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12th June 2018
Virtual Crypto launches NetoBit ATM, a bi-directional platform for bitcoin
Virtual Crypto Technologies has launched its bitcoin ATM. In contrast to most bitcoin ATM platforms, which only allow the purchase of bitcoin, Virtual Crypto's NetoBit ATM is a bi-directional platform that enables users to sell bitcoin as well, ie, convert bitcoin currencies to regular fiat money, and to buy bitcoin, ie, convert fiat money to bitcoin. NetoBit ATM is the world's first and only ATM that allows real time conversion, purchase and sale of bitcoin.
NetoBit ATM is the second product in Virtual Crypto's NetoBit software and hardware products portfolio. In April 2018, the Company launched its first product, NetoBit Pay, a retail point-of-sale (“POS”) device that enables businesses worldwide to securely receive payments in bitcoin in real time, while enjoying protection against exchange rate volatility and guaranteeing transactions up to a value of $3,000.
NetoBit solutions, including Netobit ATM, are different from many other solutions in at least three ways. First, 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.
Second, cryptocurrency trading platforms 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.
Third, the implementation of Virtual Crypto's financial management system allows the operation of a large number of cryptocurrency ATMs and points of sale and provides tools that help manage and track the flow of money in each and every terminal.
Alon Dayan, CEO of Virtual Crypto Technologies, said: "We continue to set standards for the burgeoning cryptocurrency sector. Our proprietary algorithm reduced the typical transaction time from 10 to 60 minutes to several seconds. At this stage, NetoBit ATMs combine that speed with the convenience of an ATM, giving customers the ability to buy and sell bitcoin with fiat money. The result is a vastly improved trading experience for customers, which we believe will be attractive to our business partners as well as consumers."