Company grows +2000% after news on blockchain firm acquisition

The shares of Longfin, a company focused on various financial services with artificial intelligence elements have grown in price by 2000 percent — this fantastic number is reported by the American CNBC television channel. The growth reason is the acquisition of Ziddu, a blockchain firm, from Meridian Enterprises in exchange for 2.5 million of Longfin’s shares.

The fervor of investors was not even stopped by the fact that 95% of Meridian Enterprises belong to Longfin’s CEO Venkat Meenavalli. Apart from this, Ziddu, as seen in the documents filed for the United States Securities and Exchange Commission, is just making a blockchain for microlending and warehouse financing, and not some technology that will revolutionize the way people around the planet live, as one can easily think by looking at this serious growth of shares’ price. And more: documents presented for the IPO contain even stranger statements that any investor should be ready to lose all investments in their project.

The news reminds of a similar occasion, when the added “blockchain” to the title was enough to quadruple the shares value of a British firm.