Santo Mining Corp (OTCMKTS:SANP) is one of the few vertically integrated companies in the cryptocurrency and blockchain development space. Not too long ago, the Santo Mining stock had gone through a strong rally but on Wednesday it corrected a bit.
Trading Data
On Tuesday, SANP stock fell 7% to $0.0016 with more than 72.52 million shares, compared to its average volume of 89.27 million shares. The stock has moved within a range of $0.0014 – 0.0019 after opening trade at $0.0017.
Santo Blockchain Labs Development of Crypto ATM White Label Code Name AMAZONIA(TM)
That being said, it is also necessary to keep in mind that on Wednesday the company made a significant announcement as well. The company announced yesterday that it was developing a backend white label software solution that is meant for deployment on teller machines which are crypto automated. The product in question is named AMAZONIA.
It is a software that is going to function as the foundational software for crypto ATM machines. The crypto ATMs, which are going to be powered by the software, are going to be sold in the Caribbean and Latin American nations. It was also announced that the sales of those machines were going to made by way of a franchise model.
The modus operandi of the operation is to create a while label solution in order to make a franchise from out of the crypto ATMs. It now remains to be seen if this announcement leads to any move in the Santo Mining stock today or not.
Key Quote
Mr. Frank Yglesias CEO of Santo Blockchain Labs stated; “With the up coming arrival of 50 crypto ATMs of our initial order of 300 in April of this year in Panama. The Company will focus on the physical deployment of 10 machines using the AMAZONIA™ white label backend and our SANTPay® frontend. To have a fighting chance in hell to deploy 300 plus machines, we must have a franchise model; Latin America and the Caribbean is very diverse, culturally, politically and linguistically, beside a terrain of double the size of USA.”
Technical Data
SANP stock is trading above the 20-Day and 50-Day Moving averages of $0.0016 and $0.0014 respectively. However, the stock is below 200-Day moving average of $0.0024.
