, announced to investors on Tuesday morning that it is enrolling the cryptocurrency market and its stock price promptly escalated near to 60%. After a clear nudging by the regulator, the company advertised a second announcement at the conclusion of the trading day with additional information about the progress.

The events are taking place quite swiftly as Chiron, which only on Sunday promulgated a contract to develop a new oil refinery in Nigeria, has now chosen to expand its venture into the “cryptocurrency accessibility” area. As revealed by the media the company has acknowledged an agreement with Crypto Technologies Ltd to set up an ancillary in Northern Cyprus (the Turkish controlled region of the island), to be the individual dispenser of its produces in the area as well as Turkey itself. It also procured an alternative for extending the distribution business to Nigeria within 12 months of the agreement.

On the other hand, Crypto Technologies Ltd is told to develop “a unique technology for the fast and secure selling and buying of cryptocurrency for end users, insured by an American insurance company.” Browsing through the elongated explanation it appears that the principal product is an app which converts mobile tablets into bitcoin ATMs. It will seemingly be available for distribution by the upcoming April.

Chiron in his media round adjudicated to soothe the regulator’s concerns. He said that the UI and the trading algorithm via APIs have already been developed. However, he cleared that the company is oblivious to any legal bans on cryptocurrencies in the proposed regions and that it will not hold or mine bitcoin by itself. In addition, the company demonstrated that the possible clients for the products are not individuals but businesses, like casinos. The Israeli media then asked what relationship the oil company has to any of this arrangement, Chiron’s lawyer described that one of the owners has associations in Northern Cyprus and background in the casino business

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Tags: Oil company ATMs sell Bitcoin

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