Benzinga | Apr 5, 2021 05:22PM EDT

GreenBox Raises 2021 Processing Volume Estimates

GreenBox POS (NASDAQ: GBOX ("GreenBox", the "Company"), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, sees first quarter 2021 processing volume materially outpaced prior expectations used in initial annual guidance of $600 million. The Company now expects at least $1.2 billion of processing volume for the year, improved operating margins, and additional new smart-contract token volume.

The Company's blockchain ledger-based payment solutions have gained traction as new merchant onboarding accelerates following the January launch of its Gen3 technology. Processing volume is the primary source of GreenBox revenue, which is residual based. The Company attributes this growth to the platform ease of use, capabilities in high-risk verticals, as well as growing banking and processing networks.

"Our original 2021 projections were based more on Q4 2020 processing volume levels and proved to be too conservative. Given the visibility we now have from the first quarter, we are comfortable now raising our full year estimates," said Fredi Nisan, Chief Executive Officer of GreenBox POS. "We are encouraged by the rapid adoption of our proprietary blockchain technology and believe the launch of our smart-contract token technology may pave the way for additional revisions to these projections."