Market Overview

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

Share:
Dragonchain: How The Blockchain Vendor Began At Disney, Sold Minority Stake To Cogint
Related
38 Biggest Movers From Yesterday
30 Stocks Moving In Tuesday's Mid-Day Session

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

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

 

Related Articles (COGT + DIS)

View Comments and Join the Discussion!

Latest Ratings

StockFirmActionPT
QRVOKeyBancDowngrades0.0
SWKSKeyBancDowngrades0.0
CMAB. Riley FBRDowngrades84.0
COFBairdUpgrades101.0
CORJefferiesDowngrades102.0
View the Latest Analytics Ratings
Don't Miss Out!
Join Our Newsletter
Subscribe to:
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
Your weekly roundup of hot topics in the exciting world of fintech.
Thank You
for registering for Benzinga’s newsletters and alerts.
• The Daily Analysts Ratings email will be received daily between 7am and 10am.
• The Market in 5 Minutes email will be received daily between 7am and 8am.
• The Fintech Focus email will be received every Friday between 2pm and 5pm.

Apple Music: How Does It Compare To Spotify?

Why Barclays Is Getting More Bullish On Transportation Stocks