KYN Capital Group (OTCMKTS:KYNC) Stock Continues to Trade Lower: Here is Why

One of the companies that may be looked into this morning by investors is that of KYN Capital Group (OTCMKTS:KYNC) in light of the latest announcement that was made by the company yesterday. The company provided a key update yesterday with regards its Koinfold Pay 2.0 crypto exchange. It is described as an instant limitless crypto instance crypto exchange of a non-custodial nature and is serviced by MoonPay.

Trading Data

On Thursday, KYNC stock decreased 1% to $0.0010 with more than 24.69 million shares, compared to its average volume of 65.03 million shares. The stock moved within a range of $ 0.0009 – 0.0011 after opening trade at $0.0009.

KYN Capital Koinfold 2.0 Updates, Android App Downloaded Over 1000 Times

KYN Capital Group announced yesterday that the iOS version of the Koinfold Pay 2.0 is going to be uploaded to the Apple Developer Platform at some point this week. As per Apple’s policies, the app could be approved within a period of 30 days.

On the other hand, the company also announced that its group of beta testers has also provided the necessary feedback with regards to the Android app. In addition to that, the company also announced that the Android version of the app has been downloaded as many as 1136 times worldwide already within a very short span of time. More importantly, it is important for investors to keep in mind that the company had not advertised the launch of the app at all.

Key Quote

“Revenue for Koinfold Pay 2.0 will be generated from purchases through our on and off ramp provider MoonPay, as well as upcoming features such as NFT launches and MetaVerse worlds.” states Rick Wilson, CEO.

Technical Data

KYNC stock is trading above the 20-Day and 50-Day Moving averages of $0.0012 and $0.0011 respectively. However, the stock is trading below the 200-Day moving average of $0.0032. The company has a total market capitalization of $4.60 million.