Skip to main content

Market Overview

Dragonchain: How The Blockchain Vendor Began At Disney, Sold Minority Stake To Cogint

Dragonchain: How The Blockchain Vendor Began At Disney, Sold Minority Stake To Cogint

Cogint, Inc. (NASDAQ: COGT), a provider of information and performance marketing solutions, announced Feb. 23 that the company's subsidiary Red Violet Blockchain bought a 5-percent stake in the Seattle-based blockchain platform developer Dragonchain.

The Analyst

Chardan Global Insights' James McIlree maintains a Buy rating on Cogint's stock rating with an unchanged $7 price target.

The Thesis

Prior to acquiring a 5-percent stake, Red Violet had an existing strategic alliance with Dragonchain to combine Cogint's knowledge of asset tracking, identify verification, fraud prevention and secure transactions within Dragonchain's blockchain platform, McIlree said in a Tuesday note. 

Dragonchain was developed as a private blockchain by Walt Disney Co (NYSE: DIS) in 2015 but was made an open source platform in October 2016, the analyst said In 2017, the Dragonchain Foundation was created to upkeep the protocol. Interest in the protocol over time resulted in the creation of a commercial business, Dragonchain, which offers a turnkey product to companies interested in working with the Dragonchain platform and as an incubator for blockchain-focused startups, McIlree said. 

The Dragonchain blockchain is "currency agnostic." When it was first developed, there were over 20 use cases and applications, including identify systems, TicketingRights expression and licensing, smart contract capabilities, reporting and compliance and a payment platform. 

Price Action

Shares of Cogint were trading lower by 5 percent near the close of Tuesday's trading session. 

Related Links:

Blockchain Technology Is About To Disrupt Travel, But Wall Street Is Oblivious

Amplify ETFs CEO Breaks Down The Merits Of Blockchain Investing

Latest Ratings for COGT

Dec 2020Piper SandlerInitiates Coverage OnOverweight
Dec 2020SVB LeerinkInitiates Coverage OnOutperform
Oct 2020Ladenburg ThalmannInitiates Coverage OnBuy

View More Analyst Ratings for COGT
View the Latest Analyst Ratings


Related Articles (COGT)

View Comments and Join the Discussion!

Posted-In: Blockchain Chardan Global InsightsAnalyst Color Cryptocurrency Price Target Reiteration Markets Analyst Ratings Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at