Blockchain penny stocks were a hot commodity last year. This year, however, there is much slower movements in the blockchain sector and especially the blockchain penny stocks.
The cryptocurrency market lost nearly $500 billion in value since the beginning of the year, and blockchain stocks have mimicked the crypto market’s downward movement.
Let’s take a look at a once popular blockchain penny stock and its latest developments. Does it have the chance to stand out from the rest? We’ll find out.
Global Blockchain Technologies Corp (CSE:BLOC)
Global Blockchain is based out of Vancouver, Canada. BLOC is an investment company and provides investors access to basket holdings within the blockchain space. Global Blockchain focuses on streamlining the investment process for investors wanting to get in the cryptocurrency space.
Back in January, Global Blockchain was put on the map for being the lead investor in Eastman Kodak Company’s (NYSE:KODK) Kodak Coin. Global Blockchain gave $2 million USD in the Kodak Coin Initial Coin Offering (ICO).
Kodak’s venture into blockchain was controversial, as the company had previously been threatened to be removed from being publically listed. When the Kodak Coin was first introduced, critics felt that it was a rushed project just to keep the company publically listed.
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Kodak & Lobster
The blockchain penny stock’s ICO money was put towards the KODAKOne image rights platform. Yesterday, BLOC announced that KODAKOne has just struck a partnership with Lobster. Lobster is an AI and machine learning-driven platform that helps social media users and photographers upload and monetize their photos online.
This is similar to Kodak’s original vision in the blockchain space. KODAKOne will monitor and protect the 10+ million videos and images currently stored in Lobster and will conduct a two-week test campaign.
Lobster currently licenses photos and videos from Facebook, Vimeo, YouTube, DropBox, Instagram, Google Photos, Flickr, Verizon Cloud, and Foursquare.
Despite the positive announcement, Global Blockchain’s stock saw no rise.
BLOC Stock Movement
According to Yahoo Finance, this blockchain penny stock closed the day in the red at $0.165 a share, down -$0.015 (-8.33%).
Featured Image: Depositphotos/© Denisfilm
