Seagate Shares Soar On Report Of Investment In Cryptocurrency

Shares of hoop drive association Seagate Technology (STX) were drifting Monday, reportedly due to the investment in a cryptocurrency that has soared in value, though it was falling on Monday.

X In May 2015 a news from CoinDesk, described as a personality in blockchain news, pronounced Seagate invested in digital payment network association Ripple Labs, in the enterprise to turn an “active participant” in blockchain technology.

Ripple Labs, founded in 2012, uses the Ripple custom and the possess local digital currency, called XRP as a way to pierce income internationally.

Seagate shares were up 9.5%, nearby 47 during morning trade on the stock marketplace today. The batch was primarily up 16%. Ripple plunged 31%, however, according to CoinMarketCap.

According to Value Street Research, Seagate invested in the Series A and B of Ripple Labs, owners of 61% of XRP, a top-three cryptocurrency. Value Street says Ripple land of XRP are now value more than $180 billion on the market.

According to CoinMarketCap, there are now 100 billion sum XRP in existence, of which Ripple owns 61 billion. Value Street said.

The duration arise of cyrptocurrencies such as Bitcoin and Ripple has finished more than make some investors abounding overnight. It’s also put blockchain – the program record enabling Bitcoin and other cryptocurrencies — on a arena of the own.

More to follow.

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Article source: https://www.investors.com/news/technology/seagate-shares-soar-on-report-of-investment-in-cryptocurrency/

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