Israeli start-up enables real-time crypto payments
Virtual Crypto Technologies has launched NetoBit Cash, which will enable any business in the world to immediately, easily and securely collect payments in cryptocurrency.
It will do this at the best exchange rate and lowest commission, while offering protection against exchange rate volatility.
Founded in January 2018 the Israeli start-up develops and provides solutions for making cryptocurrencies accessible.
NetoBit is designed to enable the purchase, sale and conversions of Bitcoin and other cryptocurrencies via ATMs, tablets, PCs and mobile devices.
Virtual Crypto will distribute its products through distributors and business partners to small and mid-sized businesses, enterprises, government agencies, payment gateways and online businesses.
For example, a restaurant can allow diners to choose and order meals on the Virtual Crypto tablet and pay with Bitcoin and other cryptocurrencies through the device.
The payment is cleared immediately and the business owner can choose whether to accept the payment in a cryptocurrency such as Bitcoin, or immediately convert it through NetoBit Cash into regular money, which will be transferred into his or her account.
The company’s validation algorithm can predict if a cryptocurrency transaction will be approved immediately by a blockchain at the moment of the transaction, before the block is digitally signed.
This quick process allows the approval of the crypto transaction within seconds to minutes, rather than between 20 minutes and 24 hours and following a process of six confirmations, as is the case today.
Second, cryptocurrency trade suppliers usually allow the customer carrying out the transaction to interact with only one crypto exchange, shackling the customer to the exchange rate which that exchange offers.
Virtual Crypto allows the customer to work with several crypto exchanges simultaneously for each transaction.
In this way, the Virtual Crypto algorithms can immediately locate the best crypto deal and offer the most attractive exchange rate and the lowest commission while the transaction is underway.
This ability enables the company to protect the transaction from currency volatility that is liable to occur during the current lengthy transaction approval process and offer guarantee for transactions of up to $3,000.
Virtual Crypto's back-office capabilities can also operate a very large number of cryptocurrency ATMs and points of sale and provide tools for managing how the currencies accessed.
"Virtual Crypto's objective is to make a unique contribution towards achieving two important global targets, each of which represents a huge market,” said Virtual Crypto co-founder and CEO Alon Dayan.
“One is creating blockchain products and services and that are accessible to businesses and users in every industry and second is helping to turn Bitcoin and cryptocurrencies from dormant assets sitting in users' digital wallets into money that functions like real money that allows making and receiving easy, user-friendly and secure payments in real time."