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Tag: Texas

  • Cryptocurrencies making headway in Texas

    Cryptocurrencies making headway in Texas

    Cryptocurrencies are making a headway. The bull run of 2021 saw the increased adoption of the blockchain technology at a pace never witnessed before. Wallstreet behemoths and corporate giants have taken the lead in the adoption of cryptocurrencies and a consensus have been reached on the potential of the blockchain technology.

    Texas House of Representatives has passed a bill which will recognize cryptocurrencies under the commercial law in the state. An amendment was proposed at the 87th Texas Legislature to the Uniform Commercial Code or UCC. The amendment will help the adaptation of commercial law to cryptocurrencies. Digital assets and blockchain innovations will be regulated under the UCC – as per the proposed amendment.

    The bill had been earlier proposed by Representative Tan Parker in March and the efforts of Parker have come to fruition as the House of Representatives passed the bill. The next step in the procedure is the passing of the bill in the Senate. In the Texas Senate, the bill is to go through another round of amendments and a potential final vote. If the senate passes the bill, Governor Greg Abbott will have to sign the bill into law.

    Governor Greg Abbott has been a supporter of cryptocurrencies. The governor has also referred to himself as “Supporter of the Crypto law proposal”. With the governor’s unofficial approval for the bill, there is a good chance the crypto proposal will be met with the same kind of attitude in the Senate as well.

    Wyoming is currently the only crypto-friendly state with a clear definition of virtual cryptocurrencies for business – which fosters a thriving environment for blockchain innovation. If the bill is signed into law by Texas, it would make Texas the second crypto-friendly state – ultimately, speeding up the adoption of cryptocurrencies.

  • Why GameStop (NYSE: GME) Stock Is Surging Today?

    Why GameStop (NYSE: GME) Stock Is Surging Today?

    Shares of GameStop Corp. (NYSE: GME) shares soared 44.12% on the trading session of Thursday after the retailer has announced that it has signed a multi-year strategic partnership agreement with Microsoft Corp. (NASDAQ: MSFT). The Texas-based company had recorded a trading volume of 76.45 million as compared to the average volume of 7.89 million.

    GameStop Corp. aimed to speed up its digital transformation by making good use of cloud-based offerings including the Enterprise resource planning (ERP) services and Dynamics 365 customer relationship management (CRM). Through this strategic partnership, the company will expand its physical and video game offerings and will enhance the retail technology infrastructure of the company.

    GameStop Corp. will get the maximum benefits of its PowerUp Rewards, and omnichannel capabilities to deliver enhanced gaming solutions to its customers. It has 5000+ retail stores worldwide. The company aimed to perform efficiently by providing its employees with greater access to data by using cloud platform of Microsoft Corp.

    As per the agreement, GameStop will make the use of Dynamics 365, a cloud-based business application platform across its business operations including inventory, retail, finance and eCommerce.  Theeffiecenmt use of this platform will help the company to provide a better in-store customer experience.  Moreover, this agreement allows GameStop to make the use of Microsoft’s Surface Devices. Microsoft Surface devices have already been an important part of the digital modernization strategy for store management.

    GameStop Corp. (NYSE: GME) shares were trading up 44.12% at $13.49 at the time of writing on Thursday. GameStop Corp. share price went from a low point around $2.57 to briefly over $11.17 in past 52 weeks, though shares have since pulled back to $13.49. It has moved up 424.90% and 20.77% from its 52-weeks low and high, respectively. GME market cap has remained high, hitting $6.47B at the time of writing.

    Furthermore, GameStop will introduce the Microsoft 365 and Microsoft Team to its stores. The purpose of the company is to provide collaboration tools to its 30,000 stores associates. Using Microsoft Teams, store associates will be able to ask questions and share insights with one another and provide a better customer experience.