Longfin Corp (NASDAQ: LFIN) is having an overwhelmingly strong day in the market today, with gains that are better explained in multiples rather than in percentages. The gains are ultimately the result of news that was released late last week, bringing the company into the crypto-related run on various tech and financial stocks. In fact, LFIN is joining the likes of DPW, OTIC, and others that have run on recent announcements of crypto-involvement. Today, we’ll talk about the news that was released, what we’re seeing from the stock, and what we’ll be watching for with regard to Longfin Corp ahead.
LFIN Makes A Key Crypto Acquisition
The gains that we’re seeing on Longfin today are actually the result of news that was released last week. The company announced that it had acquired Ziddu.com, a blockchain empowered system that offers microfinancing. The system runs on a proprietary smart contract called Ziddu Coin and is ultimately designed to make cross-border transactions and micro financing easier to accommodate. In the process, the company will earn interest that ranges from 12% to 48%, dependant on risk. In a statement with regard to the acquisition, Venkat Meenavalli, Chairman at LFIN, had the following to offer:
“The advent of Blockchain technology has caught the imagination of the global financial services industry; blockchain is emerging as a technological revolution that is set to disrupt the financial services infrastructure. Cryptocurrencies such as Bitcoin and Ethereum will act as a global financial currency to avail credit against hard currencies of many emerging markets.”
What We’re Seeing From The Stock Today
With all that we’ve seen from Longfin and others that are making a splash in the blockchain and cryptocurrency space, if you’re not looking for these types of companies, you’re likely missing an opportunity. Nonetheless, many are realizing the opportunity today with LFIN trading on massive gains. Of course, our partners at Trade Ideas have been lighting us up with alerts surrounding the stock. Currently (11:24), LFIN is trading at $61.64 per share after a gain of $39.63 per share (180.05%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on LFIN. In particular, we’re going to be keeping an eye on the company’s new venture with the acquisition of Ziddu.com, and we’re excited to see the revenue generated. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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