Topic: Amitabh Bachchan bets big on cryptocurrency (Read 156 times)
Yea, read on some site today about it. He invested in a blockchain based company.
The recent such move in the news is Bachchan’s 2015 investment in Meridian Tech Pte, a Singapore-based company founded by Venkata Srinivas Meenavalli. In May that year Amitabh Bachchan and his son Abhishek had invested $2,50,000 in the company which was not a well-known entity..
Out of the total investment, the senior Bachchan came up with $1,50,000 and Abhishek $1,00,000, according a report in The Economic Times. Last week, LongFin Corp – another company promoted by Meenavalli – listed on Nasadaq stock exchange and two days after debuting on the US market, the company acquired Ziddu.com, which is reported to be a prime asset of Meridian..
Behind the stock frenzy is 'Ziddu Warehouse Coin', which the company communique says "is a smart contract that enables importers and exporters to use their Ziddu coins that are loosely pegged to Ethereum and Bitcoin Crypto Currency," according to the report. "In lieu of their holding in Meridian Tech, Bachchans received 250,000 shares of LongFin following the asset purchase," Meenavalli has been quoted as saying in ET..
Going by the holding, the value of the Bachchan duo’s holding now equals $17.5 million, which at the current exchange rate is approximately Rs 114 crore, the ET report said. Bachchan's last two big investments have given him huge returns compared to the money he has put in those bets.
http://www.firstpost.com/business/amitabh-bachchan-bets-big-on-cryptocurrency-rs-1-6-crore-invested-in-ziddu-swells-to-rs-112-crore-in-over-two-years-4267889.html
Out of the total investment, the senior Bachchan came up with $1,50,000 and Abhishek $1,00,000, according a report in The Economic Times. Last week, LongFin Corp – another company promoted by Meenavalli – listed on Nasadaq stock exchange and two days after debuting on the US market, the company acquired Ziddu.com, which is reported to be a prime asset of Meridian..
Behind the stock frenzy is 'Ziddu Warehouse Coin', which the company communique says "is a smart contract that enables importers and exporters to use their Ziddu coins that are loosely pegged to Ethereum and Bitcoin Crypto Currency," according to the report. "In lieu of their holding in Meridian Tech, Bachchans received 250,000 shares of LongFin following the asset purchase," Meenavalli has been quoted as saying in ET..
Going by the holding, the value of the Bachchan duo’s holding now equals $17.5 million, which at the current exchange rate is approximately Rs 114 crore, the ET report said. Bachchan's last two big investments have given him huge returns compared to the money he has put in those bets.
http://www.firstpost.com/business/amitabh-bachchan-bets-big-on-cryptocurrency-rs-1-6-crore-invested-in-ziddu-swells-to-rs-112-crore-in-over-two-years-4267889.html
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