Shares of NXT-ID (NXTD) a security company, saw it’s shares rise 30% this morning. While there was no direct news from the company, it appears that the momentum of cryptocurrency influenced the stock price increase.
NXT-ID has built an innovative MobileBio solution that mitigates consumer risks associated with mobile computing and mobile commerce. NXT-ID had developed a company called Fit Pay and spun it off. Fit Pay is a service that allowed users to spend Bitcoin at stores. Garmin had acquired Fit Pay from NXT-ID, which ended up leading to a lawsuit between NXT-ID and Garmin.
So there seems to be a ripple effect between the price of Bitcoin going up and public companies that have been involved with cryptocurrency increasing. Other stock that went up yesterday included Riot Blockchain and Microstrategy.
Shares of NXTD might be moving higher today because it’s also connecting to the IoT.
- Nxt-ID is an Internet of Things (IoT) company with a focus on security.
- Among its offers is the Wocket, which is a smart wallet.
- The company also has Flye, a digital credit card developed in collaboration with WorldVentures.
- It appears that interest in these offerings may be what has NXTD stock flying higher today.