FAVORED INC (OTCMKTS:FVRD)
Shares of FAVORED INC. (OTCMKTS:FVRD) fell 1.17% after the diversified holding company announced the beta launch and testing of its BitTraderPro.com, a cryptocurrency exchange and trading platform. The launch of the platform seeks to take advantage of the growing popularity of digital currencies by giving investors a platform for carrying out transactions.
FVRD Stock Performance
The sell-off experienced on Friday could be minor in the long run as the stock is still trading in an uptrend. FAVORED INC (OTCMKTS:FVRD) has been on an run since the start of the month and is now up by more than 50%. However, the company has yet to feel the full impact of the growing popularity of digital currencies as experienced by other stocks that continue to clock higher highs in the sector.
The company has since turned its attention to a trading platform for cryptocurrencies as a way of enticing traders and strengthening investor confidence in the company’s long-term plans
“We believe that there is great growth potential in the cryptocurrency trading marketplace. At present, trading cryptocurrencies is far from the main stream. Trading, much less owning cryptocurrencies has barely gotten outside the realm of the tech-savvy,” stated Craig Coaches, President of Favored Inc.
Financial institutions, hedge funds, and average traders are starting to realize opportunities in cryptocurrencies marketplace, something that FAVORED INC. (OTCMKTS:FVRD) plans to take advantage of with its new platform.
Separately, Favored Inc. says it has repositioned itself as a holding company with focus on acquiring, developing, publishing, and marketing digital assets. The areas of interest are not limited to e-commerce and blockchain technology.
Some of the assets that the company is eyeing include mobile applications through its wholly owned subsidiary Kryptos Communications. Favored Inc. also plans to develop applications through its subsidiary Empire for third parties and for self-publishing
In addition, FAVORED INC. (OTCMKTS:FVRD) has amended its articles of incorporation to reduce the number of authorized shares. The company has since reduced the number of authorized shares from 3 billion shares to 975 million. There are no plans to carry out any reverse stock splits in the near future.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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