Bit Nile – a diversified holding firm – has announced it’s establishing a new bitcoin-based marketplace that will utilize and leverage the power and technology of blockchain.

Bit Nile Aims to Simplify Blockchain

The news is good because it is testament to the strength of bitcoin and the forces behind it. As we all know by now, the crypto space has been crashing and burning since the beginning of this year. Bitcoin, for example, is the world’s number one digital currency by market cap. The asset was trading at a new all-time high of approximately $68,000 per unit in November of last year.

However, since then, it has dropped by more than 70 percent, and at the time of writing, it is struggling to maintain a position in the low $19K range. The crypto space has also lost more than $2 trillion in overall valuation.

So, the idea that Bit Nile is now putting so much time, effort, and likely money into a new bitcoin market platform shows that the currency and its technology remains popular despite its ailing price. The project is set to take some of the complications out of bitcoin and crypto-related transactions. One of the reasons why so many people have failed to get into crypto is because they don’t understand the technology or how it works, and Bit Nile is eager to change that.

Milton “Todd” Ault, III – the company’s executive chairman – explained in a recent interview:

Our plan is to build an innovative, bitcoin-focused, e-commerce platform that combines our experience in the cryptocurrency sector with our long-term philosophy of investing in disruptive technologies with a global impact. We believe the prospect of powering e-commerce with bitcoin is a huge opportunity. The global business-to-consumer, e-commerce market reached a value of $4.1 trillion in 2021, according to IMARC Group, and Pew Research Center reported that roughly three in ten Americans aged 18 to 29 say they have invested in, traded, or used a cryptocurrency. Our goal is to deliver an innovative marketplace leveraging blockchain and other innovative technologies. We are pleased to have Douglas on our team to lead this effort.

Douglas Gintz – president and chief product officer of Bit Nile –threw his two cents into the mix, commenting:

I’m excited to be leading an experienced team in reinventing what it means to transact in crypto. Recently, online stores began adding crypto payment solutions to their checkout processes in response to demand, but that’s not enough. Building a platform from the ground up allows us to deliver more innovative, secure, and seamless user experiences beyond just payments.

Keeping Things to the Minimum

Executives of Bit Nile are confident that customers of the marketplace will experience lower fees when transacting in bitcoin.

There are also plans to support multiple businesses along with real estate and other standard commodities.

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