Blockchain stocks haven't received much love from Wall Street or Bay Street in recent months. Why this is seems to be more because of the fall in the price of bitcoin and other cryptocurrencies associated with blockchain technology than the merits of the blockchain companies themselves.
Victory Square Technologies (OTC:VSQTF)(CSE:VST) should certainly understand the feeling, as shares have been more than halved from their December high at $3.32 amid the battering of bitcoin despite the company making fundamental progress and building it portfolio through a series of acquisitions.
In less than a month, Victory Square has agreed to three acquisitions. The Vancouver-based company said it was buying 49 percent of Flo Digital, a company marrying the cutting edge technologies of Virtual Reality (VR), Augmented Reality (AR) and blockchain. Flo Digital already has a solid monthly user base of it VR AD Tech platform of more than 200 million monthly viewers and clients including Chrysler Canada, Warner Brothers and Rogers Wireless, to name a few.
That was followed by news of the acquisition of 100% of blockchain solutions provider Limitless Blockchain Technology, a seamless fit to the core competency of Victory Square's portfolio of companies with Limitless Blockchain's data center with over 1,000 cryptomining machines, user-based desktop miner product and audio streaming application that is in development.
On Tuesday, the company was at it again, saying it is spending $500,000 to acquire a 9.9% of the issued and outstanding shares of LocoNoco, a cloud-native decision-making platform.
The proprietary framework of LocoNoco makes it possible for developers to work collaboratively on Robotic Process Automation (RPA), smart contracts and artificial intelligence (AI) on a global scale.
The string of acquisitions aligns with Victory Square's thesis that technologies like blockchain and AI will serve as the foundation for the next-generation of changes to traditional business models, according to Victory Square CEO Shafin Diamond Tejani.
As has been the norm lately, investors are remaining cautious towards blockchain plays. U.S.-listed shares of VSQTF have edged ahead a penny to $1.26 in early afternoon trading on Tuesday.
