Several days after announcing that it wanted to explore blockchain-based infrastructure, SPI Energy Co. Ltd. (NASDAQ:SPI) has released its next steps into the crypto world. SPI Energy announced earlier today that it has partnered up with Hoofoo Inc., a leading hack-proof cryptocurrency wallet for iOS and Android phones.
The result is a stock boost of 50% for SPI Energy. At the time of writing, SPI Energy stock is trading at $1.29, which puts it up $0.43 (50%) from the previous closing price of $0.86. So far, the day’s range has gone from a low of $1.03 and a high of $1.37.
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Working together, SPI Energy can now distribute Hoofoo’s crypto wallet across the globe through SPI Energy’s many international connections in Europe, the United States, Australia, and China. SPI Energy and Hoofoo will also be working together to advance the technology front.
SPI Energy is making quick work of its promise to move into the blockchain space after its initial establishment of the blockchain-based infrastructure application division in California, announced on Monday. By partnering with an established crypto company, like Hoofoo, SPI Energy has now firmly entrenched itself within the blockchain space.
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The move is exciting investor interest, as is evidenced by the 50% stock jump occurring at the time of writing. At the moment, SPI Energy’s stock is trading just shy of the highest point it reached on Tuesday, which was around $1.32, so I’ll be interested in seeing how much today’s crypto announcement can outrank the last one. So far, today the stock has been on the uptrend, but it has started to decline a bit from it’s high of $1.37 now. There are still a few hours left in trading today, so it’ll be interesting to see where SPI Energy’s stock will close at the end of the day.
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