Despite having dropped by 12.9% to USD$6.21 at market close on April 14th, 2021, Taoping Inc. (TAOP) stock prices are up by 11% to hit USD$6.87 during pre-market hours. This increase is in line with positive developments over the past month, which has seen TAOP enter various agreements and deals to bolster its financial outlook.
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Agreement with Ordo
Most recently, TAOP announced exclusive strategic cooperation and joint operation agreement with Ordo Blockchain Cloud Computing Technology Co., Ltd. With the help of the cloud service provider, TAOP hopes to collaboratively establish and operate a trading platform running on GPU cloud computing power. This platform is anticipated to be a successful model for Cloud Computing for Ordos City Industrial Park.
Taoping G Cloud
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As per the agreement, TAOP will invest in the deploying of 10,000 GU cloud servers and associated data cabinets. Furthermore, the two companies will develop and operate Taoping G Cloud, with Chain Cloud Tech ensuring the efficient and cost-effective running of the service.
TAOP to Facilitate Distance Learning
This move will facilitate the requirements TAOP agreed to with Shanghai Guanghua Education Investment Management Co., Ltd. in their collaboration in regard to cloud desktop and digital education. Taoping G Cloud will provide service to over 10,000 students across Guanghua School faculties, with plans to expand across a wider demographic of students.
New Blockchain Division
Taoping G Cloud is also planning to provide stable and sustained computing power to TAOP’s Blockchain and Digital Assets Business Division. This new division was announced earlier in March of 2021, with TAOP entering strategic cooperation with BitFuFu.com later on in the same month. Together, they hope to facilitate the advancement of blockchain technology and digital currency business by leveraging their corresponding resources.
Prospective Future for TAOP
With all these developments and a recent IPO that generated USD$3.35 million in working capital, TAOP seems poised to capitalize on the continued distance-learning trend during the pandemic, as well as on their foray into Blockchain and NFT sectors.