SAN JOSE, Calif. (PRWEB) May 02, 2014
Cloudhashing.com and HighBitCoin, LLC today announced the signing of a merger agreement. Both companies are leaders in the bitcoin space with Cloudhashing.com offering large-scale bitcoin mining solutions as a cloud service, and HighBitCoin offering the most advanced hardware solutions for bitcoin mining.
The new entity PeerNova is positioned to be a leader in distributed financial applications and transaction processing technology. The company will deliver a suite of applications that take full advantage of the bitcoin blockchain and related technologies.
Dr. Naveed Sherwani, the current President of HighBitCoin, LLC will serve as the CEO of PeerNova. Prior to his role at HighBitCoin, Dr. Sherwani was President/CEO of Open-Silicon, a leading fabless ASIC provider. Emmanuel Abiodun, the CEO of Cloudhashing.com will serve as the President. Renowned Silicon Valley veteran Atiq Raza, the former President and COO of AMD, will assume the role of the Chairman of the Board of Directors.
“We truly believe in a future where financial transactions are enabled by mutual trust in secure and proven algorithms. The bitcoin protocol helps drive this innovation in disruptive technologies and has widespread applications in digital currency transactions, remittances, smart contracts, digital coupons, loyalty programs and others” said Dr. Naveed Sherwani.
The key strategic benefits of the merger include:
“HighBitCoin’s merger with Cloudhashing.com is an unrivaled combination of expertise in Distributed Systems Architecture, Enterprise-class solutions, ASIC development, and cloud mining for the benefit of the consumer,” said Emmanuel Abiodun. “This merger offers Bitcoin mining customers the most technologically advanced solutions along with the ease of use that Cloudhashing.com is famous for. It’s a win-win for everyone and takes mining to the next level.”
Chairman of the Board, Mr. Raza said, “This merger marries the best of breed in the bitcoin space and technology veterans from Silicon Valley. We will be building a suite of software applications and technology platforms to address this rapidly growing market. I am truly excited to be part of this new venture.”
The two companies are also announcing the launch of a Digital Currency Research Consortium (DCRC). The consortium aims to lead research into hardware and software development by fostering collaboration between digital currency companies. Additionally, it will partner with universities and research centers to increase participation, encourage the establishment of standards, development of new projects, and publication of research. “By sharing research and pooling their resources, members can save significantly on engineering costs, and time to market,” said Dr. Sherwani.
Cloudhashing.com's announcement comes on the heels of their company being featured in the New York Times article "Into the Bitcoin Mines" and in the CNBC documentary "Bitcoin Uprising". Abiodun and Sherwani recently spoke at CoinSummit to discuss the future of ASICs and Bitcoin mining.
Cloudhashing.com is a Bitcoin mining technology company where customers can purchase mining contracts and earn bitcoins via their website with no technical knowledge. It is a pioneer in the Bitcoin industry and was the first to introduce cloud-based Bitcoin mining. The London-based company has thousands of customers worldwide.
HighBitCoinTM is the leading provider of enterprise scale systems and software solutions for crypto-currency mining and transaction processing. Silicon Valley based HighBitCoinTM draws on the company’s deep expertise in Distributed System Architecture, ASICs, Networking and Embedded Software, to deliver advanced, scalable systems with the lowest Watt/GH of performance.
No Offer or Solicitation
This announcement is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.