The stock of BTCS Inc. (BTCS) stock gained in the current market. BTCS was valued at $8.05 in the current market gaining more than 20% from the previously closed value. The stock of BTCS was closed at $6.70 in the last trading session. The stock volume traded in the last trading session was around 2.89 million shares.
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Reason for the BTCS stock gain
BTCS Inc. (BTCS) is amongst the leading blockchain technology-company. They announced today in a press release that they have added Algorand (ALGO) to its staking operations infrastructure. The portfolio of Algorand includes asset development by using blockchain, atomic swaps and the execution of digital contracts. One of the revenue sources for BTCS is the additional tokens. BTCS Inc. (BTCS) also has a proprietary script in daily rewards.
ALGO is a $9.5-billion payments-focused, decentralized network that allows processing speeds of 1,000 transactions per sec. Back then launched in 2019 by computer scientist Silvio Micali, a Turing Award-winner and an MIT professor.
The company said that the ALGO Foundation suggested a roadmap that focuses on ecosystem support, decentralized governance and community incentives by 2030. They hope that it will bring some significant developments over the years.
Effect on the BTCS stock
The stock of BTCS gained in the current market after the news of the addition of ALGO to its staking operations infrastructure. In the last week the company also announced to pay dividends in Bitcoin. Due to which BTCS became the first-ever NASDAQ-listed company that will be paying dividends as a cryptocurrency. These two significant developments in the company made the investors to invest in its stock due to which the stock price skyrocketed today.
Conclusion
BTCS is playing a massive part in creating awareness for cryptocurrency adoption. It expects that the company will generate much revenue in the upcoming years and attract new customers.
