Metaverse Capital Corp (OTCMKTS: GBCHF) is flying higher on huge turnover in the market. A 300% plus spike has catapulted the stock from all-time lows, setting the stage for fresh gains.
Metaverse Capital Price Analysis
The confirmation that the Company has entered into an exclusive Letter of intent with Bravio Technologies also appears to be fuelling the stock’s price action activity. The agreement is for the development of a state-of-the-art platform that will act as a cryptocurrency payment gateway.
Investors have reacted to the string of positive developments by pushing Metaverse Capital up the chart. The stock is currently trading in a steep uptrend waiting to see if it will continue powering higher.
A spike to the $0.03 level has opened the door for the stock to make a run for the $0.07 level, which happens to be 52-week high.
Conversely, support on any pullbacks is seen at the $0.02 level. A breach of the $0.02 support level could give short sellers a reason to come back and continue pushing the stock lower. Above the $0.02 support level, Metaverse Capital is likely to continue climbing the ladder as a bounce-back play.
Metaverse Capital Background
Metaverse Capital bill itself as a technology company focused on opportunities in the blockchain and cryptocurrency sector. In addition, the Company offers professional services such as developing and administering launches of tokens and digital assets. The Company also leverages blockchain technology to provide consensus services.
Bravio Technologies Partnership
Shares of Metaverse Capital are exploding on the confirmation that the Company has entered into a letter of intent with B2B and B2C firm Bravio Technologies. Under the terms of the agreement, the Company is to leverage its blockchain technology and professional services to come up with a state of the art platform that will act as a cryptocurrency payment gateway.
The platform under development seeks to make it easy for domestic and foreign lottery players to utilize their cryptocurrency holdings in lottery drawings. Potential players will also be able to access multiple world-recognized lotteries while using cryptocurrencies as a payment solution.
Metaverse Capital blockchain technology is to be integrated into Bravo’s multi-tenanted lottery application ecosystem. The proposed platform will perform roles not limited to sales ticketing, deposits and payments as part of Bravio’s existing lottery programs
“Bravio has seen great results so far for allowing users in multiple jurisdictions worldwide to participate in foreign lotteries. However, this is only a fraction of the results Bravio could be seeing by accepting cryptocurrencies as payment for entry into the world’s most attractive lotteries. We look forward to seeing the difference that the use of the Platform will make,” stated CEO Shidan Gouran.
$50 Million Equity Sale
The inking of a strategic partnership with Bravio Technologies came just days after Metaverse Capita was selected to conduct a $50 million equity sale in the form of a Security Token Offering. The offering is to take place on the Spend Equity Token comprised of a multi-currency digital wallet supporting 27 fiat currencies.
Metaverse Capita is planning to conduct the public security token offering in the Hyperion Exchange. The offering will make Spend Group’s equity the first publicly traded security token.
Bryan Woods, President of Spend Group, also commented, “FORK has taken a dynamic approach to raising capital with its crowd sales and initial exchange offerings, which we really admire. We are confident that FORK can put Spend in front of the right investors, which will bring us the capital we are seeking to fund our growth.”
Separately Metaverse Capital has moved to expand its empire in the blockchain space with the acquisition of a 25% stake in Cannadex Lab. Under the terms of the agreement, the Company is to transfer intellectual property and assets assorted with its Laser blockchain interoperability solution for the equity stake in Cannadex.
The two are also to join forces on the development of the Company’s Nuvo 2.0 blockchain network that will be used to develop a blockchain spot market exchange for tokenized commodities.
What next For Metaverse Capital
A restructuring drive that resulted in a name change to Metaverse Capital appears to have triggered renewed investor interest. The stock has already bottomed out from all-time lows and now looks set to continue powering higher as the Company’s prospects in the blockchain and cryptocurrency sector continue to improve.
Metaverse Capital looks set to make a run for 52-week highs after powering through a critical resistance level.
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Disclosure: We have no position in GBCHF and have not been compensated for this article.