The stock of Nova Lifestyle Inc (NASDAQ:NVFY) closed at $2.59 losing 9.76% in yesterday’s trading session. Nova has made its latest announcement making it known that it has plans underway to start accepting Bitcoin and other major cryptocurrency. The announcement comes during a time when the company is also directing much of its efforts towards developing its product distribution platform.
The formation of a wholly-owned subsidiary is one of the most recent developments by ‘Nova LifeStyle.’ ‘I Design Blockchain Technology Inc’ is a major achievement. And the company is looking forward to that moment when it will succeed at integrating a community of product designers, interior decorators, users, customers and suppliers surrounding Nova-branded products developed employing Blockchain technology.
The CEO of Nova LifeStyle, Ms. Tawny Lam opined, “Nova LifeStyle has continued to receive inquiries from customers on availability of various payment options as we develop our e-commerce and product distribution platform, including Bitcoin and other major cryptocurrency. Nova Lifestyle continues to explore and adapt to the newest development in Blockchain technology to expand Nova-branded products and deepen brand loyalty.”
A number of market analysts following closely on the progress of Nova have moved forward to term the most recent moves by the company progressive and what it needs at this point in time when much seems to be changing in line with the market dynamics. The company is doing all within its means to ensure that it develops an edge above the rest and promises that there are still more changes on the way.
The decentralized nature of Bitcoin has been a major topic of discussion around the globe. Analysts have been trying to single out the various advantages as well as disadvantages associated with the Bitcoin. The latest move by Nova is a pointer of this company’s stand relation to the continued use of Bitcoin around the globe.
An official working with the company in a recent interview outlined that making the latest developments did not mean that everything had been running on smoothly for them. He said that it had been quite challenging at times but they were happy with where they were as a company after it all.
