DPW Holdings, Inc.: Cryptocurrency ATM Network Coming Soon
DPW Holdings, Inc. (NYSEAMERICAN:DPW) announced today that its subsidiary, Digital Power Lending anticipates launching a network of cryptocurrency ATMs. The ATMs will allow for the purchase and sale of cryptocurrencies along with cash withdraws. The first ATMs will be installed in 5 hospitality locations associated with DPW Holdings, Inc. The ATMs distributed and managed by Digital Power Lending will focus initially on Bitcoin (BTC), Bitcoin Cash (BTH), Ethereum (ETH) and Litecoin (LTC) with other cryptocurrencies to be included later.
The Company also announced that Digital Power Lending is still awaiting the completion of the review of its pending application for a California Finance Lender License. The Company disclosed that Digital Power Lending has undergone a series of standard and customary questions and all corrections have been minor and procedural.
“We are very pleased to announce our development of a network of cryptocurrency ATMs which will be initially located in Southern California. Our goal is to build a national brand and network with multiple cryptocurrencies readily available for consumers,” said William “Bill” Corbett, the CEO and Manager of Digital Power Lending. Mr. Corbett added, “With the completion of our application and the pending approval of our California Finance Lending License, I am thrilled to utilize my extensive Wall Street network to provide capital to both public and private companies including those in the exciting cryptocurrency market. Digital Power Lending will be seeking to lend out money strategically to entities that qualify. Our primary mission is to be a pro-active lender and facilitate the national distribution of crypto ATMs while the traditional banking industry does not serve the cryptocurrency market.” The Company noted that the anticipated distribution of the ATMs may be subject to regulatory review or approval.
Shares of Digital Power are currently trading at $2.25, up $0.03 or 1.35%. DPW has a 1-year high of $5.95 and a 1-year low of $0.40. The stock’s 50-day moving average is $3.39 and its 200-day moving average is $1.39.
DPW Holdings engages in the design, development, manufacture, and sale of customized and flexible power system solutions. Its products include adapters, open frame, capacitor chargers, compact peripheral component interface, and front end. It operates though the North America and Europe geographic segments. The North America segment comprises sales through Digital Power Corporation. The Europe segment includes sales through Digital Power Limited.