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"Billions in the pipeline" means that they are signing new...

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    "Billions in the pipeline" means that they are signing new customers with a collective transaction volume of 1 billion. If they signed up all of them they would get a percentage of that amount (on each transaction). The value in this company is not the previous quarter; that's not why people have been buying. The value is in the growth potential, especially with the acquisition completed.
 
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