Xunlei Ltd (NASDAQ: XNET) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company announced news with regard to the blockchain, exciting investors and sending the stock screaming higher. Today, we’ll talk about:
- The blockhain news that was released;
- what we’re seeing from the stock as a result;
- and what we’ll be watching with regard to XNET ahead.
XNET Announces Blockchain News
As mentioned above, Xunlei is having an incredibly strong start to the trading session this morning after announcing blockchain news. In a press release issued early this morning, the company announced that it has launched ThunderChain. According to the release, ThunderChain is a high-performance blockchain platform that has the capability of conducting millions of transactions per second.
This is a key change in the world of Blockchain. At the end of the day, one of the biggest hurdles in the world of cryptocurrency has been ability to scale. With ThunderChain’s ability to process millions of transactions per second, scalability is no longer a concern. XNET expalined that the ThunderChain blockchain is run on the company’s proprietary homogeneous multichain framework.
In the release, the company also announced a new partnership. XNET said that it has partnered with InfoQ. InfoQ is a leading global community for tech developers. The new partnership is designed around hosting a Blockchain Applications Global Challenge. The partnership is built on the goal of developing blockchain applications and cultivative talents to help overcome some of the most complex challegnes that industries like logistics, healthcare, and education are facing. In the release, the company said that winning teams will receive both cash prizes and the opportunity to receive angel investments in addition to opportunities to learn from experts.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to trade is that the news moves the market. In the case of Xunlei, the news proved to be overwhelmingly positive. Not only has the company launched ThunderChain, it plans on hitting the market with a splash by getting some of the world’s top developers to compete while creating applications to run on their branded blockchain. So, it’s no surprise that the stock is making its way for the top. At the moment (9:20), XNET is trading at $13.20 per share after a gain of $0.54 per share or 4.27% 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 XNET. In particular, we’re interested in following the story surrounding the company’s newly launched blockchain and watching to see what apps are created through the partnership with InfoQ. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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