Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD) announced on Wednesday it has formed a partnership with Cascade FinTech to develop a platform that gives cryptocurrency holders the ability to use the value of their currency to make purchases at millions of retail locations worldwide. According to the company, this new platform will enable devices with stored value exchanged from cryptocurrency to be used for traditional payment transactions.
According to Fit Pay, under the agreement, 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. While sharing details about the new partnership and platform, Michael Orlando, COO of NXT-ID and President of Fit Pay, Inc., stated:
“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. 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, also shared:
“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.”
Fit Pay 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 Platform. Fit Pay added that The expansion of the agreement will seek to extend similar capabilities with value derived from cryptocurrencies and the joint development of the cryptocurrency platform by Fit Pay and Cascade FinTech is expected to be launched in early 2018.