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GreenBox Makes Cryptocurrency Work
GreenBox (NASDAQ: GBOX)is a very interesting company in that it serves as a gatekeeper between merchants and consumers for cryptocurrency. We don't mean that this company is an exchange, rather it is a payment processing service that allows merchants and consumers to use cryptocurrency for their transactions. If that sounds like a big business or one with a very bright growth outlook you'd be right. The company recently reported its Q1 revenue growth at 2,437% YoY led by rising processing volumes. Now, we understand 2500% growth isn’t it all that exciting for an early phase start-up in a strong industry, to help put that into perspective the sequential revenue growth was 59%.
Revenue strength was driven by the launch of Generation3 software which propelled processing volume to a quarterly record. The $315 million in processed transactions is up 141% on a sequential basis and will likely grow triple digits again next quarter. Other developments include new smart contract technology that should help accelerate processing volume growth as well as open new revenue streams.
6 GreenBox is profitable at this early stage in the business. The company reported $3.2 million in gross profit reversing a small loss from the year-ago timeframe. Net income, however, came in at a loss due to accelerated investment in the business. Among the many projects under development is a new NFT platform in conjunction with isMedia. GreenBox will act as the payment gateway while isMedia develops the platform user interface. Looking at the charts, the stock appears to be in an uptrend and poised to retest the all-time high near $20.
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