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Highlights
- The OLB Group, Inc. (NASDAQ:OLB) stock gains traction after its partnership with Mastercard for cryptocurrency transactions.
- The merchants using OLB’s OmniSoft platform and SecurePay Payment Gateway Platform can now process cryptocurrency transactions with Mastercard.
- The OLD stock gained 74.09% YTD.
The OLB Group, Inc. (NASDAQ:OLB) stock dropped more than 16% on Wednesday after witnessing robust gains in the previous trading session.
OLB was down 16.51% in the premarket at 8:13 am ET after closing at a whopping 87.36% up on the previous day.
On Tuesday, OLB Group announced it would start processing Mastercard Bitcoin payments.
Merchants using its OmniSoft, and SecurePay Payment Gateway platforms can now process crypto transactions on Mastercard. OLB has enabled crypto trade on both its platforms.
Customers can choose different payments options according to their convenience, it added.
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How do the platforms work?
The OmniSoft platform offers direct transaction support like cryptocurrency wallets for online, mobile, and in-store use at a point-of-sale (POS) facility.
The SecurePay Payment Gateway Platform is a Mastercard SDP program and supports cryptocurrency transactions, including Bitcoin, Ethereum, DAI, and USDC, on merchant platforms. The platform provides debit and credit card services, digital wallet services, fiat currency conversion services, and end-to-end cryptocurrency transactions.
Also Read: What is Burger King’s crypto reward program and how to join it?
Source – Pixabay
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OLB Financials
The digital commerce solution provider earned revenue of US$2.8 million in the quarter ended June 30, 2021, compared to US$2.0 million in the corresponding period of 2020.
The revenue jump was primarily due to an increase in transaction and processing fees and merchant equipment rental and sales.
It incurred a net loss of US$666 million, or loss per diluted of US$0.09, compared to a net loss of US$196 million, or loss per share diluted US$0.09, in the June quarter of the previous year.
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This company provides integrated financial and transaction processing services to over 9,500 merchants in 50 states. Its wholly owned subsidiary, DMint, is a Bitcoin mining enterprise.
The fintech company, launched in 2004, has a current market cap of around US$75 million.
The stock traded in the range of US$16.40 to US$3.30 in the last 52 weeks. It gained 74.09% YTD.
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Bottomline
Many financial companies are foraying into the cryptocurrency market. With Mastercard’s extensive reach in the market, OLB hopes the partnership will help expand its business. However, investors should evaluate the companies carefully before investing in stocks.
