Markets started the day appearing to trade with the bullish momentum that has dominated the week, and indeed the year, for equities. The surge dampened, however, and major indexes have moved into the red at the time of this writing.
The sagging momentum appears to be driven by a combination of profit taking after a nice run of gains combined with emerging shakiness for the US tax reform effort currently navigating its way through the legislature.
Blockchain technology remains one of the hottest plays on the market. It has driven many of our recent Top Performers, and today is no exception. The excitement for blockchain and cryptocurrency related stocks continues to provide a reliable recipe for dramatic same-day gains in the current market environment.
Longfin NASDAQ:LFIN is a leading financial technology firm. Like most firms announcing new blockchain business lines in recent weeks, LFIN’s stock exploded upward after announcing its acquisition of Ziddu.com this morning.
Ziddu.com, based on the “Ziddu Coin” currency, offers “smart contracts,” that allow businesses ranging from processors to manufacturers to importer/exporters to execute cryptocurrency contract across national and continental boundaries. While loosely pegged to Ethereum and BitCoin, Ziddu does constitute its own crypto ecosystem.
Firms using Ziddu will be allowed to convert Ziddu Coins into Ethereum or Bitcoin for use as working capital. Interest rates on coins fronted for import/export, for instance, will be subject to interest rates from 12% and 48%, which can be dynamically set for the risk profile of the counterparty.
Investors piled into the stock on the news, driving it to gains over 130% at the time of this writing.
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