Domain Name Provider Sells $800,000 in Btc Ahead of Sell-Off

Francisco Memoria

NameSilo, a domain name provider that accepts bitcoin as a payment method, has offloaded over $800,000 worth of the flagship cryptocurrency last month, ahead of the sell-off that nearly cut BTC’s price in half.

According to a press release published by the firm, it sold 84.29 BTC at the rate of $9,950 to get over $820,000 in net proceeds from the sale. CryptoCompare data shows that at current exchange rates, the cryptocurrency sold would be worth less than $400,00, as one BTC is trading for little under $4,600.

In the press release its CEO Kristaps Ronka stated:

NameSilo was one of the first domain registrars to accept Bitcoin as a payment method. We strive to accommodate our customers by allowing them the flexibility on how they transact with us. Giving clients the option to use bitcoin means we accumulate bitcoin over time and accordingly from time to time will convert our bitcoin to cash.

The move was notably as often firms who accept BTC payments use a payment processor to convert the funds into fiat currency and avoid managing the cryptocurrency directly. As NameSilo doesn’t convert the funds immediately, it avoided the sell-off.

NameSilo is a publicly traded company, trading under the ticker “URLOF.” It was trading at $0.37 at the beginning of the year, but it has dropped to $0.21 as it was affected by a wider sell-off in equities markets as well.

Featured image via Pixabay.