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Shares of camera company Life Clips have skyrocketed over the past two days, after the company revamped its branding and announced a switch to blockchain.
At the end of yesterday, the company’s over-the-counter stock price rose to $0.0569, nearly 3,061% higher than the closing price two days earlier.
Earlier on Wednesday, July 14, Life Clips said it had agreed to acquire Belfris Group, a blockchain technology company that specializes in operating cryptocurrency exchanges on its platform and operating in Malaysia, Singapore, India, Kenya, Tanzania, Nigeria and Bahrain.
The stock market is still very willing to welcome emerging companies in the crypto space.
Almost immediately after that, stock trading volume exploded, with 2,894,175,888 shares changing hands, a whopping number compared to the previous average trading volume of 92,544,385.
A representative of Belfris Group also said that the company is valued at $ 400 million and is ambitious for a valuation of $ 10 billion by 2023.
An earlier popular Life Clips product.
Shortly after the announcement, Life Clips also created a new website describing the company as a distributor of disposable and wireless rechargeable batteries for mobile phones. Life Clips says it is also the parent company of Cognitive Apps Software Solutions, an AI-powered mental health analytics platform.
Suffice to say, crypto-related brand appeal is still something crazy and can completely change the face of a company. Life Clips was founded in 2013 and previously only developed and manufactured small-sized cameras specializing in action scenes, and supplied single-use batteries for mobile devices.
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