SOS Limited (NYSE:SOS) stock is soaring higher on Thursday after revealing a new partnership with a cryptocurrency expert late last night.
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A news release from SOS Limited reveals that Dr. Eric H. Yan now works for the company. Dr. Yan is well versed in the field of cryptocurrency with expertise in mining, security, and insurance technologies.
The goal of bringing Dr. Yan into the team is to have him create a new business that will apply his knowledge to blockchain-based security and insurance technologies. This will have SOS Limited creating the wholly-owned subsidiary, SOS Digital Technologies Inc., for him to manage.
With this news breaking, SOS Limited is seeing a massive increase in trading to its stock. As of this writing, more than 15 million shares have changed hands. For comparison, the company’s daily average trading volume is about 861,000.
It’s no surprise that investors are taking an interest in SOS stock after the news. There are also likely those wondering what all the hubbub is about. For them, we offer this quick breakdown of SOS Limited so they can better understand the situation.
- SOS Limited is a tech company based out of China with a focus on emergency services.
- This has it offering its cloud and marketing services to several members of the emergency rescue market.
- That includes “insurance companies, financial institutions, medical institutions, healthcare providers, auto manufacturers, security providers, senior living assistance providers, and other service providers in the emergency rescue services industry.”
- The company’s main goal is to transform digital technology into data-driven operations.
- It does this through its research and development of big data, cloud computing, Internet of Things (IoT), blockchain, and artificial intelligence (AI).
SOS stock was up 91.3% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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