- ‘Very high accuracy’ platform cuts cryptocurrency/virtual coin transaction time by deploying predictive algorithm
- Product rollout benefitting distribution MOU in Turkey and Cyprus, with Nigeria option
- Market for cryptocurrency-enabled ATMs expected to have CAGR of 45.8 percent through 2025
The growth of blockchain-enabled currencies worldwide as a way to complete financial transactions with fewer regulatory hurdles than those imposed by traditional banking solutions exemplifies a modern-day movement to empower people monetarily, but the fintech industry has its own set of challenges. In response to the transaction time delays inherent in the need to secure a cryptocurrency agreement, Virtual Crypto Technologies Inc. (OTCQB: VRCP) has rolled out a proprietary algorithmic platform that dramatically speeds up the verification process, which in turn allows parties to negotiate trades at real-time rates without concerns that the rate will become much more unfavorable by the time the transaction is concluded.
Virtual Crypto Technologies Inc., through wholly owned Israeli subsidiary Virtual Crypto Technologies Ltd., develops products that make cryptocurrencies accessible to the public through payment solutions that benefit businesses and consumers alike.
Virtual Crypto Technologies’ NetoBit product line attracted the attention of Israel-based oil refinery relocater Chiron Refineries Ltd. (TASE: CHR), which this year began to diversify its operations to include the “cryptocurrency accessibility” sector. Chiron inked a binding Memorandum of Understanding with Virtual Crypto in January that granted Chiron exclusive rights to distribute Virtual Crypto’s products in the territories of North Cyprus and Turkey (http://ibn.fm/C5WqD), with an option to expand the distribution business into Nigeria within 12 months.
Chiron intends to market the technology to casino cashiers, ATM operators, currency exchange offices and coffee shops for starters, offering a non-bank means of completing financial transactions using the cryptocurrencies at a rapid completion rate.
“We decided to enter the cryptocurrency sector as we envision a significant increase in market participation and believe that there is a real opportunity to generate substantial revenues by making cryptocurrency accessible and understandable to the mainstream consumer,” Chiron CEO Rony Kuperberg stated in a recent news release (http://ibn.fm/f4ezn).
Virtual Crypto’s combination of Application Programming Interfaces and mobile applications supports its products’ deployment in ATMs, PCs and mobile devices such as tablets and cell phones. The global market for ATMs that allow transactions in cryptocurrencies is forecast to increase from its 2017 valuation of $14 million to surpass $285.1 million by 2025, experiencing a CAGR of 45.8 percent, according to market researcher Coherent News (http://ibn.fm/6K77b), but only about a third of the machines currently allow two-way trades.
Virtual Crypto states that NetoBit Trader’s ability to drastically reduce the transaction time is largely due to a “very high accuracy” predictive algorithm that establishes the likelihood of a successful transaction long before it is actually completed. Whereas a typical transaction may take from 10 minutes to 24 hours to complete and close the blockchain module, NetoBit’s system establishes the probability of validation by multiple miners, even as the miner validation process is taking place (http://ibn.fm/5AMjg). The platform also addresses common liquidity problems by connecting with multiple exchanges, allowing the system to divide a single payment across exchanges and thereby create more of a resource than a single exchange can provide.
As Virtual Crypto has rolled out phases of its product, Chiron has responded with phased payments, announcing the completion of an initial $50,000 payment followed by another $50,000 executed in transferred stock shares thus far.
“Our collaboration with Chiron continues to progress at an accelerated pace, largely driven by their desire to establish an early foothold in the Turkish and Cypriot markets,” Virtual Crypto CEO Alon Dayan stated in one of the news releases. “Preliminary testing of the modified software was extremely successful and we expect to maintain this momentum, providing them with a next version we expect to be released in the following weeks.”
For more information, visit the company’s website at www.Virtual-Crypto.com
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