The9 Ltd. (NASDAQ: NCTY) stock plunged by 12% at the last close while the NCTY stock price fell by 7.03% during pre-market trading. The9 Limited (The9) is a Chinese Internet business that went public on the NASDAQ in 2004. The9 aspires to be a multi-faceted high-tech Internet firm.
What is happening?
NCTY has selected Coinbase Custody as the custodian for The9’s digital assets, including Bitcoin. Coinbase Custody is a fully owned subsidiary of Coinbase Global Inc. and also one of the world’s leading providers of certified digital asset custody.
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The9 intends to deposit some of the coins it has mined at Coinbase Custody. The9’s segregated cold storage account at Coinbase Custody, an institutional-grade offline cold storage service, will receive the first tranche of 200 Bitcoin. As The9 mines additional cryptocurrencies, The9 intends to boost contributions into this custody account from time to time.
Coinbase Custody is a fiduciary under New York State Banking Law and a qualified custodian. They are one of the leading custodians in the crypto business, with billions in assets under management and no customer monies lost. Clients’ digital assets are isolated and held in trust in their safe custody solution. Across all of its offerings, Coinbase Custody maintains what it considers to be an industry-leading insurance coverage to secure both online and physical assets.
In accordance with its risk reduction and management standards, The9 will keep the remainder of digital assets in multiple cold wallets.
Recent Past Development
NCTY announced the signing of a formal agreement to purchase Montcrypto Ltd, which is Canadian business, for the construction of a 20MW energy supply in Calgary, Canada. The cryptocurrency mining company of The9 benefits from Montcrypto’s carbon-neutral infrastructure, which delivers a cleaner and more ecologically friendly power source.
Montcrypto has secured natural gas procurement contracts with local oil extraction firms and aims to develop carbon-neutral cryptocurrency mining operations utilizing natural gas as a power source. The9 intends to spend a total of CAD7.6 million in Montcrypto in two steps to gain ownership of the company, according to the agreement. After the two phases are completed, the mining facilities will have a combined power capacity of 20MW, enough to power over 6,000 S19j Antminers.