UK Gaming company Veltyco Group announced today that it has “commenced discussions with blockchain and cryptocurrency providers” about potential partnerships. Afterwards, its stock price leaped 20% at the open on London’s AIM growth market.
Also Read: Market Optimism Declines as Bitcoin Futures Euphoria Ends
Shares Jumping 20%
Veltyco Group, the online marketing company for the gaming industry, said it “has commenced discussions with blockchain and cryptocurrency providers to enter into partnerships”. According to its announcement, Veltyco hopes to create a cryptocurrency wallet that it can market to its customers. The company detailed:
“Veltyco is planning to offer its customers the use of a crypto wallet that can be used across the platforms of all of Veltyco’s partners, allowing customers access to each platform without having to make separate deposits on the individual’s platform as well as enabling Veltyco to cross-sell the different platforms to its customer base.”
In reaction to the news, Veltyco’s shares, which are listed on London’s AIM growth market, jumped 20% at the open. The stock has settled back to a 14% gain.
East or West, Blockchain Is the Best
Governments worldwide may not be united in their attitudes to bitcoin, but they tend to be supportive of the blockchain technology. Blockchain is the cryptographic technology that underpins digital currencies, allowing them to be decentralized, open systems. Investors see great potential in this technology to disrupt the world for the better.
In fact, Veltyco is not the first company to see its stock jump after tapping into the crypto and blockchain industry. A British company On-line Plc jumped as much as 394 percent in October after announcing plans to change its name to On-line Blockchain Plc. Fintech business Longfin rallied 2,600% in a week after buying “a blockchain-empowered global micro-lending solutions provider” that handles cryptocurrencies.
Chinese companies also turn to blockchain for possible opportunities. Ping Shan Tea Group is a Hong Kong stock exchange listed tea manufacturer. The company changed its name into Blockchain Group Company Limited this November after suffering losses three years in a row. The company spokesman explained that with a name bearing blockchain, they will be able to quickly build up a new corporate image.
Do you think more companies will pivot to the industry? Let us know your thoughts in the comment section below!
Images via Shutterstock, Sina Finance.
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