Why The OLB Group Shares Are Soaring Today

The OLB Group Inc OLB shares are trading higher Monday after the company announced it has entered into a collaboration for exclusive licensing and transaction sharing with Cuentas to upgrade its Bodega network and help the company evolve into financial centers.

Cuentas' collaboration with OLB enables the company to provide new POS systems in locations for users to load cash on their mobile app and digital wallet among other financial mobile apps associated with major U.S. brands.

The collaboration includes a revenue share for profits resulting from the sale or rental of OLB point-of-sale devices, as well as for the sale of digital e-gift content and gaming for domestic and international wireless services.

"We at OLB Group see the opportunity to expand our merchant services base in a market that we currently don't have a footprint and also provide existing products and services to those bodegas and convenient stores as additional stream for revenues besides the 10,500 merchants that we currently service", said Ronny Yakov, CEO of OLB Group.

The OLB Group is a fintech e-commerce merchant services provider and Bitcoin BTC/USD crypto mining enterprise. 

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OLB Price Action: OLB has a 52-week high of $2.79 and a 52-week low of 83 cents.

The stock was up 24.6% at $2.11 at press time, according to Benzinga Pro.

Photo: Tumisu from Pixabay.