MELBOURNE, Florida,
December 20, 2017 /PRNewswire/ --
Fit Pay, Inc., a wholly owned
subsidiary of NXT-ID, Inc. (NASDAQ: NXTD) and Cascade Financial
Technology Corp (Cascade FinTech) today announced an agreement 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. The new
platform will enable devices with stored value exchanged from
cryptocurrency to be used for traditional payment transactions.
"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," said Michael Orlando, COO of NXT-ID and President of
Fit Pay, Inc. "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."
Under the agreement, which is an extension of a current
relationship between FitPay and Cascade, 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.
"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," said Cascade
FinTech Founder and Chief Executive Officer Spencer Schmerling. "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," Gino Pereira CEO of
NXT-ID said. "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."
FitPay 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
PlatformTM. The prepaid, or general purpose reloadable
(GPR), option gives consumers with FitPay's contactless
payment-enabled devices the convenience of storing funds directly
on their device. Under the previous agreement, the FitPay Platform
connects to the Cascade CloudTM to enable contactless
payment GPR devices in a variety of form factors.
The expansion of the agreement will seek to extend similar
capabilities with value derived from cryptocurrencies. The joint
development of the cryptocurrency platform by FitPay and Cascade
FinTech is expected to be launched in early 2018. Once launched,
the platform will create opportunities for recurring revenue from
account and transaction fees.
NXT- ID, Inc. and Fit Pay, Inc.
NXT-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of
technology products and services that enable the Internet of Things
(IoT). With extensive experience in access control, biometric and
behavior-metric identity verification, security and privacy,
encryption and data protection, payments, miniaturization and
sensor technologies, NXT-ID develops and markets groundbreaking
solutions for payment and IoT applications. Its industry-leading
technology products and solutions include MobileBio®, a suite of
biometric solutions that secure consumers' mobile platforms, the
Wocket™, a next-generation smart wallet and the Flye, a digital
credit card developed in collaboration with WorldVentures. NXT-ID
includes three mobile and IoT-related subsidiaries: LogicMark, LLC,
a manufacturer and distributor of non-monitored and monitored
personal emergency response systems ("PERS") sold through
dealers/distributors and the United States Department of Veterans
Affairs; Fit Pay, Inc., a proprietary technology platform that
delivers end-to-end solutions to device manufacturers for
contactless payment capabilities, credential management,
authentication and other secure services within the IoT ecosystem,
and 3D-ID LLC, which is engaged in biometric identification and
authentication. Learn more about NXT-ID at www.nxt-id.com. NXT-ID
Inc. Corporate Contact: info@nxt-id.com. FitPay and the FitPay
Payment Platform are trademarks of Fit Pay, Inc.
About Cascade Financial Technology Corp
Based in Las Vegas, Nevada,
Cascade Financial Technology Corp provides a reliable and scalable
platform for FinTech startups to quickly get their product or
service to market. Cascade's platform features RESTful API's, full
BSA/AML compliance, automated KYC, extensive fraud mitigation, and
world-class USA based customer
service, all of which enable our clients to create the most
innovative and inclusive financial products and services that allow
all people to participate in the FinTech revolution.
Forward-Looking Statements for NXT-ID This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management's current expectations, as of the
date of this press release, and involve certain risks and
uncertainties. Forward-looking statements include statements herein
with respect to the successful execution of the Company's business
strategy. The Company's actual results could differ materially from
those anticipated in these forward-looking statements as a result
of various factors. Such risks and uncertainties include, among
other things, our ability to establish and maintain the proprietary
nature of our technology through the patent process, as well as our
ability to possibly license from others patents and patent
applications necessary to develop products; the availability of
financing; the Company's ability to implement its long range
business plan for various applications of its technology; the
Company's ability to enter into agreements with any necessary
marketing and/or distribution partners; the impact of competition,
the obtaining and maintenance of any necessary regulatory
clearances applicable to applications of the Company's technology;
and management of growth and other risks and uncertainties that may
be detailed from time to time in the Company's reports filed with
the Securities and Exchange Commission.
Media Contacts:
Chris Orlando
chris@fit-pay.com
+1-760-468-7273
D. Van Zant
press@nxt-id.com
+1-800-665-0411
SOURCE NXT-ID, Inc.