For most of the year, blockchain penny stocks have dropped significantly. There has been one penny stock that has stood out from the rest, and it just pushed passed the $5 mark once more.
Seven Stars Cloud Group, Inc. (NASDAQ:SSC) or “Ideanomics” has climbed back up to over $5 a share, a figure that hadn’t been reached since late-August.
Blockchain Penny Stock No More, Seven Stars Above $5 Again
Seven Stars Cloud Group is a blockchain and artificial intelligence-driven Fintech company, based out of Beijing, China. About a week ago, the Fintech group acquired Grapevine, a leading influencer marketing company. Seven Stars’ blockchain technology may be able to help Grapevine immensely.
The company plans on tokenizing assets on the Grapevine platform to revolutionize the way influencers and celebrities engage with brands, fans, and communities on a global scale.
The Grapevine announcement slightly boosted Seven Stars’ share prices, but today’s big announcement pushed its price above $5, taking the company out of the blockchain penny stocks listing.
First Auto Loan Deal
This morning, Seven Stars Cloud Group announced that it just signed a monumental three-year $6 billion deal with First Auto Loan. First Auto Loan is China’s leading auto financing company.
CEO of Seven Stars, Bruno Wu, said:
“This exemplary opportunity represents the blockchain-based fintech services that Ideanomics has set forth to accomplish as part of our Company’s Fixed Income Financial Digital Asset Strategy. It truly represents a paradigm shift in global financing activities and Ideanomics will continue to set a trailblazing path which will benefit all aspects of automotive and ride-sharing industries.”
According to Statista, China is the largest ride-sharing market in the world and ride-sharing is supposed to see a growth rate of 18% through 2022. This collaboration is set to revolutionize the auto financing agreement we know today.
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Seven Stars Stock Movement
According to Yahoo Finance, SSC is trading at $5.13 a share, up $0.66 (14.77%). For the month, SSC is up 130.04% and year-to-date, the stock is up 5.7%.
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