AppSwarm Inc (OTCMKTS:SWRM) Moves from Blockchain to Cryptocurrencies

AppSwarm Inc (OTCMKTS:SWRM) has been unrelenting in its investment in the blockchain. After enjoying a jump in value due to its initial blockchain investment, its new investments into cryptocurrencies have caught the eye again.Here is the stock price action for the last year: SWRM Daily ChartCompany ProfileAppSwarm, Inc. engages in the provision of application incubation. It offers end-to-end services for mobile application development across all major platforms including iPhone, RIM's Blackberry, Google's Android, and Microsoft's windows mobile. The company was founded in July 2001 and is headquartered in Tulsa, Oklahoma. For more information, you can go through our post here.Recent DevelopmentsIn November, the firm entered into a Letter of Intent for the development of a smartphone based cash and bitcoin mobile wallet with USA Real Estate Holding Co. According to the agreement, both firms were expected to complete a final contract within 45 days from the Letter of Intent.AppSwarm CEO Ron Brewer explained that management was looking forward to working within the ever-growing, evolving space as the industry knowledge USA Real Estate Holdings (USTC) possesses remains a desirable proposition. He added that the intent was to build to a long-term relationship with USA Real Estate Holdings as the opportunity would allow both firms to build on each other's abilities and grow together.Bilal Shafi, current CEO of USA Real Estate Holdings outlined that the FinTech industry has continued to grow and possesses the potential to disrupt existing finance structures worldwide. According to a study conducted by Tech Crunch, $60 billion worth of payments and transfers were expected to be made on smartphone applications in 2017. eMarketer has predicted that the total value of mobile transactions in 2019 could go as high as $210 Billion, a drastic rise from $8.7 billion recorded in 2015. They also predicted that by 2020, ninety percent of smartphone owners would have carried out at least one mobile payment.He went on to add that USA Real Estate Holdings was just as excited to collaborate with SWRM considering the firm has over thirty years of experience in developing mobile applications and it was management’s belief that the company is now in a position to proactively seek for opportunities in FinTech and cryptocurrencies.By December 2017, both firms had successfully finalized a Joint Venture Agreement to develop a Global P2P Bitcoin Mobile Wallet. The venture agreement stated that there would be equal revenue share on the technology to be deployed.An overview of some of the services and capabilities provided by AppSwarm Inc would include: Receipts, Fully Integrated Analytics, forgot a password, KYC & AML protocols, Peer-to-Peer (P2P) Funds and Bitcoin/Cryptocurrency transfer, login/logout, Merchant Payments, Registration, QR code, Payment gateway credentials and QR pay.In January 2018, AppSwarm, Inc. announced the beta release for its cryptocurrency monitoring app, BitChart.The application is an easy and user-friendly way to monitor cryptocurrency prices using a smartphone. The application helps users to stay updated on the latest prices and period changes, receive on the fly notifications of any price movements and analyze historical trends. The platform also allows customer support for the dollar and euro among the well-known trading exchangesAs it is still in the testing phase, Appswarm intends to integrate updates on the crypto market with expert analysis, and online chatting with other traders anywhere in the world.The application was set up as the web-based portal to support the mobile app and provide other unique qualities such as updates, chart analysis, research, and spotlights on the latest ICOs and coins attracting attention in the market.Through the application and web-based news portal, BitChart is expected to aid the building of a quickly expanding group of cryptocurrency traders, speculators and investors from around the world on which can be monetized to other companies through adverts and other quality services.Ron Brewer, CEO of AppSwarm, Inc. explained that going forward the firm has the potential to build an exclusive hub for cryptocurrency investors and at the same time, help to ensure transparency in the rapidly expanding market. Through its years of mobile development of different types of applications, the firm plans to add some new features to its BitChart app through the rest of 2018 has announced its intent to give updates in future.Financial PerformanceAs revealed in our last post on this company, the firm was able to turn around its loss figures recorded in the last three years too. Net income was $0.4 million compared to previous year net loss of $2000.The statement of financial position reveals that the firm was only marginally successful in boosting its cash reserves, increasing from $1159 in 2015 to $4100 in 2016.ConclusionIf AppSwarm can keep up its commitment to blockchain investments, it won’t be long before cryptocurrency investors become interested in the company.We will be updating our subscribers as soon as we know more. For the latest updates on SWRM, sign up below!Disclosure: We have no position in SWRM and have not been compensated for this article.