The crypto sector has grown by leaps and bounds over the course of the past few years and payments through cryptocurrencies are now a reality. This past Friday, the KYN Capital Group Inc (OTCMKTS:KYNC) stock was in considerable focus among investors after the company announced the launch of its contactless cryptocurrency payment gateway named Koinfoldpay.
The payment gateway is meant for businesses and will allow merchants to receive payments made online through some of the more popular cryptocurrencies like Litecoin, Bitcoin, Bitcoin Cash and Ethereum. It is a significant development for KYN Capital and the investors recognised that as well. The KYN Capital stock soared by as much as 22% on Friday.
It is likely to be on the radars of many investors this morning and hence, it could be a good idea to keep a close eye on the KYN Capital stock. This is a major step from the company and could help businesses in building a competitive advantage over their peers.
Moreover, it could also be used by freelancers who might want to accept online payments. It will allow these businesses to provide an additional payment option to their customers and such a move can help in considerably boosting the number of online payments.
In the years to come, crypto payments might become far more popular and hence, usage of Koinfoldpay might give businesses an important early adopter advantage. While this might have resulted in the latest rally in the stock, it might be a good idea for investors to take a look at a development from May.
On May 25, KYN Capital announced that it retired as many as 400 million unrestricted shares to its treasury. It is another important step for the company and the reduction in the number of shares might have been another factor behind the optimism about the stock among many investors. It remains to be seen if the KYN Capital stock can add to its gains this week.