OTI Soars following the Announcement of Bitcoin System
18 December, 2017
"We are working hard and intend to rapidly become Bitcoin acceptable in transactions via NFC, Bluetooth or QR code," said Shlomi Cohen, OTI's CEO
The shares of On Track Innovations from Rosh-Pinna, Israel, doubled their value today in the stock market (NASDAQ: OTIV), following the company’s announcement that it is developing capabilities to implement the use of Bitcoins in its hardware cashless payment solutions. OTI shares started the trade with $0.99 per share, and reached more than $2 in a giant leap, giving the company Market cap evaluation of more than $80 million. A dramatic change for a small company with only $20.6 million annual revenues in 2016.
“We are working hard and intend to rapidly become Bitcoin acceptable in transactions via NFC, Bluetooth or QR code,” said Shlomi Cohen, OTI’s CEO. “We also look forward to integrating Bitcoin acceptance in our ATM and secure cashless vending products.” Founded in 1990, On Track Innovations (OTI) design, manufacture, and sale of secure cashless payment solutions using contactless NFC technology. Its suite of cashless payment solutions is based on an extensive IP portfolio boasting 35 patent families.
Bitcoin goes Mainstream
The company provides cashless payment solutions for three major vertical markets: Retail, Mass Transit Ticketing and Petroleum and refueling payment solutions. Last month it was chosen by UK-based CityEV, a leading provider of electric vehicle charging solutions, as the cashless payment solution for its Cityline 100 electric vehicle charging stations. On October 2017, it has received the second batch purchase order of 2,000 cashless payment systems from Japan. This order follows initial order of 3,000 that are part of a Letter of Intent signed by a well-known Japanese retailer, who secured a three-year purchase order for an impending 10,000 secure cashless payment systems in Japan.
Does it mean we will be able to buy a bus ticket with Bitcoin? It is still unknown, but the fact is that Bitcoin usage is growing in the e-payment marketplace, with many establishments accepting online Bitcoins transactions. It may become the prominent digital Internet transaction currency.
More information: www.otiglobal.com
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