Longfin Corp triples in value after acquiring blockchain outfit Ziddu.com
Speculators piled into fintech stock Longfin Corp (NASDAQ:LFIN) as it snapped up blockchain-empowered solutions provider Ziddu.com.
Ziddu.com uses the blockchain technology to offer microfinance lending against collateralized warehouse receipts in the form of Ziddu coins.
Ziddu coins are loosely pegged to the digital currencies ethereum and bitcoin.
The importers/exporters convert offered Ziddu coins into ethereum or bitcoin and use the proceeds for their working capital needs. At the end of the contract, importers/exporters will realize their proceeds and pay back their funds through crypto-currencies only. Depending upon the risk profile of the counter-party, the interest will vary from 12% to 48%.
“The advent of blockchain technology has caught the imagination of the global financial services industry,” said Venkat Meenavalli, chairman of Lonfgin.
He can say that again; the shares of Longfin shot up 217% on the news, lifting the market capitalization of the company up to US$285mln.
“Blockchain is emerging as a technological revolution that is set to disrupt the financial services infrastructure. Crypto-currencies such as bitcoin and ethereum will act as a global financing currency to avail credit against hard currencies of many emerging markets,” Meenavalli added. Corp.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/188900/longfin-corp-triples-in-value-after-acquiring-blockchain-outfit-zidducom-188900.html
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