CryptoCurrencyWire
Editorial Coverage: Emergent fintech such as distributed
ledger-based blockchain technology and the cryptocurrencies built
thereupon are rapidly transforming the face of the financial
industry, reshaping how money is used at an essential level. An
explosion of fintech companies marks the dawn of this new era,
quickly turning the financial institutions that historically have
played middlemen into dinosaurs as an increasing number of
businesses and individuals turn to peer-to-peer (P2P) and
peer-to-business (P2B) transaction options. This is a hot market
for disruptive fintech developers such as Virtual Crypto
Technologies Inc. (OTC: VRCP) (VRCP
Profile), with its cryptocurrency transaction
confirmation application programming interface (API) Bit4Sure,
real-time cryptography-based algorithmic cryptocurrency transaction
validation engine NetoBit and crypto point-of-sale (POS) offerings
such as NetoBit Pay that use the NetoBit application. For payment
tech giants such as Square, Inc. (NYSE: SQ) and
Worldpay, Inc. (NYSE: WP), or P2P lending
innovators such as LendingClub Corporation (NYSE:
LC), the iron is now ready to strike and blockchain
powerhouses, such as Broadridge Financial Solutions, Inc.
(NYSE: BR), will add considerable force to the hammer
blows as the industry forges a new future for money.
Fintech Cutting Out the Middleman
The stage has been set for a genuine sea change in relevant
areas of the financial industry. From payment technologies to
lending and raising capital, even insurance and the kinds of
accounts or wallets people use — a bevy of alternatives are already
live or are coming online in the near future. The number of options
available to end users in particular has multiplied seemingly
overnight, providing a whole slew of new ways to deal directly with
other people or entities, cutting out the financial institution
middlemen altogether. Global fintech funding was more than $31
billion last year, with the United States representing around half
of that figure, according to KPMG Fintech. Analysts see the sector maturing away from
experimentation into value-driven opportunity hunting based on
proven solutions.
With more than 2,446 Bitcoin (Crypto: BTC) ATMs currently
installed across North America, it is now easier than ever for
people to purchase and convert money via cryptocurrency such as BTC
and then cash out into traditional fiat currency. However, only
around 36
percent of existing Bitcoin ATMs allow users to exchange crypto
for cash, with the majority considered one-way machines that only
allow users to directly purchase crypto. Transaction fees and times
have been the biggest gripe by end users, and it is now understood
by many in the industry that eliminating these two barriers will
likely trigger an even more massive influx of new crypto
participants.
Crypto Tech, a Peer-to-Peer Revolution
The global crypto ATM market is on track to surpass $285 million
within the next eight years, running at a smoking hot 45.8 percent CAGR on the strength of increased
crypto awareness and popularity – popularity bolstered by the
public’s receptivity toward key ideological elements such as
decentralization of the underlying blockchain network(s), as well
as transaction security and constant technological innovation. A
striking example of such emergent fintech transforming the
financial industry is evident in a report where Steve Forbes
recently touted crypto as the future of
raising money in the $40.6 billion global film industry. A
seemingly bold claim, until you notice that initial coin offerings
(ICOs) raised a record $5.6
billion last year.
Building a Better Crypto Mousetrap
With the official launch of the company’s proprietary API-driven
Bit4Sure cryptocurrency transaction confirmation solution in early
May, Virtual Crypto
Technologies Inc. (OTC: VRCP) has effectively
annihilated the 10 minutes to 24 hours it can take to confirm the
purchase or sale of bitcoins. Alon Dayan, co-founder and CEO of
Virtual Crypto, noted how strategic this achievement was for the
company, characterizing it as a major step towards VRCP’s
overarching goal of building consumer confidence in the
cryptocurrency marketplace. By removing much of the risk associated
with such autonomous transactions through real-time transparency,
Virtual Crypto has indeed taken out one of the aforementioned
barriers to bringing more people into the space. Bit4Sure
essentially allows users to confirm a transaction before it is
included in a mined block on the chain, and it does so via a
readily available and intuitive app that works with Android and
iOS. It is also available via web browser at bit4sure.com.
The solution is a compelling proof of concept, exposed to the
average user through easy-to-use protocols. However, the API is the
real gem here and is attractive to exchanges, payment processors
and wallet developers who can subscribe, thereby gaining access to
the company’s proprietary algorithm model. The Bit4Sure API lets
developers integrate real-time transaction confirmation as well as
the ability to actively track the market activity of any
cryptocurrency, empowering end users and shielding them from
digital payment risks such as double-spending fraud or delayed
transaction hassles.
Broad Ranging Vision and the Tech to Back It
Up
The company has a clear vision of becoming a driving force for
the widespread adoption of crypto, with a hardware/software
umbrella spanning ATMs, tablets, PCs and mobile devices. Virtual
Crypto’s two-way NetoBit ATM supports most local currencies,
multiplexes together several exchanges to provide the best
prices/rates, and allows for real-time withdrawal and transfer of
funds in mere seconds. NetoBit Pay closes the gap on the merchant
end of the spectrum with a simple-to-use retail POS. And because
every transaction is guaranteed up to $3,000, businesses can rest
easy, leaving their minds free to engage in crypto-based
transactions without fear of being ripped off.
The company has a clear vision of becoming a driving force for
the widespread adoption of crypto, with a hardware/software
umbrella spanning ATMs, tablets, PCs and mobile devices. Virtual
Crypto’s two-way NetoBit ATM supports most currencies, multiplexes
together several exchanges to provide the best prices/rates and
allows for real-time withdrawal and transfer of funds in mere
seconds. NetoBit Pay closes the gap on the merchant end of the
spectrum with a simple to use retail POS. And because every
transaction is guaranteed up to $3,000, most consumers can rest
easy, leaving their minds free to engage in crypto-based
transactions without fear of being ripped off.
Virtual Crypto has established itself as a business-oriented
developer that dramatically improves the cryptocurrency trading
experience for individuals and businesses — those who benefit the
most from faster execution and lower costs. The company may seem
like a small fish in a gigantic pond, but it may provide offerings
and competencies that even the biggest fintech players are taking
note of.
Among those fintech giants, Square (NYSE: SQ)
garnered attention recently when it hit an all-time high (and held
it) on news of its approval for a BitLicense from the New York
Department of Financial Services, opening up the commerce of
Bitcoin in that location via the company’s popular Cash App. The
Cash App solution is a direct competitor to PayPal’s (NASDAQ: PYPL)
mobile payment service Venmo. The fact that Square barely eked out
a profit in Q1 from BTC buying and selling activity and yet still
doubled down on its objectives showcases how hotly contested the
digital-first money-transfer services market is. With prepaid and
private label cards accounting for some $6.4 trillion last year alone, such
crypto-powered e-payment systems could make a killing by
alleviating the inconvenience of card minimums for customers, as
well as lowering and stabilizing merchant’s swipe fee rates.
Since the J.P. Morgan (NYSE: JPM)-assisted acquisition by
Vantiv, Worldpay (NYSE: WP) has become one of the
most actively traded payment processors in the game today. Worldpay
handles over 40 billion transactions a year via 300 payment types,
in 146 countries, across 126 different currencies. The company has
recently drawn attention as a high-profile publicly traded target
amid an outbreak of market participants looking to lock down the
underexposed fintech space, which has seen very few public listings
despite record levels of venture capital funding. Those
participants include Augmentum Capital, the venture group backed by
Lord Rothschild, which recently deployed a well-capitalized VC arm.
Worldpay drew heat in February alongside Visa (NYSE: V) when major
crypto exchange Coinbase laid the blame at their feet after the
exchange’s customers were charged multiple times for the same
transaction because of a merchant category code glitch.
Long hailed as a pioneer in marketplace lending,
LendingClub (NYSE: LC) uses technology to spur
faster credit decisioning and drive loan origination to new user
experience highs. The company has seen its model stall somewhat as
competition comes into the market from sources like Marcus, the
lending and deposit-taking digital consumer platform launched by
Goldman Sachs (NYSE: GS) in 2016. LendingClub’s aggressive model
has been groundbreaking, with rapid origination of unsecured
personal loans and the generation of revenue as the loans are
eventually sold or offered to investors, traded and then serviced.
However, this aggressive model has led to loan stacking by
fraudsters and desperate borrowers, putting increasing pressure on
the Icarus-like LendingClub to fall back to earth and act just like
every other digital lending platform, with its primary emphasis on
competition for the most creditworthy customers.
A global fintech player with its roots in blockchain tech,
Broadridge Financial Solutions (NYSE: BR) recently
completed a second practical pilot use of blockchain for investor
voting alongside Santander (NYSE: SAN) at the annual general
meeting, in collaboration with J.P. Morgan and Northern Trust
(NASDAQ: NTRS). This event followed fast on the heels of Broadridge
receiving a new patent from the U.S. Patent and Trademark Office
that allowed the company to begin implementing distributed ledger
technology in its proxy voting product suite, ProxyVote. ProxyVote
could revolutionize aspects of corporate governance in capital
markets, particularly when it comes to tackling new issues,
including compliance with the EU’s Shareholder Rights Directive
2.
The Big Boys Could Learn a Lot from Smaller
Developers
It is plain to see that with innovation and first-mover
advantages can come unforeseen risks and model implementation
issues. As cutting-edge fintech enabled by cryptocurrencies and
their underlying blockchain technology works its way into more and
more practical applications, it may be essential for innovators to
remain grounded in proven solutions like those offered by companies
such as VRCP. With more than 1,000 cryptocurrencies on the market
today and only minimal uptake by end users, delivering confidence
will be a key concern moving forward and fintech developers must
remain laser focused on creating positive user experiences through
transparency, ease of use and affordable fees.
For more information on Virtual Crypto Technologies, please
visit Virtual Crypto
Technologies (OTCQB: VRCP).
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