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LongFin shares dip following 2 days of sharp gains after announcing purchase of blockchain company

Last updated: 08:59 19 Dec 2017 EST, First published: 03:59 19 Dec 2017 EST

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The financial technology company announced the purchase of Ziddu.com

LongFin Corp. shares (NASDAQ:LFIN) plunged in premarket trade, offsetting gains made over the past two trading days, after the newly-listed company announced the purchase of a blockchain company on Friday.

The financial technology company announced the purchase of Ziddu.com, a blockchain-empowered company that provides microfinance lending against collateralised warehouse receipts in the form of Ziddu coins which are loosely pegged to crytpocurrencies Ethereum and bitcoin.

LongFin made its debut on Dec 13

LongFin saw its shares more than double on Monday following the announcement on Friday, hitting an intraday high of US$142.82, before paring gains.

LongFin made its debut on NASDAQ on December 13, closing at US$5.17, above its initial public offering price of US$5.00.

In premarket, its shares were down 25.66% at US$53.81.

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