On Track Innovations Ltd (USA) (OTIV) to Deal with Bitcoins; Shares Skyrocket 90%


The Bitcoins is an international virtual currency not backed by any government and so many people are still not very comfortable with it. However, with the exponential rise of Bitcoins vs Dollar and for that matter all the important currencies, the interest of many firms has increased in dealing in Bitcoins.

Today, cashless payments company On Track Innovations Ltd (USA) (NASDAQ:OTIV), announced that it is developing capabilities to implement the use of Bitcoins in its cashless payment solutions.

OTIV shares reacted to the news, skyrocketing nearly 90% to $1.94 in early trading Monday.¬†OTIV has a 1-year high of $2.45 and a 1-year low of $0.93. The stock’s 50-day moving average is $1.15 and its 200-day moving average is $1.28.

Bitcoin usage is growing in the e-payment marketplace, with many establishments accepting online Bitcoins transactions. Bitcoin usage has benefited from a growing acceptance of its ongoing facilitation of transfers. It’s fast becoming the prominent digital Internet transaction currency.

OTI’s CEO Shlomi Cohen commented, “At OTI we are working hard and intend to rapidly become Bitcoin acceptable in transactions via NFC, Bluetooth or QR code […] We also look forward to integrating Bitcoin acceptance in our innovative ATM and secure cashless vending products.”

On Track Innovations operates as a developer of cashless payment solutions including near field communication products and solutions. It operates through the following two segments: Retail and Mass Transit Ticketing; and Petroleum. The Retail and Mass Transit Ticketing segment sells and markets variety of products for cashless payment solutions. The Petroleum segment includes manufacturing and selling of fuel payment and management solutions. The company was founded on February 15, 1990 and is headquartered in Rosh Pina, Israel.