How the Case of Longfin Shows the Extreme Volatility of the Cryptocurrency Market

0
860
longfin stock bitcoin

It doesn’t happen often that a CEO of a company denies the right for their won stock to increase. CEO Venkat Meenavalli of Longfin stated that the incredible rise in the companies stock is “insane.” Longfin is known as being the first financial technology or fintech company to be listed on the Nasdaq with an A+ rating. The listing is done bye a loophole created with the JOBS Act of 2012. This has certainly contributed to the high price increase that has occurred over the course of the past month out so.


Don’t Forget to Join our FREE Text list! From Your Cell Phone Text the Phrase CRYPTO to 474747


Longfin created a large amount of hype in the market as the stock rose by a large amount. After commencing trading at $5, the stock managed to rise to $5.35 by the next day. After that, the stock jumped up as high as $130 per share over the course of one day.

Meenavalli stated that during an interview, the company is profitable and on track to make over $60 million in revenue this year. The company’s price increase can be attributed to the acquisition of the company and website known as Ziddu and ziddu.com respectively. Ziddu is a blockchain-linked provider of business financing for small businesses in emerging markets. The company uses cryptocurrency such as bitcoin and ethereum. Because of the REG A+ status, the financial details for Longfin are quite hidden and scarce. The company has yet to release a statement on whether or not they were able to raise $50 million in equity capital, which was their goal.


Don’t Forget to Join our FREE Text list! From Your Cell Phone Text the Phrase CRYPTO to 474747


Many companies in the fintech space have begun to take off as the amount of hype in the cryptocurrency world increases by quite a large amount. The hopes are high that these companies will continue to contribute to the broader popularity of the crypto world.

LEAVE A REPLY

Please enter your comment!
Please enter your name here