- Loop Insights (MTRX) has added Bitcoin, Ethereum and Litecoin to its contactless payment platform for its retail customers and business partners
- The initial integration was prepared in 2018, with patents then filed in 2019 before being put on standby
- It comes off the back of an accelerated demand for contactless payments as a result of the COVID-19 pandemic, as well as a resurgence in the value of many cryptocurrencies
- The company says it will continue to work with cryptocurrency exchanges, like Kraken, BitFinex and Binance, to convert payments made in cryptocurrency into local FIAT currencies
- Fobi AI Stock (FOBI) is currently up 2.23 per cent to C$1.83 per share
Loop Insights (MTRX) has added Bitcoin, Ethereum and Litecoin to its contactless payment platform for its retail customers and business partners.
The company’s Fobi device will create a unique QR code, allowing the customer to send payments through a mobile application, such as those designed to support leading cryptocurrencies. The platform will then connect with the retailer, depositing the sum in either cryptocurrency or FIAT currency.
Since the Fobi platform is not dependent on any particular cryptocurrency, customers are able to use whichever they prefer, using the wallet of their choice.
The integration had originally been prepared in 2018, with patents then filed in 2019 before being put on hold.
“Whereas many companies try to use cryptocurrencies as a buzz word, Loop has been way ahead of this global paradigm shift to the delight of our customers and partners who want be ahead of what we anticipate being a parabolic growth decade for cryptocurrency transactions and payments,” said Rob Anson, CEO of Loop Insights.
“Our Fobi device is already configured to accept leading cryptocurrencies … providing retailers with new long-term opportunities for growth and Enterprise partners with an even stronger value proposition…” he added.
The news comes off the back of accelerated demand for contactless payments brought on by the still-raging COVID-19 pandemic, as well as a recent resurgence in the value of many cryptocurrencies.
Loop Insights said it will now continue to work with cryptocurrency exchanges, like Kraken, BitFinex and Binance, to convert payments made in cryptocurrency into local FIAT currencies.
“Through the power of Loop’s Fobi device, we are able to instantly process cryptocurrency payments, confirmed by the retailer through our platform, allowing consumers to use contactless payment options such as cryptocurrencies at additional retail locations,” said Casey Matson-DeKay, CTO of Loop Insights.