Device Allows Retailers To Conduct Bitcoin and Cryptocurrency Transactions Realtime
Virtual Crypto Technologies Ltd. developer of software and hardware for the purchase and sale of crypto-currencies through ATMs, tablets, PCs and or mobile devices, today announced the launch of NetoBit Cash, its proprietary tablet device that enables users to securely receive payments in Bitcoin and other cryptocurrencies, in real time, through the Company’s platform, which also protects against exchange rate volatility and guarantees transactions up to a value of $3,000.
The first in a series of software and hardware products under development at Virtual Crypto, NetoBit was designed to facilitate the purchase, sale, and conversions of cryptocurrencies through retail points of sale, e-commerce, websites, ATMs, tablets, PCs and mobile devices. Virtual Crypto intends to distribute its products through distributors and business partners to small and mid-sized businesses such as cafés, restaurants, and shops; enterprises, such as airlines and tourism companies; government agencies and payment gateways.
A March 2018, a study published by Transparency Market Research, predicts a Compound Annual Growth Rate of 31% for the cryptocurrency hardware and software market, increasing from $574 million to $6.7 billion between 2017 and 2025.
“We established Virtual Crypto to increase the practicality of cryptocurrency across global markets, and the NetoBit series is our first broad-based solution for this billion-dollar industry. Our proprietary blockchain products and services make cryptocurrencies accessible to businesses and users in every industry, and turn dormant assets sitting in users’ digital wallets into funds that function like cash,” Alon Dayan, co-founder and CEO of Virtual Crypto, commented on the launch.
Virtual Crypto’s solution is different from most other solutions, with three distinct competitive advantages: Speed, Liquidity and Compliance.
- Speed: The Company’s proprietary validation algorithm quickly and precisely predicts if a cryptocurrency transaction will be approved by a blockchain at the moment of the transaction, before the block is digitally signed, reducing the approval process from hours or minutes, as is common, to seconds. The retailer even has the choice of whether to accept the payment in a cryptocurrency such as Bitcoin, or immediately convert it into cash, which is then transferred into his or her account.
- Liquidity: Typical cryptocurrency traders execute transactions through established relationships, giving their customers access to a single exchange, and in turn, a single rate of exchange. Virtual Crypto’s algorithm surveys the entire crypto network, locating the best deal and providing its customers the most attractive exchange rate and the lowest commission for any given transaction.
- Compliance: Virtual Crypto’s extensive processing capabilities enable the Company to conform to the various regulations and configurations in different countries, set currency price limits for each transaction, comply with Know-Your-Customer/customer identification parameters as well as other regulations and configurations of different countries, manage risk, and provide useful statistical data on transactions and points of sale.
Together, these attributes enable Virtual-Crypto to protect transactions from currency volatility that can occur during a longer approval process, and ensure regulatory compliance, thus, minimizing the risk of fraud and allowing the Company to guarantee customer transactions of up to $3,000.
Virtual Crypto Technologies Inc., through its wholly owned Israeli subsidiary Virtual Crypto Technologies Ltd., has developed the NetoBit Trader, a proprietary, cryptographic algorithmic technology that it is able to confirm in real-time the purchase or sale of any cryptocurrency.
Virtual Crypto Technologies Ltd. was co-founded in January 2018 by a team of Israeli entrepreneurs, CEO Alon Dayan, Chief Scientist Dr. Royi Ithzak, and crypto expert Guy Corem. Alon Dayan was previously co-founder and CEO of the wireless communications company Celliboost and cyber company L1-Systems Ltd. Dr. Royi Ithzak, an expert in applied mathematics and big data algorithms, has a wealth of experience in applied research in data mining and network analysis, has developed algorithms for Gett (formerly GetTaxi), Fiverr, among others, and headed R&D teams at AT&T, HP, and Outbrain. Guy Corem, has made extensive contributions to the Bitcoin community, including positions such as CEO of Spondoolies, a provider of Bitcoin mining equipment.
The Company is marketing its NetoBit Trader software and hardware products for the purchase and sale of cryptocurrencies through ATMs, tablets, PCs and mobile devices. Virtual Crypto Technologies further believes that the ability to immediately confirm cryptocurrency transactions in real-time provides a significant competitive advantage in making the purchase and sale of crypto-currencies user friendly.