Benzinga | Nov 1, 2021 08:33AM EDT

Vinco Ventures Reports Its Spin Off, Cryptyde, Launched A Joint Venture, CW Machines, With Wattum Mgmt.; JV Will Be Focused On 'simplifying consumer ownership of BTC Mining equipment through the integration of smart contract technology'

Vinco Ventures, Inc. (NASDAQ:BBIG) today announced that its subsidiary Cryptyde has launched a Joint Venture, CW Machines LLC, with Wattum Management, a leading supplier of BTC mining equipment and services globally. The Joint Venture, CW Machines, is focused on simplifying consumer ownership of BTC Mining equipment through the integration of smart contract technology.

"The launch of this joint venture entity signifies the start of our expansion into the broader crypto and blockchain market," said Cryptyde CEO Brian McFadden. "We are excited to be working with industry vetarans such as the Wattum Management team and and look forward to the introduction of NFT's and smart contracts into the BTC Mining space."

CW Machines LLC launched operations with an initial order of 2000 Bitmain Antminer S19's paired with US based power allocations. Operations will include the sale of turnkey mining solutions with a focus on simplicity and affordability. Traditionally, an industry that can be very difficult and costly to enter, BTC mining is often intimidating to the average consumer. CW Machines will simplify that process and aims to provide an entry cost point that a majority of US consumers can afford.

"We are living through a fundamental evolution in the financial sector. With the advancement of crypto markets into mainstream America, the average consumer is only entering "after the fact" or after the coin exists. Our goal with CW Machines is too allow that average consumer the opportunity to be involved in the creation process of that asset through affordable access to crypto mining equipment," said Brian McFadden.