NXT-ID Inc.’s wholly owned subsidiary Fit Pay, Inc. has entered into an agreement with Cascade Financial Technology Corp 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.
COO of NXT-ID and President of Fit Pay, Inc., Michael Orlando 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 Chief Executive Officer Spencer Schmerling remarked, “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.”
“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,” said Gino Pereira CEO of NXT-ID.
“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.”
As per the agreement, the press release stated that “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.”
Disclaimer: We have no position in NXT-ID, Inc. (NASDAQ: NXTD) and have not been compensated for this article.