26 March 2017
visit http://events.sap.com/gb/fsi-forum-2017/en/home

Itex launches Virtual Currency System

12 March 2014  |  1834 views  |  0 Source: Itex

Virtual Currency Systems ("VCS"), a subsidiary of Itex Corporation, today announced at the 26th Annual Roth Capital Conference at the Ritz-Carlton in Dana Point, California, it is offering licenses for its cloud-hosted virtual currency software platform to businesses and entrepreneurs worldwide.

ITEX Corporation, The Membership Trading CommunitySM, utilizes the platform to power its own b2b business model and virtual currency, the ITEX dollar. VCS is offering the hosted operating system to enterprising businesses and end users interested in creating a centralized virtual currency model. A centralized system determines the amount of currency in circulation, based on many factors, including the needs of its consumer or business customers.

"Virtual currencies that supplement cash, check and credit card transactions or are used as promotional or reward tools are increasingly used in a variety of business models. As the marketplace becomes more innovative and the acceptance of these currencies grows, VCS is well positioned to support the development of this emerging industry," stated Steven White, CEO of Virtual Currency Systems.

"Encrypted digital currencies like Bitcoin, Ripple or Litecoin are decentralized peer-to-peer payment platforms without a centralized authority. In contrast, VCS utilizes a centralized system where the licensee determines by its own policies and business objectives how to distribute, market, redeem and/or convert its own branded virtual currency."

Mr. White concluded, "Our virtual currency platform is hosted on Windows Azure, a global cloud platform that offers the scalability and reliability that VCS requires to run efficiently." 

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit abe-eba.eu

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57244 views comments | 15 tweets | 35 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
9117 views comments | 42 tweets | 25 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8726 views comments | 23 tweets | 37 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
7164 views comments | 4 tweets | 10 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
7149 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job