- Proprietary, cryptographic algorithmic technology confirms transaction of any cryptocurrency in real-time, shaving wait time down from hours to seconds
- Global cryptocurrency ATM market estimated at nearly $14 million in 2017, expected to reach $285 million by 2025
- Agreement with Israeli company, Chiron Refineries Ltd., includes exclusive distribution rights to Virtual Crypto products in certain territories
Virtual Crypto Technologies Inc. (OTCQB: VRCP) is a technology company dedicated to making cryptocurrencies accessible to the public, specifically by creating payment solutions for businesses and consumers which combine Application Programming Interfaces and Mobile Applications, for implementation across ATMs, PCs, tablets and other mobile devices. Virtual Crypto’s recent announcement that it has submitted a beta version of its NetoBit software for an Israeli company underscores its compelling strategy to provide “cryptocurrency accessibility” for customers worldwide.
Virtual Crypto’s proprietary algorithmic technology trading platform, called NetoBit Trader, can instantaneously confirm the purchase or sale of bitcoin, a process that can typically take between 10 minutes and 24 hours. All trades and exchanges are insured up to $3,000 per trade. According to an analysis by Coherent Market Insights, the global cryptocurrency ATM market was estimated at nearly $14 million in 2017 and is expected to reach $285 million by 2025 (http://nnw.fm/g6O7x).
This technological milestone, outlined in a binding Memorandum of Understanding with Chiron Refineries Ltd., grants Chiron exclusive rights to distribute Virtual Crypto’s cryptocurrency products in the territories of North Cyprus and Turkey. Under terms of the agreement, Chiron will pay Virtual Crypto $100,000 for the beta software release and another $150,000 to be tied to future purchases. The agreement includes a revenue share, giving Virtual Crypto 30 percent of the net revenues Chiron receives using its proprietary software and hardware, according to a company news release (http://nnw.fm/w6EZN).
While there is no minimum purchase quota in the first year of the agreement, Chiron has agreed to purchase at least $30,000 during the second year and $50,000 during the third year. Chiron also acquired the option to expand the distribution business to Nigeria within 12 months of the agreement. If exercised, Chiron will pay Virtual Crypto an additional fee not higher than $250,000.
“We are excited to be working with the Chiron team as they seek to achieve their objectives in the cryptocurrency sector,” Alon Dayan, CEO of Virtual Crypto Technologies Ltd., stated in the news release. “I believe they have a significant opportunity to establish a leadership position in both Turkey and North Cyprus, and our technology will facilitate their ability to provide consumers with a secure, fast and cost-effective way to participate in the cryptocurrency market.”
According to Chiron, the company intends to market Virtual Crypto’s technology to casino cashiers, ATM operators, currency exchange offices and coffee shops, among other businesses that wish to offer their customers the ability to buy, sell and trade cryptocurrencies and provide immediate settlement of the currencies. Virtual Crypto’s cryptocurrency ATM, embedded with currency exchange transaction validation (CETV) in its hardware and software, accepts and dispenses cash and cryptocurrency in seconds.
“I am very impressed with Virtual Crypto Technologies’ ability to achieve such an important milestone within the time frame of our MOU,” Rony Kuperberg, CEO of Chiron Refineries, added. “I believe that after we will make the proper adjustments to our customers’ needs the Virtual Crypto technologies NetoBit line of products will set a new standard in the Crypto Currency industry.”
Virtual Crypto’s strategic vision of “Cryptocurrency Made Easy” allows crypto traders and users to overcome the complex hurdles currently hampering the cryptocurrency sphere.
For more information, visit the company’s website at www.Virtual-Crypto.com
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