Israel-based Virtual Crypto Technologies Ltd. launched NetoBit Cash on Monday, a tablet that allows users to receive cryptocurrency payments in real time.
The device is designed to facilitate the purchase, sale and conversion of cryptocurrency transactions up to $3,000 through retail points of sale, e-commerce, websites, ATMs, tablets, PCs and mobile devices.
Alon Dayan, co-founder and CEO of Virtual Crypto says:
“Strong infrastructures and products that can ensure instant, easy to use, two-way Bitcoin transactions are essential to strengthen cryptocurrency as a financial asset worldwide.”
Compared to existing platforms, Virtual Crypto's solution is faster and offers more liquidity, the company told CryptoComes in an interview.
Unlike existing payment services via an ATM and the Internet, where users are often obligated to use a specific exchange commission, Netobit’s exchange adapter connects to multiple exchanges and offers customers the best exchange rates and lowest commission rate available at the time of the transaction.
Virtual Crypto’s in-house algorithm can predict whether a Blockchain will approve a cryptocurrency transaction with 95 percent accuracy and verify that a block is going to be digitally signed in less than five seconds, reducing the approval time from hours or minutes to seconds, the company said.
"Our proprietary blockchain products and services make cryptocurrencies accessible to businesses and users in every industry, and turn dormant assets sitting in users' digital wallets into funds that function like cash.”
Retailers can also instantaneously choose whether to accept the payment in Bitcoin or convert it into cash before accepting the payment, making the entire process more efficient compared to pre-paid cards.
Virtual Crypto is currently running pilots in Cyprus and Turkey and says it intends to distribute products to small and mid-sized cafés, restaurants, and shops, as well as larger businesses like airlines, tourism companies, government agencies and payment gateways within the next few months.
Virtual Crypto was co-founded in January 2018 by Israeli entrepreneurs - CEO Alon Dayan, Chief Scientist Dr. Royi Ithzak and crypto expert Guy Corem.