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The OLB Group, Inc., trading under the symbol OLB on NASDAQ, is a multifaceted fintech enterprise headquartered in New York, New York. Established in 1993, the company is renowned for its diversified services in payment facilitation and Bitcoin mining. OLB Group offers a comprehensive array of payment solutions and business management tools that cater to a vast array of merchants across the United States.
One of OLB's flagship offerings is Omnisoft, a cloud-based business management platform designed to help merchants streamline their operations both online and in physical retail environments. Complementing this is Evance, a robust payment processing solution, and SecurePay, a payment gateway and virtual terminal equipped with proprietary business management tools. Additionally, OLB Group powers Crowdpay.us, a white-label capital raising platform, as well as ShopFast, an omni-channel platform that facilitates consumer transactions from various business sectors.
In recent developments, OLB Group has expanded into the eSIM technology market, targeting the unbanked sector with two new prepaid wireless phone services—Black Wireless and Mango Mobile. These services aim to provide cost-effective and efficient solutions for budget-conscious consumers.
The company also runs DMint, a Bitcoin mining subsidiary that operates a facility in Tennessee utilizing renewable energy sources such as hydroelectric and solar power. This venture underscores OLB's commitment to sustainable and forward-thinking business practices.
OLB Group's latest financial results for Q1 2024 indicate a revenue of $3.5 million, which signals a challenging yet dynamic business environment. Despite a net loss of $2.9 million, the company continues to make strategic investments, including the acquisition of the remaining 19.9% of its subsidiary Black011, enhancing its reach and service offerings.
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The OLB Group, Inc. (NASDAQ: OLB) has announced its readiness to process Mastercard Bitcoin payments through its SecurePay Payment Gateway and OmniSoft platform.
This integration allows merchants to activate cryptocurrency transaction processing immediately, accommodating Bitcoin, Ethereum, USDC, and DAI.
CEO Ronny Yakov noted that Mastercard's support for cryptocurrency could enhance its acceptance in everyday business.
OLB's services aim to provide diverse payment options for over 9,500 merchants across the U.S.
OLB Group (NASDAQ:OLB) has announced an expansion of its Bitcoin mining operations through its subsidiary DMint, adding 500 Antminer S19j Pro computers, with plans to reach 1,000 by year-end 2021. This move is projected to generate an additional $1.17 million in monthly revenue. OLB aims to scale up to 24,000 mining units over the next two years, potentially mining 18.6 Bitcoins monthly, equating to $97,500 in revenue. The company remains committed to integrating its mining operations with its eCommerce services, bolstering its position in the cryptocurrency sector.
OLB Group (NASDAQ: OLB) anticipates expansion in its Bitcoin mining operations, planning to have 1,000 Antminer S19j Pro computers by year-end 2021. This growth could generate up to $1.1 million in additional monthly revenue. The company aims for a total of 24,000 machines to be operational in the next 24 months, responding to rising institutional adoption of Bitcoin mining in North America. OLB Group leverages its existing eCommerce services as a foundation for this new venture, indicating a significant shift in their operational strategy toward cryptocurrency.
OLB Group (NASDAQ: OLB) announced the launch of its cryptocurrency mining operations through its subsidiary, DMint. Starting in September, DMint will deploy 100 S19j Pro 96T mining computers expected to generate
The OLB Group (NASDAQ: OLB), a provider of omnicommerce solutions, announced that CEO
The OLB Group (NASDAQ: OLB) announced that its subsidiary, DMint, will launch cryptocurrency data centers in mid-September 2021. The initial setup of 1,000 miners in Bradford, PA, is projected to generate approximately
The OLB Group, Inc. (NASDAQ: OLB) has entered into agreements for a registered direct offering of 1,418,605 shares at $4.30 each, totaling approximately $6.1 million in gross proceeds. The offering is expected to close around August 23, 2021. Accompanying the shares are common stock purchase warrants, allowing holders to purchase shares at $5.42 each, exercisable after six months from issuance. Proceeds will be used for working capital. H.C. Wainwright & Co. serves as the exclusive placement agent for this offering.
The OLB Group, Inc. (NASDAQ: OLB) announced CEO Ronny Yakov will speak at the Mobile Payments Conference from August 17-19, 2021. His panel discussion on August 19 will cover trends in payment acceptance, focusing on how merchants are adapting to consumer interest in digital payments, including cryptocurrency. OLB’s SecurePay Payment Gateway supports traditional and digital payment methods, enhancing merchant efficiency. The company aims to help small and mid-sized merchants leverage evolving payment technologies and improve operations amidst a growing digital landscape.
The OLB Group has reported its financial results for Q2 2021, showcasing a total revenue of $2.83 million, up 41.7% from $2 million in Q2 2020. Transaction fees constituted $2.67 million, with a notable $258 million in transaction volume across 4.9 million transactions. However, processing costs soared by 62.1% to $2.1 million, and general administrative expenses increased by 122.7% to $848,368. The net loss was $(666,136), up from $(510,409) year-over-year.
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