Blockchain Penny Stocks: Seven Stars Cloud Group Shares Fall Despite Positive News

Blockchain penny stocks have suffered this year, as interest for blockchain technology has fallen drastically. Blockchain technology was the hot emerging tech in 2017 and companies that pivoted to include the new tech into their companies saw shares skyrocket.

Since then, many of these companies’ stocks have fallen drastically. The cryptocurrency market grew to almost $800 billion at the beginning of January but fell nearly $500 billion in a month.

Let’s take a closer look at a blockchain stock that has been moving positively on the market in 2018.

Seven Stars Cloud Group, Inc (NASDAQ:SSC)

Seven Stars Cloud Group is a blockchain-powered fintech company that originated in Beijing but has since moved to New York City. It is also known as ‘Ideanomics,’ and the blockchain penny stock has grown substantially in the last six months—uncommon for a blockchain company this year.

This morning, Ideanomics announced that it is has placed new key executives to lead its global expansion.

Robert G. Benya was formerly the President and Chief Revenue Officer and has now been appointed to Executive Vice Chairman. Alfred P. Poor has been appointed to Chief Operating Officer (COO).

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Bruno Wu, Chairman and co-CEO of Ideanomics, said:

“Robert and Alfred are exceptional executives with extensive start-up experience, product innovation achievements, and have successfully built very large and expansive new businesses. Under their leadership, the Ideanomics’ team is growing rapidly and these appointments puts [sic] us in the perfect position to be the global leader in asset digitization, securitization and tokenization.”

Together, the new execs’ strategic imperative will push Ideanomics ahead of its competition. Currently, Seven Stars Cloud Group is leading the blockchain penny stocks and blockchain-based fintech companies this year. With its recent move to NYC, it should benefit the company even further, seeing as it has been publically trading on Nasdaq.