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Fintech company implementing non-fungible token (NFT) capabilities to secure sales of electronic tickets and other digital assets using blockchain tokens
NEW YORK, June 23, 2021--(BUSINESS WIRE)--The OLB Group, Inc. (NASDAQ: OLB), a provider of cloud-based omnicommerce and payment acceptance solutions for small and mid-sized merchants, announced that its SecurePay payment gateway will support the transfer or sale of digital assets utilizing non-fungible token (NFT) technology. The NFT technology is built upon the Ethereum platform which manages token generation and redemption, association with an asset, and transfer of registered ownership.
"The rapid adoption of digital ticketing over the past year has accelerated the need for secure ways to buy and sell these properties without the risk of fraud associated with the duplication of QR codes or barcodes, particularly on a sale of Peer-to-Peer (P2P) transaction," said Ronny Yakov, chief executive officer of OLB Group. "When an NFT is associated with a digital ticket or asset, the transfer of ownership is assured through a blockchain ledger, preventing anyone from selling the same ticket twice or multiple times which, unfortunately, happens far too often. The secure NFT process we have implemented is intended to work seamlessly with the broad range of payment processing options of SecurePay, giving buyers and sellers unmatched flexibility in funding sources."
SecurePay provides integrated support for major digital wallets including Apple Pay® and Google Pay®, cryptocurrency wallets, PayPal®, and traditional credit cards. NFT functions utilize smart contracts to assure the simple and seamless exchange of funds and appropriate management of terms and conditions of sale.
Yakov continued, "NFTs are often associated with art and collectable transactions, but the mechanism is an excellent fit with the sale or transfer of nearly any digital asset, regardless of the dollar value. OLB Group is dedicated to providing solutions which make buying and selling flexible and secure for all parties. NFTs are the latest addition to the portfolio of services that we believe will be an effective tool against digital asset fraud."
Merchants interested in implementing omnicommerce services can set up a ShopFast or OmniSoft account at https://cardaccept.com/#contact.
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Interested investors or shareholders can be notified of future Press Releases and Industry Updates by e-mailing investorrelations@OLB.com.
Safe Harbor Statement
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption "Risk Factors" in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
About The OLB Group, Inc.
The OLB Group, Inc. is a payment facilitator and commerce service provider that delivers cloud-based merchant services for web-based and brick-and-mortar organizations. OLB provides a seamless, end-to-end digital commerce solution that includes site creation, hosting, transaction processing and payment gateway, order fulfillment, customer service, outbound marketing, sales reporting, and fundraising. With services from private label shopping sites designed to maintain the unique look or feel of the merchant website, to order fulfillment and customer service, OLB remains invisible to the user and promotes the merchant’s brand with market-leading technology and solutions. For more information about solutions, services, or to find a reseller, please visit www.olb.com. Investor information is available at www.olb.com/investors-data.
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