LAS VEGAS - JanOne Inc. (NASDAQ: JAN), known for its healthcare and fintech ventures, announced today that its subsidiary, ALT5 Sigma, has introduced the "ALT5 Settlement Platform." This new service targets the digital content creation market, offering a cryptocurrency-based payment system for content creators.
The ALT5 Settlement Platform is designed to allow digital platforms to pay content creators in various cryptocurrencies, including Bitcoin, Ether, USDT, and USDC. The platform claims to streamline the payment process, reducing costs and increasing efficiency for both content platforms and creators.
Furthermore, it provides content creators the ability to load a prepaid VISA card with cryptocurrency funds, which can be used at Visa (NYSE:V) merchant locations worldwide or withdrawn at financial institutions.
Andre Beauchesne, President of Alt5, noted the digital content creation market's estimated value of $27.3 billion in 2023 and its expected growth rate. He emphasized the need for efficient payment solutions for the over 200 million content creators globally, many of whom earn less than $100,000 annually.
The ALT5 Settlement Platform began as a pilot project in September 2023 with an initial transaction volume of $1 million for the month. Since then, the platform has seen its settlement volume grow to over $7 million per month for a limited customer base.
ALT5 Sigma, established in 2018, offers blockchain-powered financial technologies, including "ALT5 Pay" and "ALT5 Prime" platforms, which facilitate cryptocurrency transactions and trading. In 2023, the company processed over $1.2 billion in cryptocurrency transactions.
JanOne is a multidisciplinary organization listed on the Nasdaq and a member of the Russell Microcap Index. Apart from fintech, JanOne is engaged in healthcare initiatives aiming to provide solutions to the opioid crisis, with drugs in clinical trials targeting pain without the addictive risks of opioids.
This announcement is based on a press release statement from JanOne Inc. and contains forward-looking statements subject to various risks and uncertainties. These statements are not guarantees of future performance, and actual results could differ materially from those projected.
In other recent news, JanOne Inc. has experienced several significant developments. The healthcare and fintech company has been included in the Russell Microcap® Index, a development that follows its acquisition of ALT 5 Sigma. This inclusion is expected to increase JanOne's visibility among investment managers and institutional investors.
JanOne's recent acquisition of ALT 5 Sigma, a blockchain technology company, is a key expansion to its fintech offerings. ALT 5 Sigma, now a wholly-owned entity of JanOne, provides two main platforms: ALT 5 Pay, a cryptocurrency payment gateway, and ALT 5 Prime, a trading platform for digital assets.
In addition to these developments, JanOne has successfully regained compliance with Nasdaq's minimum bid price requirement, as confirmed by a notification from the Nasdaq Listing Qualifications Staff. This development indicates that the company's common stock has maintained a closing bid price of $1.00 per share or greater over a set period.
These are all recent developments for JanOne, a company that is known for its dual focus on addressing the opioid crisis through innovative healthcare solutions and providing advanced blockchain technologies for financial transactions. The company's recent moves indicate a strategic focus on enhancing its fintech portfolio while continuing its mission in the healthcare sector.
InvestingPro Insights
As JanOne Inc. (NASDAQ: JAN) ventures into the digital content creation market with its ALT5 Settlement Platform, the company's stock performance and financial health remain crucial for investors monitoring the potential impact of this new service. According to InvestingPro data, JanOne's market capitalization stands at a modest $31.28 million, reflecting its status within the microcap segment of the market. The company's financials reveal challenges, as indicated by a negative P/E ratio of -0.65 and an adjusted P/E ratio for the last twelve months as of Q1 2024 at -6.12, suggesting that JanOne is not currently profitable.
InvestingPro Tips highlight that the stock has experienced significant volatility, with a large price uptick over the last six months, boasting a 387.27% return. However, more recent trends show a 12.13% decrease in the 1-week price total return and a substantial 33.17% drop over the last month, indicating a potential oversold territory as suggested by the RSI. These fluctuations underscore the importance of a cautious approach when considering the stock's current state and future prospects.
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