The energy company Global Energy Resources International Group, despite millions of dollars losses on crypto-currency investments, announced plans for rebranding, within which its new name will indicate a link with the blockchain industry. This is reported by CoinDesk.
The application for the change of name has already been submitted to the Hong Kong Stock Exchange, where its shares are traded. The Chinese company name will be changed to Global Token Limited.
The application states that the company has launched crypto-currency trading platforms in Hong Kong in recent months, and has also made several investments in crypto-currencies and technologies based on the blockchain.
According to Global Energy Resources International Group, the total volume of its investment in crypto-currency assets at the end of June was $ 2.4 million. Due to the fall of the market, the company lost almost 50% ($ 1.02 million). At the moment, among the company's crypto-currency assets are 2 135 ETH and more than 20 million XPA tokens.
Global Energy Resources International Group is headed by Chinese billionaire Chen Ping.