The Supply@Me Capital PLC (LON: SYME) share price has fallen 15.7% in the first week of January, driven by negative investor sentiment towards the company. The fintech company has not made any announcements this week.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.
The last significant announcement from SYME was an update about its partnership with the VeChain Foundation, which funded the company’s initial inventory monetisation transaction on 12 September 2022.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
The inventory monetisation company reported that the inaugural IM transaction was proceeding as planned and that the client company was transferring the inventory data from its Enterprise Resource Planning system to SYME’s IM Platform, allowing for continuous monitoring of inventory movements.
SYME issued the above update on 21 December 2022, but investors are looking for more from the inventory monetisation company. The company also announced that it had moved into phase II of its partnership with the VeChain Foundation.
The second phase of the partnership includes developing an “Inventory Monetisation Platform 3.0” that will have numerous Web3 features such as the issuance of NFTs, business-to-business (B2B) marketplaces, digital ownership and decentralised finance (DeFi).
The platform will also have an overall governance protocol. The second phase will also include an in-depth assessment of how the company can link digital assets to the real economy. SYME is working with the VeChain Foundation to improve the automation between the Web3 Platform and the VeChainThor blockchain service.
SYME also identified the opportunity to involve multiple liquidity providers to help it provide inventory funding to its clients. The fintech company revealed that it had reached out to MakerDAO, which manages assets worth billions and Centrifuge, an industry-leading protocol.
The company is also vetting a list of potential inventory monetisation clients that can take up the remaining amount of the $50 million that the VeChain foundation has committed to its partnership with SYME.
Many would have thought that this update would have kept SYME shares trading higher in the new year, but this was not the case. SYME shares have fallen since the year started and are trading above a crucial support level, as shown below.
*This is not investment advice.
SYME share price.
The SYME share price has fallen 15.66% in the first week of January 2022 amid negative investor sentiment.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.