SAN DIEGO, Sept. 29, 2022 (GLOBE NEWSWIRE) -- GreenBox POS (NASDAQ: GBOX), a financial technology company that leverages proprietary blockchain security and token technology to deliver customized payment solutions, has launched the coyni platform, featuring one of the world’s few stablecoins backed by U.S. dollars on a one-to-one ratio with near real-time attestation.
Each coyni digital token held in a wallet on the platform is matched with one U.S. dollar held in a custodial account with a federally insured financial institution. The dollars backing coyni stablecoin are not tied up in investments or converted to other cryptocurrencies — a practice that has led to the failure of other stablecoins and severe market disruption. In addition, GreenBox announced earlier this year a partnership with audit firm Armanino to attest to all coyni custodial accounts in near real-time, ensuring every coyni in circulation is always backed by a U.S. dollar.
“In the U.S., coyni is literally a digital representation of a U.S. dollar, but with what we believe is the ability to transact with greater flexibility and security than cash itself,” said Fredi Nisan, GreenBox POS CEO. “As a result, if you receive a $10 payment via the coyni platform, you can have absolute confidence that payment will not vary in value like with other cryptocurrency or even stablecoins using alternative backing methodologies. This allows coyni users to enjoy the speed and security of blockchain transactions with the stability of U.S. currency — something we don’t believe any other company offers,” he added.
Consumers and businesses can use the coyni platform for nearly any kind of payment, transfer of currency or the purchase of a myriad of different gift cards. Dollars are converted to coyni and the transaction is memorialized on the company’s secure blockchain, in the blink of an eye.
Market turmoil with stablecoin models that are pegged using an algorithmic methodology or tie backing assets in non-liquid or risky investments have caused a great deal of industry turmoil. GreenBox is committed to having current reserves in the trust (custodial) accounts to ensure liquidity under any scenario. This means all funds will be readily available in the event all users elect to exit at the same time in a "run-on-bank" type scenario. To underscore this commitment, after a lengthy process of IT review, compliance checks and completing SOC 2 compliance certification, GreenBox received final approval for near real-time attestations of all custodial accounts from Armanino.
“Many companies are performing weekly or monthly attestations, but that’s a bit like an air traffic control report from several days ago,” said Nisan. “Our customers have the assurance that every coyni in circulation is backed by a U.S. dollar in our custodial accounts in close to real time, which can be verified by users on our coyni website through our link to Armanino.”
The coyni platform is currently available on Google Play and coming soon on iOS. For consumer or business account registration, please visit www.coyni.com.
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About GreenBox POS
GreenBox POS (NASDAQ: GBOX) is an emerging financial technology company leveraging proprietary blockchain security and USD-pegged stablecoin token technology to build customized payment solutions for merchants and consumers. Founded in 2017 in San Diego, GreenBox’s applications enable an end-to-end suite of turnkey financial products, fraud detection and improve the efficiency of handling large-scale commercial processing volumes. The GreenBox platform offers a number of distinct advantages over traditional payment technologies including greater security and data privacy, enhanced identity theft protection and rapid speed to settlement. As a result, the GreenBox platform can log immense volumes of immutable transactional records in real-time for Tier-1 partners around the globe. For more information, visit www.greenboxpos.com.
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This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
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