RYVYL (NASDAQ: RVYL), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions, has initiated a spin-off plan for its wholly owned subsidiary, coyni inc., a stablecoin technology. RYVYL believes the separation of coyni from its payment-processing business will provide the opportunity for each business to focus on its own strategic and operational objectives. According to the announcement, RYVYL has identified the investment banking team for the proposed transaction and is in the process of evaluating mergers with possible partners; it anticipates acquiring a vehicle in the coming weeks to move forward with the planned spin-off into a publicly traded company. “The digital payments and banking arena continues to evolve quickly with companies jockeying for position to grab as much of the lucrative financial transaction market as possible,” said RYVYL chair Ben Errez in the press release. “While we have made great strides with our payment-processing business, we believe now that we have identified the best path forward to create value for our shareholders through the spin-off of coyni as a public company with the goal of establishing it as the premier stablecoin in the market. We believe the growth trajectory of coyni will unlock significant shareholder value that RYVYL shareholders will be able to participate in after a board-approved special dividend issuance upon completion of the spin-off.”
To view the full press release, visit https://ibn.fm/kkmx9
RYVYL was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business and peer-to-peer payment transactions around the globe. By leveraging unique blockchain security and USD-pegged stablecoin technology with near real-time attestation, RYVYL is reinventing the future of financial transactions using its coyni(R) stablecoin platform as a transactional foundation. Since its founding as GreenBox POS in 2017, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants and consumers around the globe. For more information about the company, please visit www.GreenBoxPOS.com.
NOTE TO INVESTORS: The latest news and updates relating to RVYL are available in the company’s newsroom at https://ibn.fm/RVYL
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