Crypto Deal Sends Shares of Internet of Things Firm Into Frenzy

Shares of NXT-ID Inc., an Internet of Things (IoT) company that dabbles in biometric authentication, jumped as much as 109 percent to $3.80 after announcing its latest foray into the world of cryptocurrencies.

The Shelton, Conn.-based company today said its Fit Pay unit would jointly develop a platform with closely held Cascade FinTech, allowing consumers to use cryptocurrencies to pay for goods "at millions of retail locations worldwide."

Maxim Group’s Brian Kinstlinger, the only analyst who covers NXT-ID, reiterated his buy rating and price target $5 after the news. He said the company’s payment platform can "reduce the financial risk to the merchant, thereby increasing the number of retailers that accept cryptocurrencies."

NXT-ID is no stranger to cryptocurrencies. The company filed a patent in 2015 to allow consumers to make bitcoin payments using its Wocket smart wallet.

— With assistance by Sebastian Silva