Believe the Hype! Blockchain Integration Sends Shares Soaring… Again
Canadian startup Mogo has joined UK-based On-Line PLC in seeing its share price rocket from Blockchain integration.
The online lender saw its biggest rise since it launched an initial public offering (IPO) two years ago on hints cryptocurrency functionality could soon come to user wallets.
From a low of CAD$3.93 ($3.06) Oct. 26, Mogo took off to a high of CAD$5.15 ($4.01) in two days following the announcement.
"Canadians, especially tech-savvy millennials, want a safe, trusted and easy way to own and ultimately use Bitcoin and other cryptocurrencies," president and CFO Greg Feller said in a press release about the integration Monday.
“...We believe Mogo is uniquely positioned to offer consumers the ability to own and use cryptocurrencies in a simple, transparent and trusted way."
Last week, Cointelegraph reported on the Blockchain hype phenomenon acutely affecting legacy company share performance.
Little-known On-Line, on the market since 1996, saw its biggest valuation increase in over a decade after it changed its name to include ‘Blockchain.’
"Blockchain technology will clearly have a profound impact on the next generation banking experience and we are excited to begin adding this into our product and platform roadmap,” Feller added.
At the same time, “tough times” for incumbent oil giant PetroChina is seeing the global economy witness the biggest share crash in history.
Since 2007, the company has depreciated by an unprecedented $800 bln due to “multiple factors,” Bloomberg reports.
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