Why Shares of Seven Stars Cloud Group Are Soaring Today

Shares of Seven Stars Cloud Group (NASDAQ: SSC), which focuses on supply chain and digital finance solutions powered by artificial intelligence, jumped on Monday. There was no company-specific news, but with Seven Stars having announced a blockchain-based initiative earlier this year, it's safe to say that the surge in cryptocurrency prices is the main driver behind this gain. The stock was up 23% at noon EST, although it was down just two hours earlier.

Seven Stars stock has risen about 240% since Sept. 1. The company announced on Sept. 28 plans to launch an asset-backed securitization, tokenization, and exchange platform by the end of the year, claiming that it will be the first such platform to be powered by artificial intelligence and blockchain.

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Source: Fool.com