NXT-ID Inc (NASDAQ: NXTD) is having an overwhelmingly strong start to the trading session today after announcing news that is huge for the cryptocurrency space. Of course, anything cryptocurrency seems to be exciting to investors lately, and this story is no different. As a result, we’re seeing strong gains in the value of the stock today. Today, we’ll talk about the new product, what we’re seeing from the stock, and what we’ll be watching for with regard to NXTD ahead.
NXTD Gains On Product Announcement
As mentioned above, NXT-ID is having an overwhelmingly strong day in the market today after an announcement of a new product. In a press release issued this morning, the company announced that its wholly owned subsidiary, Fit Pay, Ind. has launched a new payment device. The new system is a contactless payment device that is attached to the cryptocurrency sector. Ultimately, this device enables cryptocurrency holders to use the value of their cryptocurrencies to make purchases at millions of retail locations.
This announcement shows that the company is working toward its goal that was announced in December; to expand its platform to connect cryptocurrency to the payment ecosystem. Through the use of the FitPay Payment Platform, Flip will use value that is exchanged from cryptocurrencies in able to make tranditional payment transactions. In a statement, Michael Orlando, COO of the NXTD subsidiary Fit Pay, had the following to offer:
Flip is a very convenient way to use cryptocurrency value to make retail transactions… Not only does it seamlessly exchange cryptocurrency into dollars, it’s contactless, giving users a simple tap-to-pay experience.
When we announced that we were extending the FitPay Platform to cryptocurrencies, our goal was leverage our existing technology to connect cryptocurrencies to the payment ecosystem… That’s exactly what Flip achieves. And it continues to expand our offering, furthering our mission to fundamentally change the way people pay.”
What We’re Seeing From The Stock
As investors, one of the first lessons we learn is that the news moves the market. Any time positive news is released with regard to a publicly traded company, we can expect to see gains in the value of the stock associated with that company as a result. In this case, the news was overwhelmingly positive. After all, NXT-ID’s subsidiary is launching a much needed service in both the cryptocurrency and retail sectors. So, it’s no surprise that we’re seeing strong gains today. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:47), NXTD is trading at $2.46 per share after a gain of $0.45 per share or 22.75% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on NXTD. In particular, we’re interested in following the story and uptake surrounding the company’s new cryptocurrency-based payment system. Nonetheless, we’ll continue to follow the news closely and bring it to you as it breaks!
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