COYNI (CNY) Deployment Paves the Way for Entrance into Money Service Business and Significant Acceleration of Processing Volume Growth
SAN DIEGO, CA, June 22, 2021 (GLOBE NEWSWIRE) — GreenBox POS (NASDAQ: GBOX) (“GreenBox” or the “Company”), an emerging financial technology company leveraging proprietary blockchain ledger and stablecoin token technology to build customized payment solutions, today announced the pilot launch of its COYNI (CYN), a stablecoin token, to registered early adopters. To fund the pilot launch, the Company deposited $5 million as initial seed capital with its token custodian bank and plans to rapidly scale capital in the token revolver. Attestations are set to begin the first week of July in preparation for onboarding of additional large-scale volume.
COYNI (CYN), deployed on the Company’s blockchain ledger, offers enhanced scalability combined with secure instant settlement for transactions as well as the required consumer protection capabilities like transaction deletions and reversals. We believe this is a distinct advantage versus all other tokens that also allows for blockchain ledger security without the price volatility of traditional cryptocurrencies and while transacting in full regulatory compliance. COYNI provides instant liquidity through direct exchange connectivity allowing for exit into any fiat or crypto media. In addition, COYNI technology can be adopted by all financial institutions that wish to process stablecoin payments capabilities as governed by the OCC.
“The launch of COYNI will be a pivotal moment for GreenBox as we look to aggressively gain market share in the digital payments and money transfer markets,” said Fredi Nisan, Chief Executive Officer of GreenBox POS. “By solving for problems inherent in other token technologies and utilizing our blockchain ledger infrastructure, we believe we are well positioned for rapid expansion of processing volume leading to sustainable value for our shareholders.”
About GreenBox POS
GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company’s applications enable an end-to-end suite of turnkey financial products, reducing fraud and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information, please visit the Company’s website at www.greenboxpos.com.
Forward-Looking Statements Disclaimer
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company’s SEC filings. These risks and uncertainties could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements.
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