For a long time now, company stocks soar when the company says they are getting involved with blockchain, and Riot Blockchain Inc. (NASDAQ:$RIOT) is no exception to this.
Formerly known as Bioptix Inc., Riot Blockchain used to make diagnostic machinery for the biotech industry. With its change in name also came a change in industry, with the company now investing in cryptocurrency-related business. Riot Blockchain has become a minority stakeholder in audit and accounting firm Verady LLC and in blockchain-based payments provider Tess Inc. Since these changes, the stock has gone from being no big deal to more than doubling itself – and everyone, it seems, wants in on the deal.
The hype doesn’t stop there. Bitcoin, the cryptocurrency that started it all, has seen a 700% increase, showing the masses of investors interested in the market. On top of that increase, there have been new digital tokens popping up left and right, and the market has boomed to $260 billion in market capitalization from $17 billion at the start of the year. Because bitcoin derivatives don’t trade on any major exchanges yet, those wanting to get in on the action aren’t always able to, so blockchain-related stocks are the investment alternative for those cautious of buying cryptocurrencies directly.
Riot Blockchain isn’t the only company seeing the benefits of dabbling in the world of blockchain. There is also 360 Blockchain Inc. (OTC:$BKLLF), formerly known as 360 Capital Financial. Their stock went up 300% when they announced that they would be investing in blockchain-related companies. Similarly, Overstock.com Inc. (NASDAQ:$OSTK) saw an increase in their stock when they launched their Securities and Exchange Commission-compliant digital tokens exchange, and Goldmoney Inc. (TSX:$XAU) has gone up by offering clients the ability to trade bitcoin and ether, and to store the assets in auditable and insured vaults.
Companies choosing to focus their investments in blockchain-related industries are, as such, reaping the benefits.
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