Cheetah Mobile Inc (ADR) (NYSE: CMCM) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced news with regard to its break into the cryptocurrency sector, leading to excitement among investors and sending the stock screaming for the top. Today, we’ll talk about the news, what we’re seeing from the stock, and what we’ll be watching for ahead.
CMCM Gains Big On Cryptocurrency News
As mentioned above, Cheetah Mobile is having an incredibly strong start to the trading session this morning, and for good reason. The company issued a press release early this morning that led to excitement in the market. In the release, the company announced the release of its secure mobile cryptocurrency wallet. The new cryptocurrency product is known as Safe Wallet.
In the release, CMCM said that SafeWallet’s innovative three-tiered security defense system and easy-to-use interface allows users to safely and conveniently secure and manage their cryptocurrency assets. The three-tiered security defense system includes behavior, phone security and asset management to provide the maximum level of protection against loss or theft of cryptocurrency.
CMCM announced that SafeWallet currently supports the top two cryptocurrencies. These include Bitcoin (BTC) and Ether (ETH). However, the company also said that it would be adding more cryptocurrencies relatively soon. The app is currently available in the Google Play Store with an iOS version expected soon. In a statement, Edward Sun, SVP at CMCM, had the following to offer:
Cheetah Mobile’s move into the blockchain industry represents a significant moment for our company… Similar to our AI strategy, we are committed to staying at the forefront of the latest technological trends, and mobile asset security is an area that we believe we can have a strong impact.
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