KYN Capital Group Inc (OTCMKTS:KYNC) Stock Tanks 21% After Recent Development

The KYN Capital Group Inc (OTCMKTS:KYNC) stock was in the middle of a fairly strong selloff on Thursday as the stock went into a downward spiral and ended the day with a decline of as much as 21%. In case of such a decline, investors have to consider two things. They need to figure out if the stock is going to keep sliding or if it is going to recover any time soon. In order to figure it is necessary to first have a look at the nature of the company’s business and have a bit of an idea about its operations before delving into the latest news.

Trading Data

On Thursday, KYNC stock slumped 21% to $0.0015 with more than 189.10 million shares, compared to its average volume of 32.22 million shares. The stock moved within a range of $0.0012 – 0.0020 after opening trading at $0.0012.      

About KYN Capital Group

The company is registered in Nevada and operates as a holding company that works in making acquisitions in a range of sectors. Some of the sectors in which the company looks for acquisitions include touchless payments, entertainment, blockchain, and cryptocurrency. 

On the other hand, the company also boasts of a highly qualified and skilled team of professionals who are responsible for the task of devising market strategies. KYN Capital Group hopes that its skilled personnel will help it in remaining ahead of its peers for the foreseeable future.

KYN Capital Group Submits Koinfold Pay 2.0 App to 3rd Party Security and QA Team

The fall in the stock on Thursday may have come as a bit of a shock for many investors in KYN Capital Group considering the fact that the news that emerged with regards to the company was a fairly positive one. At this point, the company is working on the development of its Koinfold Pay 2.0 app and yesterday it announced that the app had reached a critical phase of development.

KYN Capital Group announced that the app had been delivered to the independent 3rd party Security and Quality Control testing group. It is a crucial stage in the development of the app since it is going to be released only after all the recommended changes from the testing group are implemented.

The company noted that its main priorities remain the safety, privacy, and security of the users. To that end, the company constantly updates its security measures and policies.

Key Quote

“At KYN Capital Group, we are extremely excited to be near the end of our development and ultimate launch. We have decided to take this development to the next level of security in order to ensure our clients with a high-end deliverable,” declared Rick Wilson, CEO.

Technical Data

KYNC stock is trading below the 20-Day and 50-Day Moving averages of $0.0020 and $0.0021 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0063.