On Track Innovations Ltd (NASDAQ:OTIV) has announced its entry into the cryptocurrency industry. The cashless payments provider announced that it was making necessary changes in its system to integrate Bitcoin into its cashless payment solutions. Payment solutions providers are increasingly tapping into cryptocurrencies with an aim of integrating bitcoin into their systems.
OTIV CEO Shlomi Cohen said the firm intends to innovate around bitcoin to make it acceptable in its NFC, QR Code and Bluetooth transactions. The firm intends to integrate the bitcoin module into its innovative cashless systems, including cashless vending products and ATMs.
Following the announcement, the firm, which is the latest in the technology sector to join the growing cryptocurrency industry, continues to record strong trading sessions. OTIV’s stock price responded positively to the news. According to market analysts Trade Ideas, the stock price gained 111.65% per share to trade at $2.18 as of December 18. According to Factset, the firm’s traded volumes rose to 45.5 million shares, contrasting the 30-day average volume of 127,700 shares. OTIV’s stock had closed at a low of 94 cents last Thursday.
The stock gain mirrors that of other technology firms which recorded positive growth following their entrance into the cryptocurrency industry. Digital Power Corporation, for instance, posted massive growth on its stock price after it announced its intentions to integrate cryptocurrencies in its systems.
OTIV’s announcement comes at a time when the bitcoin and other altcoins are enjoying a great year, registering unprecedented and record-breaking price surges. Bitcoin, for instance, was trading at only $1000 in January before skyrocketing to $16,923.40 in December according to Coinmarketcap.com.