Innovative Payment Technology Finds Itself at the Intersection of Cryptocurrency and Cannabis
Rosh Haa’yin, Israel, Sept. 05, 2018 (GLOBE NEWSWIRE) — 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 systems, ATMs, tablets, PCs and mobile devices, announced today the development of a proprietary crypto payment solution specifically developed for cannabis dispensaries. The innovative technology, projected to be released in Q4, will provide dispensary owners, in the United States, with a solution that will enable them to allow users to purchase cannabis products with cryptocurrency, including Bitcoin.
Within the United States, the legalized production and consumption of cannabis is growing. Currently, there are nine states that have legalized recreational marijuana, while thirty states (plus the District of Columbia) have legalized medical marijuana. Even with legalization, financial institutions are raising their eyebrows in regard to this market and are creating difficulties for new enterprises entering the cannabis industry. In fact, legally established dispensaries are unable to collect payment with credit cards. As a result, many dispensaries open bank accounts under an alternative identity, while others operate almost exclusively in cash or use other workarounds.
The Virtual Crypto solution will facilitate transactions with local dispensary shops where marijuana dispensaries are legal and recognized by the U.S. government. The company provides a financial solution which allows for a more efficient and effective way to collect payments. Virtual Crypto has is designing a customized payment method specifically for the marijuana industry, which can also be used by the farming industry in this sector as well as medical and recreational dispensaries.
Cannabis dispensaries and the related farming industry face significant financial challenges. Few banks are willing to provide loans or credit to marijuana-based enterprises due to their conservative nature and their perception of the market and the inherent legal issues that arise when states’ rights come into play. Marijuana businesses have been forced to use cash due to the position financial institutions have taken with this sector. The Virtual Crypto solution solves existing payment problems and also alleviates some of the safety hazards that exist within a business that currently deals mostly in cash by enabling crypto payment solutions.
“Our cannabis payment solution is building upon the foundation we established with our first-generation point-of-sale system. Virtual Crypto has been validated in the market and is a proven technology,” stated Virtual Crypto Technologies CEO Alon Dayan. “Not only does our solution make it easier to accept payments, it also provides a record of transactions, which ensures alignment with government oversight, eliminating fraud and abuse.”
Virtual Crypto has created a simple process that brings cryptocurrency one step closer to being a legitimate payment method for cannabis purchases. For one to purchase cannabis via the Virtual Crypto solution, a user will simply scan a QR code that appears on the dispensary’s point-of-sale screen’s interface, which represents a series of unique variables regarding that specific transaction. Within seconds, the store owner will receive confirmation in accordance with the number of goods sold. The software, like other Virtual Crypto solutions, provides real-time transactions and ensures the best exchange rate at the lowest commission offered on the market. Virtual Crypto’s proprietary algorithms scan multiple exchanges to provide customers with the best value at the time of the transaction.
As Virtual Crypto’s current solutions for point-of-sale systems where Virtual Crypto’s NetoBit software is installed, a verification algorithm instantaneously predicts with a very high degree of precision whether the cryptocurrency transaction will be authorized by the Blockchain. This process happens immediately following the submission of the transaction and before confirmation when the block is signed. As a result, the software can verify transactions within seconds to minutes, instead of the standard ten minutes to 24 hours, following the current process of six authorizations.
“Today with cash as the payment method of choice at dispensaries, they have quickly become a target for thieves. With tens of thousands of dollars in transactions per day, employees are faced with an unsafe work environment. Additionally, cash makes it difficult to account for the appropriate payments of taxes to the government,” continued Alon Dayan.
Virtual Crypto’s cannabis solution can facilitate the reduction of cash payments and the amount of cash moving through the industry as a whole. Adoption of cryptocurrency won’t eliminate cash completely from the cannabis industry but will help the industry shift to a more standard cash usage rate of approximately 30%.
Dayan continued, “our goal is to be an alternative payment option, not to eliminate cash. We believe our technology can ultimately reduce the amount of cash moving through the cannabis ecosystem, which will help foster a safer work environment and ensure industry participants pay their taxes using an alternate payment method. The Virtual Crypto solution is a win-win-win for dispensary owners (and farmers), consumers, and individual states- resulting in accountability, ease of use, and increased tax revenue to the state.”
For more information about the Company, please email [email protected]
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.
For more information, please email [email protected]
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.
Alon Dayan, CEO Virtual Crypto Technologies, Inc.
Tel: +972 54-487-7959
CONTACT: Steve Zeitch VIrtual Crypto 6468848988 [email protected]