Riot Blockchain Inc (NASDAQ:RIOT) is a mover and shaker out on the Street today. Investors sparking the stock on an almost 25% upturn, as blockchain is turning out to be the buzzword to end all buzzwords.
Today, the crypto holding company announced that it has entered into a letter of intent to have a newly formed subsidiary acquire Logical Brokerage, a futures introducing broker headquartered in Miami.
Riot intends to pursue launching a digital currency exchange and a futures brokerage operation within the United States. Neither the CFTC nor the NFA regulate spot-market digital currency exchanges or activity, although the CFTC’s jurisdiction is implicated when there is fraud or manipulation involving a virtual currency traded in interstate commerce.
Riot Blockchain CEO John O’Rourke commented, “We have identified a substantial market need for additional options to serve a growing customer desire to transact in digital currencies within the U.S. […] Logical Brokerage helps provide a platform from which to service this market.”
Investors appeared to welcome the news and the potential for synergy between Riot and Logical Brokerage.
Last week, the company announced that it has appointed Christopher Ensey as its Chief Operating Officer. Mr. Ensey comes to Riot from Dunbar Security Solutions, where he served as Dunbar’s Chief Operating Officer managing over 150 security professionals across physical and digital operations while capturing over 100 mid to large enterprise clients.
“Chris brings a strong wealth of corporate experience in cyber security and a passion for blockchain technology to Riot,” commented O’Rourke. “He has long-standing enterprise relationships from his experience at IBM and Dunbar, and a technical depth in blockchain technology from his active involvement in the space over the past five years.”