RYVYL (NASDAQ: RVYL) is a leading innovator of payment transaction solutions leveraging proprietary blockchain ledger and electronic payment technology for diverse international markets. The company announced that it has aligned its U.S. operations to increase its focus on diversifying into new vertical markets within its Northeast Merchant Systems (“NEMS”) business unit. In addition to leading its licensing strategy, RYVYL’s VP of Revenue Christian Murray was promoted to a newly created position of managing director of NEMS effective July 15, 2024. “RYVYL has developed visionary technology to verify, secure and record payment transactions that has been enthusiastically received by merchants and end customers, despite recent changes in the regulatory environment that impacted our U.S. segment revenue in the past six months. To increase monetization of our technology, we have been focusing U.S. operations on diversifying vertical markets and leveraging software licensing to expand our market penetration,” said Fredi Nisan, co-founder, director and CEO of RYVYL. “In March 2024, we began streamlining operations, including outsourcing payment logistics to third-party partners and reducing approximately 25% of U.S.-based positions. These efforts are improving efficiencies, freeing up resources to reinvest in key growth areas, creating a more agile organization and positioning us to capture a growing pipeline of diversified opportunities within our NEMS business unit as well as to address changes within the fintech compliance landscape to deliver exceptional value and ensure strong positioning within the market.”
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About RYVYL Inc.
RYVYL was born from a passion for empowering a new way to conduct business-to-business, consumer-to-business, and peer-to-peer payment transactions around the globe. By leveraging proprietary blockchain ledger and electronic token technology for the diverse international markets, RYVYL is a leading innovator of payment transaction solutions reinventing the future of financial transactions. Since its founding as GreenBox POS in 2017 in San Diego, RYVYL has developed applications enabling an end-to-end suite of turnkey financial products with enhanced security and data privacy, world-class identity theft protection, and rapid speed to settlement. As a result, the platform can log immense volumes of immutable transactional records at the speed of the internet for first-tier partners, merchants and consumers around the globe. For more information, visit RYVYL’s website at www.RYVYL.com.
NOTE TO INVESTORS: The latest news and updates relating to RVYL are available in the company’s newsroom at https://ibn.fm/RVYL
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