Ryvyl initiates spin-off its stablecoin technology coyni

"We also just initiated the spin-off of coyni, our stablecoin technology, into a publicly traded vehicle that will assist in our broad value creation strategy by means of a special dividend to be paid upon completion of the spin-off. We have already identified and expect to acquire the proper vehicle in the coming weeks to proceed with the spin-off and we believe unlock significant shareholder value. We have also identified the investment banking team for the transaction and are in the process of evaluating mergers with possible partners. With a growing pipeline in our domestic and international acquiring businesses, market share capture in American Samoa, recent breakthrough sign ups with our banking-as-a-service solution, and plans to spin-off coyni to unlock its potential, we are well positioned for strong growth and expansion of our presence in the digital payments landscape. In 2023, we expect to see our transaction volume increase to $6 billion resulting in revenue of $60 million and a positive adjusted EBITDA of $4M," said the company along with quarterly results.