- U.S. Securities and Exchange Commission continues to review cryptocurrency ETF applications
- Application by Chicago Board Options Exchange generating buzz among investors
- VRCP’s ATM platform helping to strengthen bitcoin’s legitimacy through “spendability” and technological practicality
As the U.S. Securities and Exchange Commission weighs several applications seeking to establish an exchange-traded investment fund (ETF) for the bitcoin cryptocurrency, Virtual Crypto Technologies Inc. (OTCQB: VRCP) is applauding the signs that regulatory sentiment in the United States appears to be shifting in favor of cryptocurrencies, paving the way for anticipated mass adoption of bitcoin (Crypto: BTC) and other cryptocurrencies.
Virtual Crypto Technologies is a company dedicated to making the financial flexibility of cryptocurrencies more accessible to the public through software- and hardware-based payment solutions that elevate the purchase and sale of cryptocurrencies through ATMs, tablets, PCs and/or mobile devices.
As such, Virtual Crypto considers its experience in enabling the rapid exchange of cryptocurrency and traditional fiat currency to be an advantage in positioning the company to capitalize on the ETF debate as expectations rise that the SEC will approve a bitcoin ETF this year, perhaps as early as August.
“The fact that a regulatory body as important as the SEC is seriously considering a Bitcoin ETF, as well as notable development in the cryptocurrency ecosystem such as MasterCard’s intention to allow blockchain currencies to be transacted on traditional payment channels, validates our vision that cryptocurrencies are here to stay and that an era of virtual coins as a payment method for the masses is just around the corner,” Virtual Crypto CEO Alon Dayan stated in a recent news release.
Researchers at Imperial College London reported that digital currencies are overcoming doubts about their trustworthiness and usefulness, fueling predictions that bitcoin and other cryptocurrencies will become mainstream forms of payment for goods and services within the next decade.
In late July, the SEC issued its latest denial of a bitcoin ETF, finding that the proposed product wasn’t safe enough for investors. However, the agency continues to review numerous other bitcoin ETF proposals, such as a fund advanced by the Chicago Board Options Exchange (CBOE) that has gained significant interest among investors. Industry publication Bitcoinist reported on August 2 that one of the four currently active SEC commissioners is continuing to promote cryptocurrency ETFs as an Exchange Act-consistent device for increasing investor opportunities and sustaining important innovation in the nation’s capital markets.
A recent audio press release highlighting Virtual Crypto Technologies’ position notes that the acid test for determining the legitimacy of blockchain-based currencies such as bitcoin is increasingly being defined by their “spendability” and technological practicality.
Virtual Crypto’s technology has helped establish that legitimacy for bitcoin through its bi-directional NetoBit ATM platform, which enables consumers to withdraw cash from their bitcoin accounts and transfer funds to the accounts without the need for banking institution hurdles and their fees. While a variety of altcoin ATMs are proliferating across North America, with more than 73 percent of them located on the continent, the vast majority of those ATMS only provide “one-way” purchasing of crypto funds.
The uniqueness of the platform is visible in its currency exchange transaction validation (CETV) protocols that speed up the completion of cash or fintech transfers through proprietary transaction confirmation that establishes the probability of a transaction being confirmed, even while the verification by multiple miners is taking place. It is currently accessible to the consumer through Android and iOS mobile apps. The products, working together, allow Virtual Crypto to take economic freedom to the next level.
This article provided by NewsEdge.