Cryptocurrency is huge. For the most part, it has proven to be quite beneficial – despite having a number of price crashes lately – so it’s no surprise that the corporate world is starting to get more heavily involved with cryptocurrency and the technology behind it, blockchain.
That being said, there’s one company in particular that has tried to make the move into cryptocurrency, and despite optimism from the company’s management, it appears the market feels differently.
What’s Been Going On?
Glance Technologies (CSE:GET) (OTCQB:GLNNF) is a Canadian company known primarily for its work in the application software industry. It has a market capitalization of $188.43 million.
Just last week, I reported that Glance Technologies stock was trading down nearly 5%, which was surprising to me considering the company had only announced the month prior that it had finalized its acquisition of cryptocurrency technology BlockImpact. Considering the hype surrounding cryptocurrency, I would have thought that that sort of announcement would cause enough of a stir amongst investors that optimism for the stock would have carried out through the first month of the new year
But, today, Friday, January 19, Glance Technologies is trading down more than 10% on the Canadian Securities Exchange. Why? I’m not entirely sure, considering the company just made a relatively positive announcement yesterday.
What Happened?
For anyone who doesn’t know, Glance Technologies has developed a brand called Glance Coin, aimed at targeting an upscale cryptocurrency audience. Then, on Thursday, the Vancouver-based company disclosed that out of the 4 technology licenses that it signed, one included the right to offer the Glance Coin as a group of smart contracts which would allow for businesses to make rewards available to consumers.
That sounds like good news, right? Even Glance President Penny Green stated Thursday that Glance Coin is going to be a “key aspect of Glance’s strategy moving forward,” adding that the company plans to “enter the market as THE cryptocurrency for consumers.”
A pretty bold statement, but not necessarily unpalatable. That said, the market didn’t seem to agree. As of this writing, one day after the announcement, Glance Technologies is trading at $1.41 on the Canadian Securities Exchange, putting the stock down $0.21, or 12.96%, and making it one of the exchange’s losers of the day.
Featured Image: Twitter
