Online Blockchain acquires stake in crypto gaming start-up

(Sharecast News) - AIM-listed investor Online Blockchain is set to invest as much as $100,000 in cash into US crypto gaming software development start-up company Encryptid.In return for its investment, Online Blockchain will acquire a 35% stake in the newly-incorporated developer ahead of initial work on its new title, Cybernetika.Encryptid plans to develop further crypto-based games, all of which will be storable on the Ethereum blockchain.Clem Chambers, Online Blockchain's chief executive, said, "I have worked in and been at the forefront of the gaming world since the early 1980s and the advent of blockchain technology opens up a range of new potential gaming opportunities".The British company, formerly known as On-line, saw its best day on record back in October, with shares soaring as much as 394% after the firm announced its intention to change its name to Online Blockchain.As of 1055 BST, Online Blockchain shares had slumped 15.69% to 37.52p.