Cryptocurrencies continue to shrug off pessimism about their nascent industry challenges, notably with a recent $13 billion price spike in total market capitalization during the course of an hour on the heels of a 24-page report in which central banking conglomerate the Bank of International Settlements (BIS) blasted cryptocurrencies, stating growth in the alt-currencies’ use would fuel self-destructive growth in their storage and energy needs (http://ccw.fm/O1R1b). While the disputes between central bankers and alt-currency traders are an ongoing feature of the fintech market, Virtual Crypto Technologies Inc. (OTCQB: VRCP), a believer in the transformative potential of cryptocurrencies, is helping the industry through its growing pains with transformative technology of its own — crypto-accessible ATM systems that are capable of both fiat-to-crypto and crypto-to-fiat transactions on a real-time basis.
Virtual Crypto Technologies’ bi-directional platform, known as the NetoBit ATM, is unique in leveraging the company’s currency exchange transaction validation (CETV) protocols to enable customers to withdraw cash and transfer funds to their bitcoin accounts in seconds. The number of crypto-enabled ATMs is growing worldwide, but the alternatives generally commerce in the one-way purchase of cryptocurrency. The NetoBit ATM system also gives users the best bang for their buck by comparing a number of cryptocurrency exchanges in order to find the most favorable trade rates.
Cryptocurrencies, based on the secure file-sharing technology of the blockchain, employ a trade verification process in which “miners” confirm the validity of the fintech transactions through a series of computations. The Virtual Crypto ATMs’ NetoBit operating system cuts a verification process that may take between 10 minutes and 24 hours by determining “the probability” of transaction validation by multiple miners, even as the verification is taking place (http://ccw.fm/cMRy1).
The just-released ATMs complement Virtual Crypto’s already existing NetoBit Pay point-of-sale system for retailers, which businesses worldwide have used to securely receive real-time payments from clients in bitcoin. The transactions are guaranteed up to $3,000 per trade.
While cryptocurrency development remains profoundly dynamic, challenging traders as well as universities struggling to keep pace with a burgeoning interest in related curricula (http://ccw.fm/F7Qdv), Virtual Crypto’s technology is resolving the “how” of the currencies’ trade. In January, the company completed a memorandum of understanding with Israel-based oil refinery relocater Chiron Refineries Ltd. (TASE: CHR), which is diversifying with an entry into the cryptocurrency industry. Chiron plans to use its exclusive distribution rights to market the NetoBit technology to casino cashiers, ATM operators, currency exchange offices and coffee shops in the territories of North Cyprus and Turkey (http://ccw.fm/f2wYv), and it may exercise an option to expand the distribution business into Nigeria.
Virtual Crypto also intends to further develop its services with a focus on the extensive cryptocurrency usage that takes place within the online video game market, using its technology in mobile platforms and other application programming interfaces (APIs). Mobile devices now comprise the point of access for some $50 billion worth of the global gaming market (http://ccw.fm/pKF4Z).
For more information, visit the company’s website at www.Virtual-Crypto.com
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