Leading provider of virtual and augmented reality solutions, NexTech, recently announced its plans for capital diversification. The company specializes in XR for eCommerce, conferences, education, and events, investing $2 million in Bitcoin, with more to come in 2021.
Evan Gappelberg, the NexTech CEO, said that the investment in Bitcoin is part of a new allocation and diversification strategy which intends to maximize long-term value for shareholders. According to Evan, the new investment highlights the idea that Bitcoin is a highly valuable cash alternative and an attractive asset for investments.
Investing in Bitcoin
The initial $2 million investment in Bitcoin might expand throughout 2021, according to NexTech AR solutions. The company believes that Bitcoin has more long-term appreciation potential than cash. Bitcoin has a fantastic market capitalization, and NexTech thinks that the digital currency will gain more value in the future.
2020 saw a rapid increase in the adoption of Bitcoin by many mainstream financial institutions, including MicroStrategy, Square Inc, and Mass Mutual. NexTech’s investment in Bitcoin builds on a range of additional highlights for the company in recent months. In December, CEO Evan Gappelberg bought 250,000 shares to increase his position, and the company began hiring executives from other major companies.
Tech leaders from Oracle, SAP, Cisco, and IBM joined the NexTech team to support Japan and the Asia Pacific rollout. NexTech also announced that it had received conditional approval to list its shares on the NEO exchange. The company also revealed the arrival of a new collaborative streaming solution with AR and AI enhancements in December, which integrates with its existing VR platform and SaaS offerings.
Continued Growth for NexTech
NexTech has experienced tremendous growth lately, with a record-breaking 315% increase in Black Friday sales in 2020 and the arrival of a new AI division dedicated to enhancing the company’s AR product portfolio. The company has also entered into various strategic channel partnerships in the last year and acquired a hybrid event management platform in the form of Map Dynamics.
Currently, NexTech stands out as one of the AR market leaders, increasing its investment in VR experiences. In 2019, NexTech launched its SaaS platform for web-based AR in eCommerce, and in 2021, it delivered a 3D/AR advertising platform. The ARitize Hollywood studio’s AR experience is also in development, using augmented reality and 360-degree video.
The new investment into bitcoin cements NexTech’s position as a disruptive company, keen to get on the digital environment’s cutting edge. With a more diversified capital portfolio, NexTech will continue attracting the attention of innovative partners and talent across the board. Additionally, the company can also ensure that it has access to increased resources for the future of its AR and AI developments.
