What’s going on with RXMD?
Progressive Care (RXMD) stock was down 13.39% after the healthcare and technology company said it would begin accepting Bitcoin as a form of payment for COVID-19 Rapid Testing services at its PharmcoRx locations. Shares of RXMD were trading at $0.06 per share on Friday morning.
The Miami-based company announced the move on the eve of the largest Bitcoin conference in the world, with many of the nearly 50,000 attendees to the Miami area event coming from abroad. Many international airlines require passengers to provide COVID-19 PCR-based testing before travel.
What does this mean for Progressive Care?
The company’s PharmcoRx pharmacies pioneered the acceptance of cryptocurrency as payment in 2018, so the move to accept Bitcoin for COVID-19 tests means its expanding its payment options. The company introduced a QR code for quick and seamless digital money transactions.
“We believe in the future of blockchain technologies, generally speaking, and we want to extend our market-leading services in rapid COVID-19 testing solutions to those who prefer to pay through Bitcoin,” said Alan Jay Weisberg, CEO and Chairman of Progressive Care. “This is an excellent alternative for post-pandemic tourists coming into our communities from abroad. It also allows those with an alternative view of payment systems to get the testing services they require as we strive to maintain a shield against a fresh resurgence of this terrible virus.”
Weisberg said the company has made more than $1 million from administering COVID-19 tests to 10,000 people so far.
RXMD has a Long-Term Technical Rank of 35. Find out what this means to you and get the rest of the rankings on RXMD!
Progressive Care Inc is a health services organization and provider of prescription pharmaceuticals, compounded medications, the sale of anti-retroviral medications, medication therapy management, and the supply of prescription medications to long term care facilities, administration and practice management, utilization management, quality assurance, EHR Implementation, billing and coding, health practice risk management. The company operates through its subsidiaries.
