The stock has grown over 400% in less than two months.
Companies: TechFinancials, Inc.
Trading technology provider TechFinancials (LON: TECH) has seen a sharp spike in its share price today after it provided an update on CEDEX, in which it currently owns a 2% stake in.
According to its website, CEDEX is "the first ever certified blockchain-based diamond exchange". TECH has the option to acquire a further 85% in the company.
CEDEX is currently in the process of a 50 million digital coin Token Sale (the process of generating and selling a new cryptocurrency).
Due to increased demand, CEDEX has decided to increase the number of Cedex Coins available for sale during the pre-sale phase from 10 million coins to 25 million coins, thereby reducing the number of coins on offer during the sale phase.
It has also decided to push back the date of its regular sale phase in order to accommodate the increase in demand in the pre-sale phase, whilst also allowing those from Japan to participate in the sale.
The update explains...
"The Japanese Financial Services Agency has clarified its position on Public Token Sales and has established a requirement that tokens be registered on a Japanese regulated exchange prior to a token sale. Japan has long been a leader in cryptocurrency adoption and acquiring of such currencies and represents a major potential market for CEDEX. As such, CEDEX felt obliged to reschedule the pre-sale in order to try to accommodate the Japanese market."
The increased demand for CEDEX coins and potential exposure in Japan have helped push shares in TechFinancials up over 20% to 35p in trading this morning.
TECH announced after Christmas its share purchase agreement with Cedex, in which it detailed its 2% purchase and option to purchase a further 90%. This has now been diluted to 85%.
The stock spiked in November 2017 after it announced it was selling two of its subsidiaries for a total of $400,000 in order to further fund its Blockchain-related operations. It has grown by more than 400% in less than two months to today's current price of 35p.
