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CryptoCorner: NXT-ID (NASDAQ: NXTD) Applies for "Spin-Off" to Create Payments Business PartX, Inc., CoinMarketCap to Promote Greater Accuracy with DATA Initiative

 

Point Roberts, WA and Delta, BC - May 1, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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#CryptoCorner: NXT-ID (NASDAQ: $NXTD) Applies for "Spin-Off" to Create Payments Business PartX, Inc., Market Sees Uptick, CoinMarketCap to Promote Greater Accuracy with DATA Initiative and U.S. Taxpayers Can Receive Bitcoin for Refund

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Stocks discussed: (NasdaqCM:NXTD)

NXT-ID, Inc. (NasdaqCM:NXTD) has announced the filing of a Form 10 Registration Statement with the U.S. SEC to facilitate the company's planned spin-off of its payments, authentication and credential management business. This spin-off will see the creation of a new company called PartX, Inc., which will include the assets acquired in the May 2017 business combination with Fit Pay, Inc. as well as the payment, authentication and credential management assets that NXT-ID developed previously. Upon the transaction, shareholders of NXT-ID will automatically own shares of PartX, Inc. Michael Orlando, COO of Nxt-ID, president of Fit Pay, Inc. and incoming Chief Executive Officer of PartX, Inc., said:

"This spin-off will enable both companies to execute business plans that leverage their core strengths and to present clear, well-defined value proposition for our shareholders, partners and customers. This more singular focus, along with a more concentrated and efficient use of resources, will fully empower both companies to maximize shareholder value."

The total crypto market capitalization crept up a bit yesterday after having dropped down to the neighbourhood of $168-170 billion since last Thursday. At press time, the market cap is sitting at $175 billion according to data from CoinMarketCap. This modest market growth was accompanied by fairly modest movement into the green by much of the top 100 coins listed by market cap on the site. One major exception to this trend was Bitcoin Cash (BCH), valued at $269, and which currently boasts nearly six percent growth in the last 24 hours with a market cap of $4.78 billion. Bitcoin (BTC), after nearly grazing its hard won $5000 support level over the weekend, is currently trading for $5380, with a market cap of $95 billion.

CoinMarketCap, who today celebrates their sixth anniversary, announced in a blog post that, among other things, they were introducing an initiative to "promote greater transparency, accountability, and disclosure from projects in the crypto space". Called the Data Accountability and Transparency Alliance (DATA), the endeavor will require live trading data and live order book data from exchanges to ensure the most accurate information is provided.

CoinDesk reports that crypto payments processor BitPay has partnered with taxation services provider Refundo to allow U.S. taxpayers to receive their federal and state income tax returns in bitcoin. Customers can receive part of or all of their refund in bitcoin through Refundo's CoinRT service, but will first have to provide a bitcoin wallet address and information for know-your-customer (KYC) measures. Refundo CEO Roger Chinchilla commented:

"Adding bitcoin was a natural fit for our customers who often do not have traditional checking accounts, pay high check cashing fees and regularly send money internationally. CoinRT enables them to get bitcoin quickly and easily for one flat fee."

Sam Mowers, Investorideas

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