VANCOUVER, Oct. 24, 2017 /CNW/ - Glance Technologies Inc. (CSE: GET.CN) (OTCQB: GLNNF) (FKT: GJT) is pleased to announce that it is researching the creation of a rewards based cryptocurrency for use within its mobile payment platform.
"We believe that there is an opportunity in the payment space for a cryptocurrency that can facilitate rewards and promotions," says Glance, CEO, Desmond Griffin, "The new cryptocurrency frameworks are highly flexible and we believe they can be used to fundamentally change how rewards and promotions are used."
According to an article in Fortune.com on June 26, 2017, digital currencies are in the midst of an epic explosion and as much as $6.6 billion in digital tokens changes hands every day, and even mainstream players such as Goldman Sachs, Visa, Capital One, Nasdaq, and the New York Stock Exchange have invested in the underlying technology.
A cryptocurrency may be redeemable through the Glance Pay app and its affiliates and eventually potentially outside of the Glance Pay platform. Rewards may accrue through usage of the app or via other events that trigger rewards or promotions.
Glance currently uses two forms of credits through its Glance Pay application which users can use instead of fiat currency throughout the Glance Pay mobile payment network. Users can now receive Glance Dollars which may be used at any merchant on the Glance Pay network, and they may also accumulate Merchant Dollars whereby a customer accumulates merchant dollars which are redeemable at a particular merchant by spending money at that merchant using the Glance Pay application. Glance is now considering how this can be built on and approved by a cryptocurrency.
Glance is also in discussions with other companies whereby Glance may accept other new cryptocurrencies as an acceptance currency within the Glance Pay mobile payment platform. Glance is currently looking to expand its engineering team to include capabilities in blockchain development so that it may build out its own blockchain technologies.
On October 3, 2017, Glance announced an alliance with Netcoins Inc., to give people better access to both buying and spending bitcoin. Bitcoin currently can take many minutes or sometimes hours to complete a transaction. Glance may solve this problem by allowing bitcoins to be converted to Glance Dollars which can then be used to make lightning fast transactions using the Glance Pay app.
Glance has several cryptocurrency and blockchain consultants on its advisory board, including Michael Vogel and Dominic Vogel (the founders of Netcoins) and Sprios Margaris, who has been recognized as the No. 1 top global Fintech influencer by Onalytica.com and No. 10 overall blockchain influencer by Right Relevance.
About Glance Technologies Inc.
Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order goods and services, make payments, access digital receipts, redeem digital deals, earn great rewards & interact with merchants. Glance is building a valuable network of merchants and consumers, and offers targeted in-app marketing, geo targeted digital coupons, social media marketing, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, merchant manager apps, a large scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing. Glance Pay has entered into significant licensing agreements to access the cannabis, fitness and wellness, foreign student and tourist markets through Cannapay Financial Inc., Active Pay Distribution Inc. and Euro Asia Pay Holdings Inc.
For more information about Glance, please go to http://www.glance.tech.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information or forward-looking statements (collectively "forward- looking information") within the meaning of applicable securities laws. Forward- looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. Glance cautions investors that any forward-looking information provided by Glance is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking complete discussion of such risk factors and their potential effects which may be accessed through the Glance's profile on SEDAR at http://www.sedar.com.
SOURCE Glance Technologies Inc.
For further information: Christina Rao, Vice President, Investor Relations, +1-604-723-7480, [email protected]