Xigem Technologies (CSE:XIGM, OTCQB:XIGMF) Corporation, a technology provider for the remote economy, revealed that it had research and development plans for a cryptocurrency payment gateway and processor capabilities to add to FOOi, its recently acquired mobile payment app.
The Toronto-based technology company said that when complete, the additional functionality will extend FOOi's core capabilities of enabling digital payments through peer-to-peer and peer-to-business transactions.
“A strengthened, cryptocurrency-enabled FOOi will deploy the most efficient and advanced technology in an easy-to-use payment app that delivers important benefits to both merchants and consumers,” said the company.
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FOOi merchants will be able to use cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash for their business, in addition to traditional or fiat currencies such as US dollars. FOOi will be integrated with the most popular e-commerce platforms, allowing merchants to accept cryptocurrency payments from customers, according to the company.
In addition, FOOi users will be able to exchange their funds into cryptocurrency instantly and make transfers between peers, as well as using FOOi to complete payments on a checkout page. “FOOi will retain its traditional advantages of easy setup, low transaction fees, full transparency and customer privacy,” noted the company.
"The cryptocurrency payment gateway market is experiencing a period of rapid growth, and feedback from prospective FOOi merchants consistently calls for us to prioritize these enhancements," Xigem Chief Technology Officer Anton Tikhomirov said in a statement. "We plan to build on the existing strengths of FOOi to launch a differentiated payment app that can meet the evolving needs of consumers and businesses."
The company plans to integrate FOOi as a payment gateway across all Xigem products to drive user adoption. When finalized, the added functionality is expected to attract a new category of merchants, and in turn, their customers.
“FOOi Bluetooth Beacon technology will also be extended to allow transfers of cryptocurrency when another FOOi user is within range of the Bluetooth beacon,” revealed the company.
More than US$1.5 trillion is held in digital currencies worldwide and a growing number of companies across many industries - from big tech to airlines - are embracing cryptocurrencies, allowing customers to use them as an official method of payment for their goods and services.
Payment platforms that help retailers accept Bitcoin and other digital currencies handled US$1.42 billion in transactions in the three months ending in June 2021, which is up 133% from the same period a year earlier, according to research firm Chainalysis.
Xigem is positioned to become a leading technology provider for the near trillion-dollar remote economy. iAgent, the company's patented Software-as-a-Service (SaaS) technology platform, and FOOi, its peer-to-peer mobile payments app, will provide organizations, businesses and consumers with the tools necessary to thrive in a vast array of remote working and learning environments.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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