In the release, LFIN explained that Ziddu.com is an ERC 20 Ethereum-Blockchain-empowered Smart Contract Provider. According to the release, Ziddu.com is currently the only marketplace for decentralized smart contracts. Essentially, the Ziddu Ethereum ERC20 Blockchain Token utilizes a technology stack in which Smart Contracts run in distributed virtual machines. From there, these contracts run on a Consensus Settlement Algorithm, also known as CSA.
In the release, Longfin announced that Ziddu Smart Contracts are now available for Trade, Finance and FX markets. The company also said that it is preparing to launch Smart Contracts for bullion financing. This should take place during the second quarter of 2018. LFIN also said that it has plans to make the Contracts available for peer-to-peer lending, warehouse financing, structured products, and FX/OTC derivative segments. In a statement, Venkat Meenavalli, Chairman at LFIN, had the following to offer:
It will take some time for the technology to develop to maturity and for the market to shake-out. In the meantime, Longfin has developed a high degree of interest and effort into the development of Smart Contracts. We see them as a critical component in distributed ledgers for pre-&-post settlements, and there is an opportunity in creating a ripe scenario for disruption.
What We’re Seeing From The Stock
As investors, one of the first things that we learn is that the news moves the market. Recently, news surrounding the blockchain has created some of the largest moves that we’ve seen. So, with the announcement by Longfin of the launch of Ziddu Smart Contracts, it only makes sense that we’re seeing strong gains in the value of the stock today. Currently (12:21), LFIN is trading at $47.05 per share after a gain of $3.88 per share or 8.99% thus far today.
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