By Chris Wack
Singularity Future Technology Ltd. shares were up 6% to $9.43 after the company said it is expanding into a new Internet Data Center facility in Cedar Knolls, N.J.
The cryptocurrency company said it will be sharing the 300,000 square foot facility with other companies.
Singularity Future said it will continue to invest in its distributed storage service in North America as it increases its cryptocurrency and blockchain-related businesses.
The new location will serve as the anchor for Singularity Future Technology’s planned new distributed storage center business, with responsibility for the daily operation and maintenance of the data center, with secure remote data monitoring.
The company said New Jersey was selected after a thorough evaluation due to its business-friendly environment and climate, strong cultural atmosphere, and pool of highly qualified employees from respected universities and leading scientific research institutions. New Jersey’s adjacency to New York, and the facility’s ability to accommodate commercial expansion all combined to make it an ideal location to serve as the foundation for building a large-scale data storage center.
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