Virtual Crypto Technologies Launches NetoBit ATM

Posted On: 6/12/2018

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ROSH HAA'YIN, Israel -- Virtual Crypto Technologies Ltd. is rolling out its bitcoin ATM.
 
In contrast to most bitcoin ATM platforms, which only allow the purchase of bitcoin, Virtual Crypto's NetoBit ATM is a bi-directional platform that enables users to sell bitcoin (convert bitcoin currencies to regular fiat money). The ATM, which already supports most common currencies, is available for purchase globally.
 
NetoBit ATM is the second product in Virtual Crypto's NetoBit software and hardware products portfolio. In April 2018, the company launched NetoBit Pay, a retail point-of-sale device that enables businesses worldwide to securely receive payments in bitcoin in real time, while enjoying protection against exchange rate volatility and guaranteeing transactions up to a value of $3,000.
 
According to Virtual Crypto, NetoBit solutions, including Netobit ATM, different from similar technologies in at least three ways. First, Virtual Crypto's validation algorithm can precisely and quickly predict if a cryptocurrency transaction will be approved immediately by a blockchain at the moment of the transaction, before the block is digitally signed.
 
This quick process allows the approval of the crypto transaction within seconds to minutes, rather than between 10 minutes and 24 hours and following a process of six confirmations, as which is the norm, according to the company. Consequently, NetoBit ATM users can draw cash and transfer money from and to their digital wallets in seconds.
 
Second, cryptocurrency trading platforms usually allow the customer carrying out the transaction to interact with only one crypto exchange. Virtual Crypto allows the customer to work with several crypto exchanges simultaneously for each transaction. Thus, Virtual Crypto algorithms can immediately locate the best crypto deal and offer the most attractive exchange rate while the transaction is underway. This ability enables the company to protect the transaction from currency volatility that is likely to occur during the current lengthy transaction approval process.
 
Third, the implementation of Virtual Crypto's financial management system allows the operation of a large number of cryptocurrency ATMs and points of sale and provides tools that help manage and track the flow of money in each and every terminal. The back-office capabilities include setting currency price limits for each transaction, defining the KYC (Know Your Customer – customer identification), conforming to different regulations and configurations in different countries, managing risk and providing useful statistical data on transactions and points of sale. These capabilities are different from many other solutions that offer back-office capabilities which can manage only one transaction center.