Why Loopring's Cryptocurrency Is Soaring Today
Loopring's (CRYPTO: LRC) cryptocurrency is making big gains in today's trading. The organization's LRC token was up roughly 9.7% over the past 24 hours as of 11:15 a.m. ET Tuesday.
The LRC token has been making big gains since it was announced that Loopring's network would provide foundation-level services for GameStop's (NYSE: GME) recently released marketplace for non-fungible tokens (NFTs). The cryptocurrency is also likely seeing bullish momentum today thanks to news of the retailer's recently filed trademark for "GameStop Wallet."
Loopring is a layer 2 solution built on top of the Ethereum blockchain that provides digital-asset exchange and blockchain-wallet solutions, and GameStop appears to be gearing up to launch its own crypto wallet service. With this initiative seemingly underway and Loopring serving as the foundational software of the retailer's recently debuted NFT marketplace, there's a good chance that the blockchain-services company and its LRC token will play some role in GameStop Wallet if the service makes it to market.
Source Fool.com
