Ryvyl initiates coyni spino-off, value creation strategy

RYVYL announced it has initiated a spin-off plan for our wholly-owned subsidiary coyni, the Company’s stablecoin technology, that will assist in the broad value creation strategy by means of a special dividend to be paid following the anticipated completion of the spin-off. As previously discussed in a July 2021 press release, the Company believes the separation of coyni from the Company’s payment processing business will allow each business to better focus on its own strategic and operational objectives. RYVYL and coyni intend to maintain a strong relationship moving forward. "The digital payments and banking arena continues to evolve quickly with companies jockeying for position to grab as much of the lucrative financial transaction market as possible," said Ben Errez, Chairman of RYVYL Inc. "While we have made great strides with our payment processing business, we believe now that we have identified the best path forward to create value for our shareholders through the spin-off of coyni as a public company with the goal of establishing it as the premier stablecoin in the market. We believe the growth trajectory of coyni will unlock significant shareholder value that RYVYL shareholders will be able to participate in after a Board approved special dividend issuance upon completion of the spin-off."