Majic Wheels Inc (OTCMKTS:MJWL) has emerged as a company that is trying to bring disruption software development and financial technology spaces by way of acquisitions.
This past week the company was in the news but the stock delivered a mixed performance. On Friday, the Majic Wheels stock suffered from a round of selloff despite a key announcement from the company and declined by as much as 18%. However, at the same time, it should not be forgotten that the Majic Wheels stock ended the week with gains of 6%. Yesterday, Majic Wheels announced that its fully owned subsidiary company CGCX launched the iChain Advanced Decentralized Blockchain Platform.
It is a major new launch from the company and hence, the decline in the Majic Wheels stock price yesterday is a bit of a surprise. The new platform named iChain is regarded as a Layer 2 scaling project that is meant for establishing a genuinely decentralized infrastructure.
It has been designed in such a way that it can work as a full-service platform for the purposes of launching interoperable blockchains. At this point, investors could do well to keep an eye on the Majic Wheels stock and watch out for any possible recovery on Monday.