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OLB shares soar 103% on Mastercard crypto partnership

By Robert Davis

19:44, 2 November 2021

Mastercard and OLB
The OLB partnership with Mastercard will allow customers to process cryptocurrency transactions - Photo: Shutterstock

Shares of omnichannel payment processor OLB Group more than doubled on Tuesday after the company announced it is “immediately” ready to help Mastercard improve its cryptocurrency processing power.

At noon EDT, OLB Group shares had increased by 103% to $12.06 (£8.85).

“The recent announcement from Mastercard that it is supporting cryptocurrency should accelerate public acceptance of bitcoin and other currencies for conducting everyday business,” OLB Group CEO Ronny Yakov said in a statement.

The partnership with OLB comes a week after Mastercard announced it was integrating crypto payment options into its product package. At the time, Mastercard said it was working with digital asset firm Bakkt to launch the operations.

Customers can buy and sell digital assets

 

Mastercard chose Bakkt because the company offers Mastercard customers the ability to buy, hold and sell digital assets, Mastercard said in its announcement.

BTC/USD

65,469.80 Price
-0.590% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.13 Price
-1.470% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

SOL/USD

178.98 Price
+2.380% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.62 Price
+2.610% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Bakkt’s share price has increased by more than 74% following the announcement.

Similarly, OLB allows customers to invest in cryptocurrencies, but also supports traditional credit card processing. OLB also supports traditional digital wallets like Apple Pay and Google Pay along with crypto-to-fiat currency conversion services.

OLB said that the partnership with Mastercard will allow customers to process cryptocurrency transactions at any time using OLB’s SecurePay payment gateway platform.

Read more: Cryptocurrency exchange Bakkt to go public next month

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