Melbourne, Florida, U.S.-based, Internet of Things (IoT)-enabling technology products and services platform NXT-ID announced in a press release it sent to CoinReport that its wholly owned subsidiary, San Francisco, California-based technology platform FitPay, Inc. and Las Vegas, Nevada-based prepaid program manager services company Cascade Financial Technology Corp (Cascade FinTech, “Cascade”) have reached an agreement to co-develop a platform to provide digital currency holders the capability to use the value of their currency to shop at millions of retailers the world over.
The platform will empower gadgets with stored value exchanged from digital currency to be used for conventional payment transactions.
Michael Orlando, COO of NXT-ID and president of FitPay, said in the press release, “As cryptocurrencies increase in value and distribution, the need to create new methods to monetize their value and enabling models for acceptance is the critical last mile.
“Our development effort with Cascade seeks to connect cryptocurrencies to the payment ecosystem as a natural extension of FitPay’s platform. It will give cryptocurrency holders the opportunity to effortlessly use their value to make purchases every day, just as they would use a credit or debit card, and transform the way people pay.”
According to the agreement, which is an extension of an existing affiliation between Cascade and FitPay, the two firms will work together to develop a platform that seamlessly transfers digital currency value into broadly accepted types of payment and then stores that value on items that can make contactless payments. This way, digital currency holders will be able to make transactions with value from digital currency at any near field communication-enabled point of sale terminals.
Cascade FinTech founder and CEO Spencer Schmerling commented, “Cryptocurrencies are becoming a more common way of storing and transferring value, so there is a tremendous need to enable that value to be used to purchase goods and services.
“Our collaboration with FitPay will create a platform that does just that – connecting cryptocurrency to the mainstream economy in a whole new way.”
NXT-ID CEO Gino Pereira stated, “As a security technology company, our mission to protect users, data and transmissions is very relevant to the emergence of cryptocurrencies and blockchain in general.
“As such, we are working on ways that we can add value to this emerging space and this partnership is the first of anticipated future offerings from the company.”
Previously, Cascade and FitPay agreed to offer prepaid capabilities on wearable devices and IoT devices linked to the FitPay Payment PlatformTM. The prepaid, or general purpose reloadable (GPR), option enables consumers with FitPay’s contactless payment-enabled devices to store funds directly on their devices. According to that agreement, the FitPay Platform links to the Cascade CloudTM to allow contactless payment GPR gadgets in various form factors.
The agreement’s expansion will try to stretch similar capabilities with value resulting from digital currencies. The joint development of the platform is projected to be launched in early 2018. When launched, the platform will generate opportunities for repeated profits from account and transaction fees.
Image via the press release