Shares of Nxt-ID Inc. /zigman2/quotes/205603226/composite NXTD -2.78% rocketed 67% in active premarket trade Wednesday, as the provider of secure-payments and encryption company entered the cryptocurrency arena through its Fit Pay Inc. subsidiary. Volume topped 1.4 million shares over an hour before the open, already above the full-day average of about 1.2 million shares. Fit Pay and Cascade Financial Technology Corp. agreed to jointly develop a platform that gives cryptocurrency holders the ability to use the value of their currencies for traditional payment transactions at retail locations worldwide. "As cryptocurrencies increase in value and distribution, the need to create new methods to monetize their value and enabling models for acceptance is the critical last mile," said Nxt-ID Chief Operating Officer Michael Orlando. Nxt-ID's stock is on track to open at the highest level seen during regular-session hours since Jan. 19, 2017. Through Tuesday, the stock had plunged 34%, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.00% had rallied 20%.