Bachchans ride Bitcoin wave; $250,000 investment in Ziddu swells to $17.5mn

Big B is at the crest of a Bitcoin wave that few — least of all the industry men — had possibly ever unreal. The crypto-currency mania that has gripped Wall Street and much of financial markets across the world has driven up the value of a stock investment by the Bachchan family from $250,000 to $17.5 million in a pair of and a [*fr1] years.

In would possibly 2015, Amitabh Bachchan and his son Abhishek invested with $250,000, as a vicinity of their personal investment, in Meridian faculty Pte, a Singapore firm supported by Venkata Srinivas Meenavalli.

Like many little technology corporations, few outside the trade knew regarding Meridian. That dramatically changed last week once Meridian's high quality Ziddu-.com was non-inheritable by another Meenavalli-backed overseas company LongFin corporation merely a pair of days once the latter's listing on system.

When Bachchans had invested with in Meridian (under run approved liberalized decreased  theme, or LRS), Ziddu was a "cloud storage and e-distribution startup".

Ziddu Coins Behind hysteria

In Dec 2017, it's pictured as "a Blockchain technology empowered solutions provider" that provides microfinance exploitation "crypto currencies across continents."

Thanks to magic words like 'blockchain' and 'cryptocurrencies', the LongFin stock rose over 1,000% between last Wed and Mon, once billowing over 2,500% on Friday once the deal to accumulate Ziddu.com was declared.

"In role of their holding in Meridian faculty, Bachchans received 250,000 shares of LongFin following the standard purchase," Meenavalli told ETin a text message. At Monday's LongFin stock price of $70 a share, Bachchans' holding in LongFin is valued at $17.5 million (which at this rate is additional or less, Rs 114 crore)

How can the company build a case for this valuation? "It's crazy... the planet joyousness over Blockchain is sweeping the world...no intrinsic price are going to be attached," admits Meenavalli.

What would the Bachchans do? will they struggle to profit -- go once the going is good? A text message to Amitabh Bachchan went unrequited till the time of attending to press.

According to the LongFin announcement, Ziddu can micro-lending against warehouse receipts.

Behind the stock hysteria is "Ziddu Warehouse Coin", that the company account says "is a smart contract that allows importers and exporters to use their Ziddu coins that ar loosely pegged to Ethereum and Bitcoin Crypto Currency."

LongFin claims that importers and exporters convert Ziddu coins into Ethereum and Bitcoin Crypto-currencies and use the yield for his or her capital needs.

The US-based LongFin corporation is pictured among the unleash as "an freelance finance and technology company that focuses on structured trade finance solutions and physical commodities finance solutions for finance homes and mercantilism platforms for North America, South America and continent regions."

Even if LongFin meets its declared objectives and grows, the hysteria around the recent listed stock would possibly die once the bitcoin bubble bursts. there isn't any convincing clarification behind the recent surge in rates of Bitcoin and different cryptocurrencies that originated once the financial meltdown of 2008 and amid growing distrust of edict currencies that were being degraded by central banks and governments as they relentlessly created new money to remain afloat loss-ridden banks.

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