TAAL reports ‘significant milestones’ amid ‘year of transition’ for FY 2020

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Canada-based TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC: TAALF) has filed its 2020 fiscal year-end financial results, reporting “multiple and significant milestones” for the enterprise blockchain transaction processor in the past year.

“2020 was a year of transition for TAAL. Despite the challenges of the global pandemic, 2020 marked multiple and significant milestones for TAAL in building the infrastructure, capacity, and global expertise to enable us to execute our strategic plan,” said TAAL CEO Stefan Matthews. “We see evidence of Blockchain technology moving significantly closer to mass adoption. Our infrastructure and product innovations, built on the BitcoinSV protocol with its scalability and ultra-low transaction fee advantages, position us to enable enterprise transformation across global markets using this technology. I congratulate our entire team on their hard work and commitment towards preparing TAAL to be a global blockchain leader.”

Key highlights

From the first day of 2020 to the last day of 2020, shares of TAAL stock ($TAALF) increased by 100%, rising from C$.98 to C$1.96.

At the time that TAAL filed its financial report, TAAL had 74,000 BSV in its treasury. Earlier this year, TAAL announced that it would be adding all of the BSV that it wins from mining blocks to its treasury and no longer selling that BSV (for the time being). As a result, there will be less sell-pressure on BSV, and as the price of BSV increases, the BSV that TAAL has mined will become more valuable, as will TAAL’s treasury.

Speaking of mining, TAAL mined a minimum of 30 blocks per day and averaged 45 blocks per day in q1 2021—among these blocks it mined was the world record 638 MB block. TAAL has plans to continue expanding its mining operation and has a goal to have 400 petahash pointed at the Bitcoin network by the end of the year.

In 2020, TAAL also made several key hires in its C-suite and senior management roles. TAAL also opened an office in Zug, Switzerland, which is considered to be one of the most progressive blockchain innovation hubs in the world.

To learn more about TAAL’s 2020 financial performance, as well as the company’s key hires, head over to TAAL’s newly designed website, to find out more.

See also: Equity analyst John Pitts and fintech expert Len Mazur discuss TAAL, Bitcoin and the transaction processing industry