Sino-Global Shipping America, Ltd. (SINO) announced the launch of highly secure NFT (non-fungible tokens) with CyberMiles today after which the SINO stock price saw a push of 29.87% to reach $11.13 a share at the time of this writing. The SINO stock seemed green at the previous closing and jumped 23.31% with an $8.57 per share price. Let’s deeply dive to explore more of it.
What’s happening?
Sino-Global Shipping America, Ltd. (SINO) is the shipping agency and management service provider in China, Hong Kong, and the United States of America.SINO has recently collaborated with CyberMiles to launch a new exchange of NFTs.This new exchange will ensure high security and proved to be a robust platform for artists, musicians, investors, and collectors. The official platform is expected to be launched in July 2021. Back in February, SINO did a partnership with CyberMiles to look for new opportunities in the future with the help of the CyberMiles trading platform and CRC-721 protocol, a non-fungible token.
On March 11, 2021, SINO expanded its cryptocurrency market position by the addition of 2,783 digital mining servers of Hebei Yanghuai Technology Co., Ltd to reach 50,440 t/s computing power. The acquisition was closed with RMB 30 million after the operational inspection of servers. The main purpose of this acquisition was to diversify Sino-Global in the cryptocurrency market.
On February 10, 2021, SINO announced the closing of $13,6 million direct offerings with certain accredited investors.Net proceeds were estimated at approximately $12.3 million after deducting the agent’s commission and other related expenses. The next day, SINO again announced the closing of $28,509,000 direct offerings, and $26.2 million net proceeds were estimated after the deduction of various expenses.
Conclusion
SINO stock is now in a good position as far as market sentiment is concerned. Management is deeply focused on the diversification of Sino-Global’s business in fastly growing cryptocurrency market.SINO is now also accepting Bitcoin as the mode of payment for its various services.SINO stock is growing and can be a good bet for investors in the future but it is good practice to analyze the company’s balance sheet, fundamentals, and recent developments before adding the stock to the portfolio.
