As Cryptocurrency Popularity Rises and Bitcoin Soars, Digital Mobile Payment Platforms Explode
PALM BEACH, Florida, December 20, 2017 /PRNewswire/ --
Fewer commodities are as explosive currently compared to bitcoin, the world's most popular digital currency that has rocketed since the beginning of this year. The value of the digital currency - or cryptocurrency - is up enormous and not expected to slow down any time soon. As the cryptocurrency popularity explodes so does the need for secure, point of sale apps with digital features that allows a merchant to accept Bitcoin and other cryptocurrencies. New payment platform developers and companies are racing to develop unique bitcoin payment software enabling consumers to easily use the digital currency with the process remaining anonymous securing transaction details that are encrypted through Bitcoin. Active in market today includes: Social Play USA, Inc. (OTC: SPLY), Longfin Corp. (NASDAQ: LFIN), BTCS Inc. (OTC: BTCS), Global Blockchain Technologies Corp. (TSX-V: BLOC), Overstock.com Inc. (NASDAQ: OSTK).
Social Play USA, Inc. (OTC: SPLY), along with development and acquisition partner Spot And Pay Inc. (http://www.spotandpay.com ) is pleased to announce a significant new milestone in the ongoing development of the Spot&Pay universal mobile payment application, by Integrating risk mitigation and user verification security features.
Know Your Customer, or "KYC" guidelines are widely adopted methodologies used in the financial sector that prevent banks - or a payment application such as Spot&Pay - from being used, intentionally or unintentionally, by criminal elements for money laundering activities and financial fraud. Related procedures also enable banks to better understand their customers and their financial dealings, which aids institutions, and Spot&Pay, in managing risk prudently. Read this and more news for Social Play USA, Inc. at: http://www.marketnewsupdates.com/news/sply.html
This is highly desirable to Spot&Pay users, vendors, and business providers who use the platform as it ensures secure transactions by verifying that all users are bona fide individuals or business entities. Not only does this give peace of mind to the vast network of users, it also rises to the level of compliance adhered to by all traditional financial institutions around the globe. From an investor standpoint, such compliance also reduces the risk of legal exposure that may arise as a result of potential malfeasance.
This development also means that, in addition to the existing features of accepting credit cards, debit cards, and bitcoins, Spot&Pay will be able to add an unlimited number of bank accounts to their Spot&Pay wallet. Customers can pick their payment option for their purchases or donations through QR codes (Scan and Pay) or through specific search options (Find and Pay). As well, users will be able to transfer money from Peer to Peer within the Spot&Pay network from one account to another without having to access a financial institution outside of their individual Spot&Pay wallet.
In other industry developments and stock performance of note in the markets:
Longfin Corp. (NASDAQ: LFIN) announced last week the acquisition of Ziddu.com, a Blockchain-empowered solutions provider that offers Microfinance Lending against Collateralized Warehouse Receipts in the form of Ziddu Coins. Ziddu Coin is a smart contract that enables SME's, processors, manufacturers, importers and exporters using cryptocurrencies across continents. Ziddu Coins are loosely pegged to Ethereum and Bitcoin. The importers/exporters convert offered Ziddu coins into Ethereum or Bitcoin and use the proceeds for their working capital needs. At the end of the contract, importers/exporters will realize their proceeds and pay back their funds through cryptocurrencies only. Depending upon the risk profile of the counterparty, the interest will vary from 12% to 48%. "The advent of Blockchain technology has caught the imagination of the global financial services industry; blockchain is emerging as a technological revolution that is set to disrupt the financial services infrastructure. Cryptocurrencies such as Bitcoin and Ethereum will act as a global financing currency to avail credit against hard currencies of many emerging markets." Says Venkat Meenavalli, Chairman of Longfin Corp.
BTCS Inc. (OTCQB: BTCS) closed up over 12% on Tuesday on over a remarkable 110 Million shares traded by the market close. BTCS Inc. focuses on digital assets and blockchain technologies. It intends to create a portfolio of digital assets, including bitcoin and other protocol tokens to provide investors a diversified pure-play exposure to the bitcoin and blockchain industries. The company recently announced the merger with Block Chain Global (BGL), which is a leading multi-national pure-play blockchain company that operates across four business segments, including transaction verification services, an institutional exchange platform, a blockchain start-up accelerator, and a blockchain technology consultancy.
Global Blockchain Technologies Corp. (TSXV: BLOC.V) recently provided an update on its current operations and previously announced financing. "As cryptocurrency prices continue to appreciate and investors learn more about the efficiencies to be gained by the use of blockchain technology, we are excited at the investment opportunities that we are seeing in this new asset class. Global Blockchain is actively completing due diligence on a number of investments, not only in the cryptomining sector, but also on companies focused on blockchain software and other blockchain applications," noted president Shidan Gouran."
Overstock.com Inc. (NASDAQ: OSTK) announced this week its subsidiary tZERO's highly anticipated token sale opened for subscription on Dec. 18, and attracted overwhelming cryptocurrency and traditional institutional interest. Over $100 million USD in commitments from investors were received in the first 12 hours. In just weeks since announcing the first-of-its-kind preferred equity security token, over 10,000 subscribers have registered for accreditation verification through Saftlaunch.com. Being the first-ever preferred equity security token to be issued and traded, there are heightened regulatory, tax and compliance measures that must be diligently and meticulously completed. The tZERO security token is properly issued as a security. One significant difference between ICO utility tokens issued by startups with no functional business and the tZERO security token is that the tZERO security token is being issued pursuant to a comprehensive offering memorandum, rather than with a traditional white paper.
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