NXT-ID (NASDAQ: $NXTD) Subsidiary Fit Pay and Cascade FinTech to Create Platform for Connecting Cryptocurrencies to the Payment Ecosystem
NXT-ID (NASDAQ: $NXTD) Subsidiary Fit Pay
and Cascade FinTech to Create Platform for Connecting Cryptocurrencies to the
Payment Ecosystem
Collaboration will enable devices to make contactless payments with
value exchanged from cryptocurrency
MELBOURNE,
Florida - December 20, 2017 Fit Pay, Inc., a wholly owned subsidiary of NXT-ID,
Inc. (NASDAQ: NXTD) and Cascade Financial Technology Corp
(Cascade FinTech) today announced an agreement for the joint development of a
platform that gives cryptocurrency holders the ability to use the value of
their currency to make purchases at millions of retail locations worldwide. The
new platform will enable devices with stored value exchanged from
cryptocurrency to be used for traditional payment transactions.
"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," said Michael Orlando, COO of NXT-ID and President of
Fit Pay, Inc. "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."
Under
the agreement, which is an extension of a current relationship between FitPay
and Cascade, the two companies will collaborate to create a platform that
seamlessly transfers cryptocurrency value into widely accepted forms of payment
and stores that value on devices capable of making contactless payments. This
will give cryptocurrency holders the ability to make transactions with value
derived from cryptocurrency at any near field communication-enabled point of
sale terminals.
"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," said Cascade FinTech Founder and Chief Executive Officer
Spencer Schmerling. "Our collaboration with FitPay will create a platform
that does just that - connecting cryptocurrency to the mainstream economy in a
whole new way."
"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," Gino Pereira CEO of NXT-ID said. "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."
FitPay
and Cascade FinTech previously entered into an agreement to provide prepaid
capabilities on wearable devices and Internet of Things (IoT) devices connected
to the FitPay Payment PlatformTM. The prepaid, or general purpose reloadable
(GPR), option gives consumers with FitPay's contactless payment-enabled devices
the convenience of storing funds directly on their device. Under the previous
agreement, the FitPay Platform connects to the Cascade CloudTM to enable
contactless payment GPR devices in a variety of form factors.
The
expansion of the agreement will seek to extend similar capabilities with value
derived from cryptocurrencies. The joint development of the cryptocurrency
platform by FitPay and Cascade FinTech is expected to be launched in early
2018. Once launched, the platform will create opportunities for recurring
revenue from account and transaction fees.
NXT- ID, Inc. and Fit Pay, Inc.
Nxt-ID,
Inc. (NASDAQ:NXTD) provides a comprehensive platform of
technology products and services that enable the Internet of Things (IoT). With
extensive experience in access control, biometric and behavior-metric identity
verification, security and privacy, encryption and data protection, payments,
miniaturization and sensor technologies, NXT-ID develops and markets
groundbreaking solutions for payment and IoT applications. Its industry-leading
technology products and solutions include MobileBio®, a suite of biometric
solutions that secure consumers' mobile platforms, the Wocket™, a next-generation
smart wallet and the Flye, a digital credit card developed in collaboration
with WorldVentures. NXT-ID includes three mobile and IoT-related subsidiaries: LogicMark,
LLC,
a manufacturer and distributor of non-monitored and monitored personal
emergency response systems ("PERS") sold through dealers/distributors
and the United States Department of Veterans Affairs; Fit
Pay, Inc., a
proprietary technology platform that delivers end-to-end solutions to device
manufacturers for contactless payment capabilities, credential management,
authentication and other secure services within the IoT ecosystem, and 3D-ID
LLC, which is engaged in biometric identification and authentication. Learn
more about NXT-ID at http://www.nxt-id.com. NXT-ID Inc.
Corporate Contact: info@nxt-id.com. FitPay and the FitPay Payment Platform
are trademarks of Fit Pay, Inc.
About Cascade Financial
Technology Corp
Based
in Las Vegas, Nevada, Cascade Financial Technology Corp provides a
reliable and scalable platform for FinTech startups to quickly get their
product or service to market. Cascade's platform features RESTful API's, full
BSA/AML compliance, automated KYC, extensive fraud mitigation, and world-class
USA based customer service, all of which enable our clients to create the most
innovative and inclusive financial products and services that allow all people
to participate in the FinTech revolution.
Forward-Looking
Statements for NXT-ID
This press release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management's current expectations, as of the date of this
press release, and involve certain risks and uncertainties. Forward-looking
statements include statements herein with respect to the successful execution
of the Company's business strategy. The Company's actual results could differ
materially from those anticipated in these forward-looking statements as a
result of various factors. Such risks and uncertainties include, among other
things, our ability to establish and maintain the proprietary nature of our
technology through the patent process, as well as our ability to possibly
license from others patents and patent applications necessary to develop
products; the availability of financing; the Company's ability to implement its
long range business plan for various applications of its technology; the
Company's ability to enter into agreements with any necessary marketing and/or
distribution partners; the impact of competition, the obtaining and maintenance
of any necessary regulatory clearances applicable to applications of the
Company's technology; and management of growth and other risks and uncertainties
that may be detailed from time to time in the Company's reports filed with the
Securities and Exchange Commission.
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