NetoBit Cash brings cryptocurrency payments to retailers
Israeli start-up Virtual Crypto Technologies has launched NetoBit Cash, promising to enable any business, including retailers and ecommerce to collect payments in cryptocurrency.
NetoBit is designed to enable the purchase, sale, and conversion of Bitcoin and other cryptocurrencies in retail points of sale and online shops via ATMs, tablets, PCs and mobile devices. Virtual Crypto also hopes its product will be used in cafés, restaurants, and other enterprises.
NetoBit Cash is a tablet device that enables retailers to securely receive payments in Bitcoin and cryptocurrencies in real time, while enjoying protection against exchange rate volatility and guaranteeing transactions up to a value of $3,000. The payment is cleared immediately, and the retailer can choose whether to accept the payment in a cryptocurrency such as Bitcoin, or immediately convert it through NetoBit Cash into ‘conventional’ money, which will be transferred into his or her account.
Using the NetoBit technology also offers ‘Know Your Customer’ facilities, which provides useful statistical data on transactions and points of sale.
Alon Dayan, co-founder and CEO of Virtual Crypto, said: “One (of our objectives) is creating blockchain products and services and that are accessible to businesses and users in every industry.
“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.”
Dayan co-founded Virtual Crypto Technologies Ltd. in January 2018 with fellow Israeli entrepreneurs, Chief Scientist Dr. Royi Ithzak, and crypto expert Guy Corem. The trio have collective experience in both technology start-ups and Bitcoin technology.
Virtual Crypto’s validation algorithm can very precisely and quickly 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.
Virtual Crypto also 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.
Currently, Virtual Crypto is working with retail technology distributors and operators as opposed to individual retailers.