Shares of Catenae Innovation PLC (LON: CTEA) spiked higher despite the lack of significant announcements from the digital media and technology company.
The company’s shares benefitted briefly from the buzz created after the UK government asked it to participate in developing a Digital Identity Policy last week.
However, the spike was short-lived as the shares headed lower soon afterwards, erasing most of their initial gains.
Catenae Innovations provides solutions built on blockchain technology to help businesses establish irrefutable proof of their transactions, especially in highly regulated industries.
The company’s products and services help businesses validate individual employees, customers, and service providers’ identity or health status.
Catenae will participate in discussions over the next six months on the Digital Identity Policy’s commercial benefits and how companies should handle and protect people's data.
The firm is qualified to speak on the above measures because all its products are GDPR compliant.
Catenae have also developed a COVID-19 operating system and are working with Public Health Scotland to upload COVID-19 test results to the authority’s Point-of-Care Test Result Submission system.
The company has also developed a secure COVID-19 passport system built on blockchain technology. It could generate significant revenues for the company if adopted by several countries or regional blocks such as the EU.
Catenae Innovation share price.
Catenae Innovations shares edged 13.49% higher to trade at 3.70p, rising from Friday’s closing price of 3.26p.