- Virtual Crypto Technologies signs agreement with first commercial customer
- Company’s NetoBit Pay allows instantaneous cryptocurrency payments
- Israel-based Lincoln Billiards believes that cryptocurrency payments will give it an edge in entertainment industry
Virtual Crypto Technologies Inc. (OTCQB: VRCP), a company established to bring cryptocurrency transactions into the mainstream, has signed a deal that will allow Lincoln Billiards, Israel’s leading billiards club, to accept payments in bitcoin and other cryptocurrencies (http://nnw.fm/Ah6r3). This is the first commercial contract for Virtual Crypto, whose goal is to make cryptocurrencies more available to the public by combining application programming interfaces (API) and mobile applications to develop payment solutions that can be used in ATMs, PCs, tablets and other handheld devices.
Cryptocurrency transactions typically take from 10 minutes to 24 hours to confirm, which is a major drawback for consumers who want to use them in mainstream sales operations, since exchange rates will change over the course of a long transaction period. With Virtual Crypto’s proprietary NetoBit Pay technology, users can complete their cryptocurrency deals without waiting for the final confirmation from the blockchain, decreasing checkout time to seconds. NetoBit Pay clients/operators are able to immediately and securely, through user-friendly platforms, receive payments without being exposed to price fluctuations in the cryptocurrency market. NetoBit Pay provides the best exchange rate through simultaneous comparison of multiple crypto exchanges, enabling the best sale price at point of trade and resolving one of cryptocurrency’s main hurdles.
In addition, there is a distinct advantage for businesses using NetoBit Pay as a platform to receive crypto payments: Netobit Pay businesses will receive access to a client management system (back-office) that provides wide options to oversee and manage incomes and offers exportable financial reporting detailing trades, plus a notification and alert mechanism.
Virtual Crypto’s groundbreaking new agreement will start with cryptocurrency being accepted in one of Lincoln Billiard’s six venues in Israel. Following this initial phase, Virtual Crypto will roll out its payment system into the remaining billiard locations.
In a news release, Alon Dayan, CEO of Virtual Crypto Technologies Ltd., said, “This is an important milestone for the company. To date, we have been working primarily with cryptocurrency service providers and industry insiders, but this is our first foray into the commercial sector. Lincoln Billiards is a very popular venue across Israel, and this agreement gives us direct contact with a receptive, tech-savvy consumer group. We look forward to introducing them to the benefits of cryptocurrency.”
A representative of Lincoln Billiards said that accepting transactions in cryptocurrency would give their venues the edge in a very competitive entertainment market. “While we are by far the largest billiards club operator in the country, we are competing with other entertainment options. As a result, we are always looking for ways to make it easy for our customers to enjoy their experience with us. The ability to accept cryptocurrency is something we have been toying with for some time, and Virtual Crypto’s platform allows us to do that without exposing ourselves to the exchange rate volatility and related financial risk associated with other unsecured systems. I expect this capability will be very attractive to many of our customers.”
Industry analysts expect the cryptocurrency ATM market to exceed $285 million in less than a decade (http://nnw.fm/g6O7x). Virtual Crypto’s innovations in two-way transactions represent a major advance in making cryptocurrency accessible to the mainstream market.
For more information, visit the company’s website at www.Virtual-Crypto.com
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