There was bit of volatility in the ICOA Inc (OTCMKTS:ICOA) stock this past week and it might be the right time for investors to take a closer look at the state of affairs. Yesterday, the stock suffered from a selloff and declined by 25% but at the same time it should be noted that over the course of the past week it has clocked gains of as much as 15%.
The company, which is involved in providing wired and wireless internet broadband networks in high traffic zones, is looking to enter the cryptocurrency, blockchain and decentralised finance industries by way of acquisitions.
Today the company announced that it signed a letter of intent with regards to the acquisition of iBG Finance. It could be an interesting acquisition considering the fact that iBG Finance is regarded as the first of its kind insured decentralised finance project in the world.
The transaction for the acquisition is worth as much as $185,000,000. The company had actually been launched in September last year as a wealth management firm driven by decentralised finance. The acquisition is another step for ICOA towards expanding its presence in a new industry.
