RYVYL (NASDAQ: RVYL), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions, is reporting on its first-quarter 2023 financial results. According to the report, the company’s revenues came in at a record $11.3 million, a 169% increase over the same period in 2022. Other highlights of the report included processing volume for the quarter reached an estimated $565 million, a 381% increase from the prior year same period and FX and international payments business, including Transact Europe totaled $344 million in business volume for the quarter. The company also reported that during the quarter, it had engaged Kingswood Capital Markets as a placement agent and advisor in connection with the strategic spin-off of coyni as well as the $40 million public offering and NASDAQ uplisting; the company also acquired Logicquest, a shell company, for the transfer of coyni’s assets in order to facilitate the spin-off transaction and inked a partnership agreement with global payment solutions leader, Intercash, designed to expand the Banking-as-a-Service platform in Europe. In addition, the company reported that six global financial institutions have signed up for the Banking-as-a-Service (BAAS) solution. “We are pleased to report a record first quarter 2023 of $11.3 million, outstanding growth from the prior year of 169%,” the company stated in the press release. “The first quarter was not without its challenges. Uncertainty surrounding the banking sector, coupled with expectations for increased regulation of digital payments and general macroeconomic concerns were common themes. Yet, we delivered against this backdrop with our best quarter ever.”
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RYVYL was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business and peer-to-peer payment transactions around the globe. By leveraging unique blockchain security and USD-pegged stablecoin technology with near real-time attestation, RYVYL is reinventing the future of financial transactions using its coyni(R) stablecoin platform as a transactional foundation. Since its founding as GreenBox POS in 2017, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants and consumers around the globe. For more information about the company, please visit www.GreenBoxPOS.com.
NOTE TO INVESTORS: The latest news and updates relating to RVYL are available in the company’s newsroom at https://ccw.fm/RVYL
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