Net Element International Inc., (NASDAQ: NETE) a small mobile payment company, shares surged on Wednesday by over 300 percent after it had launched a new business unit focused on blockchain technology.
The new subsidiary is expected to become a decentralized crypto-based ecosystem that will act as a framework for number of value-added services to connect merchants to its consumers using blockchain technology. Net Element has partnered with Bunker Capital to develop the tech-based solutions.
"Introduction of our division focused on blockchain as part of the NASDAQ-listed entity will add transparency and compliance assurance to our investors as well as provide access to deploy value-added services to over 20 million electronic commerce clients that are currently part of Net Element's growing network." said Oleg Firer, CEO of Net Element.
Net Element becomes yet another company to integrate blockchain technology into its business that also seen a significant surge in its shares. The ongoing craze has now made cryptocurrency and blockchains a popular scene for investors.
The company cites that cryptocurrencies’ total market cap has increased from $17.7 billion to over $600 billion in 2017, which indicates investors rising interests.
"We believe that we're at the dawn of a new evolution where additional digital payment methods are being introduced," added Firer.