Nasdaq Listed "Blockchain" Companies Faced Legal Issues

Long Blockchain Corp and Riot Blockchain Corp. are facing legal issues at the moment
26 February 2018   128

Adding the word "blockchain" to its name turned out to be a very profitable practice for many companies traded on stock exchanges last year. As it turned out, this medal has the opposite side. Bitcoin. com reports about it.

A class-action lawsuit against Riot Blockchain,Inc. (NASDAQ: RIOT) filed by investors from Florida. They argue that the company, its management and one of the largest shareholders violated the requirements of the Securities Exchange Act of 1934.

Until October 2017, the company was named Bioptix, Inc. and specialized in the development of diagnostic tools for veterinarians. On October 4, Bioptix announced that it will be called Riot Blockchain and will be engaged in investing in blockchain. The plaintiffs assume that the company disseminated false information and did not conduct real activities, while the prices of its shares continued to grow artificially.

In particular, Riot Blockchain did not say that it changes its name to attract investors and to link its company to the growth of the crypto market without having any significant presence on it and thus hoping to help Barry Honig, its main shareholder, later to sell his shares at artificially high prices.

Long Blockchain Corp. (NASDAQ: LBCC) in turn received a notice from Nasdaq, which says that the stock exchange decided to conduct delisting of the company's shares. Until June 2017 the company was called Long Island Iced Tea. The day after re-branding, its shares rose by 432%.

The company can appeal against Nasdaq's decision if it meets the requirements of the exchange, according to which the capitalization of its shares in the market should not fall below $ 35 million within 10 consecutive working days.

Qvolta is launching its platform

Qvolta announced its platform release date of April 2 that will feature a full-fledged version of a web platform
24 March 2018   40

Qvolta platform has set its release date to April 2. The release is in accordance with the roadmap of the platform and will include a fully functional version of the web platform. The developers team is currently performing various tests and making final amendments to ensure the proper functionality. This desktop client is in alpha stage. A mobile app for secure authorizations is out and it is the native solution for security without intermediaries.

Qvolta is a P2P exchange platform solution that focuses on the capability of trading Bitcoin and Ethereum for fiat currencies and vice versa. And such functionality is provided through local payment methods. Since centralized exchanges become the target of serious scrutiny of regulators, cryptocurrency platforms that allow trading P2P or in fully decentralized fashion are getting more necessary.

As of the moment of the publication, the market parameters of Qvolta are as follows:

Average price: $0.390836

Market cap: $2,712,466

Volume (24h): $6,171