When the Bachchans invested in Meridian, Ziddu was described as a "cloud storage and e-distribution startup". However, this month, the description changed to "a Blockchain technology empowered solutions provider" that offers microfinance using "crypto currencies across continents."
So when LongFin announced the Ziddu acquisition, the Bachchans, who had received 250,000 shares of LongFin in lieu of their holding in Meridian Tech, saw their USD 250,000 investment skyrocket to USD 17.5 million in value.
LongFin is not the first stock to zoom thanks to the rise of Blockchain and cryptocurrencies this year. Many technology companies, that earlier had different names of descriptions, have added one or both of these words to their names or descriptions and have seen their stock prices rise exponentially in a very short span of time.
"It's crazy... the global euphoria over Blockchain is sweeping the world...no intrinsic value can be attached," Venkat Meenavalli, Chairman and CEO of LongFin Corp, was quoted 