Shares of mobile payments company Net Element Inc. soared more than 300 percent after the company announced a new blockchain-focused subsidiary.
The Miami-based company said in a press release that it has partnered with Bunker Capital for the new business unit, which is "expected to become a decentralized crypto-based ecosystem that will act as a framework for an unlimited number of value-added services."
Net Element joins a growing list of tiny companies that have seen their stocks more than double since announcing plans to join the blockchain mania that’s propelled digital currencies such as bitcoin to dizzying heights in recent months. Its shares gained 272 percent in pre-market trading to $19.36, nearly quadrupling from yesterday’s close of $5.21.
