Global Energy Resources International Group expressed intentions to rebrand its business targeting the crypto segment even after suffering heavy losses from investments into digital coins.
The company wants that the new name indicates its focus on the blockchain. For that purpose, it has submitted a request to the Hong Kong Stock Exchange asking to change the name to Global Token Limited driven by the decision to enter the cryptocurrency market.
According to the request, the company cited that it has already put into operation crypto exchanges in Hong Kong over the past months and invested into digital coins and blockchain technologies.
The company spokesperson stated:
"As announced by the Company on 18 January 2018, the Board had resolved to re-allocate approximately HK$50.0 million ($6.3 million) of the unutilized net proceeds ... to make an investment in, among others, cryptocurrency."
At the same time, the available data show that the company finished the H1 2018 with losses partly coming from the crypto investments. Specifically, net loss amounted to $6.3 million in total over that period, while net loss in H1 2017 reached $573,277.
As for investments, the company spent $2.4 million for cryptos as of early August, and the market downturn caused practically a $1.02 million loss.