Wednesday, May 27, 2020

Web Hosting Company NameSilo Sells 84.299 Bitcoins for $839K

NameSilo Technologies Corp., a web hosting company sells 84.299 Bitcoins for $839K. This was at the rate of $9,957.15 per coin. The sale amounted to a little over $839K. Also, the Canada-based company was one of the first domain registrars to accept Bitcoin as a method of payment. This was made known by a press release on February 19, 2020.

NameSilo Technologies Corp Sells 84.299 Bitcoins for $839K

Per the press release, NameSilo Technologies Corp. recently sold 84.299 Bitcoins at a rate of $9,957.15 per coin. The value realized after the sale was $839,380.01, whereas the amount after tax deductions and other expenses was $822,592.41.

Furthermore, Kristaps Ronka, NameSilo LLC’s CEO, a subsidiary of NameSilo Technologies Corp. hinted on how the company amassed its Bitcoins. According to Ronka, NameSilo LLC was among the first domain registrars to accept Bitcoin as a method of payment from customers.

According to the CEO, the company aims to continually offer users better ways to interact with their web hosting platform. In addition, accepting Bitcoin allows the company to accumulate bitcoin over time. And then convert these bitcoins to cash at a later time.

Bitcoin’s Price Surge to $9,600

At the time of reporting, bitcoin currently seats at $9,600. However, this hasn’t been its best since the year began. This is because the crypto-asset surged to a year’s high of $10,500 on February 13, 2020. Consequently, if NameSilo LLC had sold around that time it would have realized about $885,000. And if it had sold in December 2017 when a single Bitcoin was priced around $20,000, the company would have easily realised about $1.7 million.

Also, there has been a surge in the number of domain registrars accepting bitcoin globally. Some web hosting and domain services companies that accept the virtual asset include Namecheap, Hostinger, Heficed, Hostwinds, among others.

About NameSilo LLC

NameSilo LLC, on the other hand, is a provider of domain name registration services. The platform began accepting Bitcoin in 2014, and fees are not charged for Bitcoin deposits just like other supported payment methods like PayPal, Credit card, etc. Namesilo had stated in an email to its customers in 2014:

“Responding to customer requests to support more payment options, we are very excited to announce the addition of 2 new payment methods…We have chosen to support Bitcoin due to its wide-ranging availability and its track record for offering a secure and flexible payment platform.”

What’s more, the company revealed that it is an accredited ICANN registrar, and one of the fastest-growing domain registrars in the world. This is as a result of over 3.3 million active domains it manages, as well as, over 240,000 customers that use its platform.

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