VANCOUVER, Oct. 31, 2017 /CNW/ - Glance Technologies Inc. (CSE: GET.CN) (OTCQB: GLNNF) (FKT: GJT) is pleased to announce that it intends to create a new cryptocurrency whereby customers can earn cryptocurrency every time they pay with the Glance Pay app.
The Glance cryptocurrency may be used throughout the Glance Pay app and its affiliated applications, as well as outside of the Glance Pay platform. Users of the Glance Pay mobile payment app will earn the new cryptocurrency as rewards every time they spend on the Glance Pay mobile payment network, whether they have paid with the new cryptocurrency or via other payment methods. Glance believes this will support rapid adoption of the cryptocurrency to a broad range of consumers, and it will often be the first cryptocurrency Glance Pay users will have ever received or used.
As an indication of how quickly cryptocurrencies are growing, the price of Bitcoin has risen over 700% to a market cap in excess of $100 Billion USD and the price of Ether has risen over 2,500% to a market cap greater than $29 Billion in the past 12 months respectively, according to CoinMarketCap.com.
"We believe that there is an enormous potential for cryptocurrencies to change the payments and rewards landscape," says Glance CTO Angela Griffin, "We are excited to leverage blockchain technology to disrupt the global payments industry with our proven mobile payment and anti-fraud technologies."
According to a recent episode of PBS interview show Charlie Rose, cryptocurrency has officially entered the mainstream and Cathie Wood, CEO of Ark Investment Magazine said, "The network value of Bitcoin when you include Bitcoin and Bitcoin Cash is little over $100 bln. So it's come up and it's come very fast. But it's at a fraction of Apple's valuation, of Amazon's valuation, and we think it's a much bigger idea than either of those." Paul Vigna, a reporter for The Wall Street Journal, said that the global economy is worth 'tens of trillions of dollars', leaving lots of room for cryptocurrencies to grow.
Glance is continuing to expand its development team and technical capabilities, which has been accelerated due its recent funding success. Glance currently has over $9.4 million in the bank.
Glance Pay has previous added cryptocurrency experts Spiros Margaris (rated #10 blockchain influencer in the world, and #1 fintech influencer), Michael Vogel and Dominic Vogel to its advisory board as well as entering into an alliance with Netcoins Inc. Glance is investing resources to continue to expand its capabilities on this front.
Glance is currently working on its technical design and a working paper for the launch of its rewards based cryptocurrency. It also continues to review other blockchain opportunities.
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. Glance Pay is currently working on a cryptocurrency with rewards elements for use on its platform.
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: "will" "may" "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 in particular, Glance may not be successful in building its planned cryptocurrency or there may not be sufficient support for the cryptocurrency to make it a success.
SOURCE Glance Technologies Inc.
For further information: about Glance, please go to http://www.glance.tech or contact: Christina Rao, Vice President, Investor Relations, +1-604-723-7480, [email protected]