Loop Insights Inc (CVE:MTRX) (OTCQB:RACMF) announced Tuesday the final integration of major cryptocurrency payments like Bitcoin, Ethereum and Litecoin into its contactless payments platform.
The move comes as cryptocurrency prices are reaching record highs, with Bitcoin currently valued at over US$37,000. Loop had originally planned to integrate the cryptocurrencies in 2018 but put the move on hold as prices languished before breaking out this year.
In a 2019 patent application, Loop laid out a unique method of performing cryptocurrency payments with the company’s principle of not requiring POS integration to facilitate and verify the transaction.
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The company’s technology enables traditional brick and mortar retail clients and global enterprise partners to maintain or accelerate their leadership positions by easily accepting cryptocurrency payments.
In a statement, Loop CEO Rob Anson told shareholders that the Vancouver-based company is staying ahead of the cryptocurrency trends.
“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,” Anson said.
Loop’s Fobi device creates a unique QR code that can be printed or displayed to a customer, allowing them to send payments through a mobile wallet application that can support leading cryptocurrencies. The platform communicates with the retailer, depositing the sum in either cryptocurrency or local FIAT currency. Customers may use whichever cryptocurrency they prefer.
“Our Fobi device is already configured to accept leading cryptocurrencies including Bitcoin, Ethereum, and Litecoin, providing retailers with new long-term opportunities for growth and Enterprise partners with an even stronger value proposition that already includes our world-leading artificial intelligence-driven, real-time transaction technology,” Anson said.
Loop’s chief technology officer Casey Matson-DeKay added: “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.”
Vancouver-based Loop is an Internet of Things (IoT) technology company that delivers transformative artificial intelligence automated marketing, contact tracing, and contactless solutions to the brick and mortar space.
Contact Angela at angela@proactiveinvestors.com
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