Snap Interactive Announces Entry Into The Brave New World Of Blockchain

Snap Interactive, a leading provider of live video social networking applications, is boldly going where dating sites haven’t gone before. The company is closing out 2017 with a multipoint plan to capitalize on the growth potential and technological capabilities of blockchain technology and cryptocurrency.

SNAP has quickly made strides to get the new initiative underway via internal development, partnerships, and investments.

Upon the initial announcement of the Blockchain Platform in early November, the company appointed blockchain expert and former MySpace CEO Mike Jones to the Board of Directors. Jones is also the inaugural member of SNAP’s new Blockchain Advisory Board, followed by Wall Street crypto expert and venture capital veteran Lou Kerner later in the month.

SNAP’s in-house blockchain development team conducted an extensive R&D analysis to identify blockchain and cryptocurrency applications aligned with the existing product portfolio and its social video mission. As a result of this effort, the company has begun execution on immediate integrations, including accepting bitcoin for payment via payment processors.

Future steps of the Blockchain Platform strategy include:

• Beginning development on SNAP's first blockchain-based new product initiative and potential token creation opportunity, leveraging SNAP’s live video platform and the security, privacy and decentralization native to blockchain technology
• Partnerships with blockchain companies to help further SNAP's platform development and augment its blockchain and cryptocurrency growth portfolio
• Strategic equity or token investments in blockchain companies aligned with the company's roadmap or scope of expertise
• Exploration of strategic opportunities with companies with blockchain capabilities or untapped potential to leverage SNAP’s market position, expertise and blockchain technology

In December, SNAP announced a strategic partnership with blockchain security innovator Gladius Network. Their partnership is expected to focus on accelerating the development of Gladius's security solutions and as well as Backchannel, SNAP’s new video-enabled secure messaging service built on blockchain technology.

Looking forward to 2018, SNAP will co-host the Blockchain Investors Evening with Investment Research on January 17 in New York City. The event will be an opportunity for blockchain investors to network with other investors and capital markets experts interested in the space, and to speak directly to senior executives of publicly-listed companies embracing blockchain technology.

"Our Blockchain Platform strategy is the next logical step for SNAP, as a pioneering technology innovator with a portfolio of 26 issued patents,” said Jason Katz, SNAP’s Chairman. “ We have always been at the forefront of adoption of game-changing technologies to deliver social video applications, and we see blockchain and cryptocurrency as the next wave in providing private, secure and decentralized solutions.”