[Asia Economy Reporter Ji Yeon-jin] As a major U.S. bank mentioned the possibility of Bitcoin becoming an international currency, cryptocurrency-related stocks are showing strong performance in the domestic stock market on the 2nd.
Information security solution developer SGA is trading at 1,020 KRW, up 29.61% from the previous close since the market opened. Its subsidiary, SGA Solutions, also rose 23.55% as of 9:57 a.m. and reached an intraday 52-week high of 1,650 KRW.
These stocks surged following news that they are expanding their blockchain-based information security business.
SGA Solutions' subsidiary, SGA BLC, recently announced that it is promoting multiple mobile ID platform construction projects using its self-developed blockchain solution, ‘RootChain’.
Meanwhile, U.S. Citigroup stated in a report on the same day, "Since Bitcoin is used internationally, it should become a currency selectable in international trade," and added, "Cryptocurrencies like Bitcoin are expanding their base thanks to the participation of many institutional investors."
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