It’s a broadly green day in the markets today. However, one of the stocks that’s absolutely tearing it up right now is The OLB Group (NASDAQ:OLB). Currently, OLB stock is up nearly triple digits at the time of writing. However, earlier today, investors in OLB saw gains of much more than 100% on some big news.
As a diversified French e-commerce merchant services provider, OLB Group has some obvious catalysts underpinning this stock’s growth. That said, despite a spike earlier this year along with other hypergrowth stocks, the trend of late hasn’t been positive for OLB stock.
The company’s business model also includes Bitcoin crypto-mining operations. Accordingly, this is a company that’s been tied to the crypto trade. Given where crypto prices are right now, the recent price action in OLB stock is a head-scratcher. It appears investors are focusing on other plays in this space.
However, today, that sentiment is changing. Let’s dive into what investors are watching with OLB stock right now.
OLB Stock Soars on Connection to Mastercard Crypto News
Many investors may already be aware of the big recent news release Mastercard (NYSE:MA) provided regarding the company’s upcoming move to integrate crypto services with its debit and credit cards. That in and of itself is a big catalyst for payment processors linked to the crypto world.
However, OLB announced today it’s supporting Mastercard Bitcoin (CCC:BTC-USD) payments immediately.
Via OLB’s OmniSoft business-management platform and SecurePay payment gateway platform, Mastercard will be able to process crypto transactions at any time. Increased flexibility for Mastercard, and obvious top and bottom line benefits for OLB, make this partnership intriguing to both parties.
The hope is that this partnership will provide for an acceleration of crypto adoption in the public. For now, it appears this could be the first of many moves for OLB. Should this partnership bear fruit, the company stands to benefit from an industry-wide shift toward crypto.
Maybe I’m getting ahead of myself. However, the market doesn’t seem to think this idea is that far-fetched. Given how fast OLB stock has run today, investors appear to be factoring in maximum bullishness for this stock.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
