360 Blockchain Gains 51% Shares of Arcology By Investing $2 Million
Laurent Zhang’s new platform combines pattern-recognition technology and machine-learning.
360 Blockchain Inc (OTC:BKLLF) has been talking up this new platform, Arcology, and just announced it will be investing up to $2 million. Earlier in the month, the company said that they would invest $1 million in equity, entitling them to 30 percent of the shares.
Since then, 360 has increased their funding to $2 million, giving them 51 percent of shares.
360 states that Zhang’s new platform adds a “radically new way of looking at blockchain” as the current, contemporary chains are somewhat flat and only two-dimensional.
Jeff Koyen, 360’s US president and chief executive states:
“If we imagine a contemporary blockchain as a flat disc, Zhang’s is a layer cake that is constantly improving itself. Arcology behaves more like a living community than a network of computers.”
Arcology runs on the Ethereum blockchain which currently holds a $73 billion market cap. The alternative blockchain is viewed as Bitcoin plus an additional operating system. However, Ethereum is suffering from its own success and the transaction speeds have slowed. Developers of the blockchain have been frantic to fix the prohibitively high fees and focus on scaling the chain to meet demand.
George Tsafalas, 360 Blockchain Inc’s CEO states, “For all the hype surrounding Bitcoin and other highly speculative cryptocurrencies, it’s the underlying technology – blockchain – that has the greatest future. At 360 Blockchain, we’re committed to building this future, and our investment in Arcology is a significant leap in that direction.”
360’s shares are up 11.42 percent from the $0.35 open as of press-time and selling at $0.24 each. The company currently has a 52 week high of $0.34 and a 52 week low of $0.15.
This focus on blockchain related business has already paid off for the tech company. Back in November, the company saw a 300% rise in stock after the company refocused its investment plan on blockchain-related companies.