Virtual Crypto Technologies, Inc. (the “Company” or “Virtual Crypto”) (OTCQB: VRCP), a developer of innovative software and hardware for the purchase and sale of cryptocurrency via point-of-sales (POS) systems, ATMs, tablets, PCs and mobile devices, announced today that they will add a new offering to their proprietary cannabis-centric crypto payment solutions. The company has decided to unbundle their software from their POS product offering and provide dispensary owners with a more affordable software solution.
The new CannabitPay Software Solution®, a real-time, cost effective, point-of-sale downloadable software with proprietary verification algorithms, will be exclusively available to the Cannabis sector. Virtual Crypto’s CannabitPay software instantaneously predicts with a very high degree of precision whether a cannabis dispensary transaction via cryptocurrency will be authorized by the Blockchain. The Virtual Crypto solution will be available on Android devices and can be downloaded on smartphones, tablets, or certain models of existing POS systems.
“The crypto ATM and payment markets are growing rapidly. Our software provides a lower entry-point, which will enable owners to accept crypto payments without the need for costly hardware,” stated Virtual Crypto Technologies CEO Alon Dayan. “Our decision to offer a software-only solution illustrates that we are committed to providing a platform that will seamlessly facilitate transactions between dispensary shops and consumers where marijuana dispensaries are legal and recognized by the U.S. government. For us, mass adoption is the key to this decision as we become the cannabis crypto payment infrastructure of choice.”
Virtual Crypto’s new cannabis software solution aims to take advantage of a market on the rise. MarketWatch reports the Crypto ATM market is expected to grow from USD 16.3 million in 2018 to USD 144.5 million by 2023. Virtual Crypto’s POS systems, provide the functionality of a crypto ATM with crypto buy-sell functionality in addition to allowing for direct peer-to-peer, and business-to-consumer transactions.
Dayan continued, “we believe that our solution offers cannabis dispensaries a new option in an ever-changing market.” He added, “cash won’t just disappear but the growing use of digital transactions, including crypto, and mobile changes the way consumers make purchases in the cannabis sector. The Virtual Crypto software allows for real-time, seamless digital cannabis transactions without the need to purchase hardware.”
The company seeks to solicit a community of cannabis retailers using the cryptocurrency payment solution whereby dispensary owners and consumers will be encouraged to provide best practices in an effort to enhance customers’ checkout experience. The decision to offer a software-only solution originates from industry feedback. Virtual Crypto software can be purchased as a stand-alone item or bundled with physical hardware POS systems.
Virtual Crypto transactions are simple. For one to purchase cannabis via the Virtual Crypto solution, all a consumer needs is a digital crypto wallet which will enable a user to scan a QR code that appears on the dispensary’s point-of-sale screen’s interface. The software calculates, in real-time, a series of unique variables that validate a transaction. Within seconds, the store owner receives a confirmation of the sale. Each transaction is assured to be competitive with market rates as Virtual Crypto’s proprietary algorithms scan multiple exchanges to provide customers with the best value at the exact time of the sale.
Virtual Crypto will provide continuous software updates and the R&D team will constantly explore new enhancements and incorporate industry feedback before rolling out a CannBit App in 2019.
About Virtual Crypto Technologies, Inc.
Virtual Crypto Technologies, Inc. (OTCQB: VRCP) (“Virtual Crypto”) is a technology company dedicated to making cryptocurrency accessible to the public on a global basis. Virtual Crypto specifically develops payment solutions for businesses and consumers, which combine Application Programming Interfaces and Mobile Applications for implementation via ATM’s, PCs, tablets and other mobile devices.
The company’s proprietary algorithmic technology trading platform and NetoBit product line, instantaneously confirms the purchase or sale of cryptocurrency, as opposed to industry transaction processing norms, which can take 10 minutes up to 24 hours. All trades and exchanges are insured up to $3,000 per trade.
Virtual Crypto’s NetoBit ATM and retail point-of-sale, NetoBit Pay, incorporate advanced technologies tailored to the needs of primary market players, users, investors, and business owners. Virtual Crypto’s platform bridges the three main functions of the cryptocurrency sector – exchanges, wallets, and payments – to the world of fiat exchanges, granting access to immediate cash exchanges between consumers and businesses worldwide.
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All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including, but not limited to, those described in the Company’s 2018 Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 17, 2018, and the other risks and factors set forth in the Company’s filings and submissions with the SEC. In addition, the Company operates in a relatively new industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law.
Steve Zeitch, Virtual Crypto Technologies, Inc.