How About an ICO? Company’s Stocks Rocket 400% On Blockchain Rebranding//Chinese may trade again.

How About an ICO?
Company’s Stocks Rocket 400%
On Blockchain Rebranding

It’s not just initial coin offerings (ICOs) that are acting like magic

– the word ‘Blockchain’ has just revolutionized one company’s finances by 400 percent. UK-based On-Line PLC, which supplies Internet-related software through various subsidiaries, saw its share price rocket from £15 ($19.60) to a high of £84 ($110) in hours after it announced it was adding ‘Blockchain’ to its name. On-Line, which has been around since the start of the Internet boom in 1996, saw unprecedented trading based on the news, Bloomberg reports. Shares in the company are currently retracing after the sudden spike to circle around £60. The performance mimics that of multiple altcoins following news about their interaction with the mainstream cryptocurrency market.

“We feel the time is right to re-name the company to reflect these developments, where we believe the future growth will be in our sector,” a statement released Thursday explains, calling Blockchain “new and exciting.” The day’s growth puts On-Line’s market cap at £4.17 mln and reflects the continued buzz around Blockchain which is seeing an increasing number of corporations go in for experimenting with it. This week, ratings agency Moody’s nonetheless said Blockchain’s disruptive potential still made it a distant threat, albeit one which would likely inevitably shake up the norm when it hit.

Chinese Might be Able to Trade
Bitcoin Again Soon

19th National Congress of the Communist Party of China,

the most important conference in China this year, ended on Oct. 24. With the end of the conference, some temporary regulations and policies are canceled as well. Among the regulations, the shutdown of Bitcoin trading in China might be one. On Oct. 28 ZB.com, which is a new cryptocurrency trading platform, announced that all trading functionality will be available from Nov. 1. Users can sign up for accounts and deposit now.

The platform claims that people all over the world, including those in mainland China, can exchange and trade on the platform. The languages of the website are Chinese and English. However, it’s too soon to state that the regulation toward Bitcoin and other cryptocurrencies is invalid. Maybe the platform will be closed by the government soon. Nevertheless, there are also people saying that the Chinese government is behind the platform.

Offline trades become popular after regulation

For now, nobody knows exactly what’s going to happen after Nov. 1. It's good news if Chinese Bitcoin traders may operate more easily. Since the shutdown of Bitcoin trading platforms in China, people have started to trade Bitcoin through Taobao, which is the Chinese version of eBay which belongs to Alibaba Group, Wechat chatting group, and QQ chatting group. Offline trades have become popular between Chinese Bitcoin traders.

Chuck Reynolds

 


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