Fit Pay, a wholly-owned subsidiary of NXT-ID, has partnered with Cascade Financial Technology (Cascade FinTech) to jointly develop a platform that will enable people to make purchases with cryptocurrency.
As per the agreement, the two firms will develop a platform that will enable mobile wallets to make contactless payments with value exchanged from cryptocurrency.
The new offering is expected to be launched in early 2018.
“Once launched, the platform will create opportunities for recurring revenue from account and transaction fees,” Fit Pay said in its press statement.
Michael Orlando, COO of NXT-ID and president of Fit Pay, said: “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.”
Cascade FinTech founder and CEO Spencer Schmerling said: “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 said: “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, FitPay and Cascade FinTech forged partnership to offer provide prepaid capabilities on wearable devices and Internet of Things (IoT) devices connected to the FitPay Payment Platform.