(Alliance News) - Online Blockchain PLC on Thursday said it has noted the recent rise in the company's share price and trading volumes.
The stock closed up 2.0% in London at 49.97 pence a share. For the year gone by, Online Blockchain shares have more than tripled.
The cryptocurrency company associated the move with its recent GBP400,000 equity raise via a placing of 1.8 million new shares through Monecor (London) Ltd, which trades as ETX Capital. The new shares were admitted to trading on AIM on Thursday last week.
Online Blockchain separately reported Thursday that Monecor's holding was reduced to 12.0% from 13.6% following a transaction on Wednesday.
The company noted that it intends to use the proceeds of the placing to fund the development and launch of crypto and blockchain-based products, including a new development project in decentralised finance of a DeFi protocol, Umbria, which the company hopes to commence beta-testing in the first quarter of 2021.
Online Blockchain noted that the development of Umbria is at the pre-beta testing stage of development, and therefore it is too early to determine how it may develop.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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