NXT-ID (NASDAQ:NXTD) Patents Electronic
Crypto-Currency Management Technology
Allows Consumers to make
Bitcoin Payments using Wocket
OXFORD,
CT - July 31, 2015 (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ: NXTD)
("NXT-ID" or the "Company"), a biometric authentication
company focused on the growing mobile commerce market and creator of the
Wocket® smart wallet, announces that it has filed provisional patent 62/198989
for ELECTRONIC CRYPTO-CURRENCY MANAGEMENT METHOD AND SYSTEM
This
invention highlights a method to advance crypto-currencies such as Bitcoin into
the consumer market of payment technology by introducing a common, uniform way
to manage all payments.
The
technology manages multiple traditional financial accounts and crypto-currency
accounts, like Bitcoin, including initiating transfers, currency exchanges,
submitting payments, and receiving payments. Under this method, a local,
abbreviated block chain is intelligently synchronized for transactions and
balance validation to enable both online purchases as well as brick and mortar
retail store transactions from a local smart wallet device. This abbreviated
block chain allows for validated crypto-currency purchases to be made in store,
just like transactions from other traditional financial accounts such as credit
or debit cards. NXT-ID looks to usher Bitcoin and other crypto-currencies into
the mainstream payments industry and Wocket® is the beginning of that push for
consumer friendly crypto-wallets.
"What's
unique about this patent is that it introduces what we believe is the first
payment experience that makes crypto-currency uniform across all payment
transactions and payment methods, which is a chief inhibitor to wide scale
acceptance of crypto-currencies like Bitcoin, " adds Mr. Tunnell.
"With this technology, a common smart wallet platform can be used by an
individual to manage not only all of their conventional financial accounts
(e.g. debit cards, check cards, credit cards, etc.), loyalty cards, membership
cards and the like, but also provide for the secure management of a multiple
alternative currency accounts, thereby facilitating the real-time use of one or
more crypto-currencies as a method of payment, receiving crypto-currency
payments, and crypto-currency exchange. This technology also enables Bitcoin to
be used across multiple payment mediums including magnetic stripe, NFC, and
other emerging payment methods."
Gino
Pereira, Chief Executive Officer said, "We continue to build out our
patent and IP portfolio as the payment industry evolves. This technology is
another important step of how we intend to build the payment solution of the
future."
Wocket®
is a smart wallet designed to protect your identity and replace all the cards
in your wallet, with no smart phone or cloud required. Wocket® works almost
anywhere credit cards are accepted and only works with your biometric stamp of
approval or passcode.
Product images are available for media at: http://press.nxt-id.com
About NXT- ID Inc. - Mobile
Security for a Mobile World: (NXTD) (NXTDW):
NXT-ID,
Inc.'s innovative MobileBio® solution mitigates consumer risks associated with
mobile computing, m-commerce and smart OS-enabled devices. The company is
focused on the growing m-commerce market, launching its innovative MobileBio®
suite of biometric solutions that secure consumers' mobile platforms led by
Wocket®; a next generation smart wallet designed to replace all the cards in
your wallet, no smart phone required. Wocket was recognized as one of the top
technology products at CES 2015 by multiple media outlets including Wired.com.
The Wocket® works anywhere credit cards are accepted and only works with your
biometric stamp of approval. http://www.wocketwallet.com/
NXT-ID'
wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification and
has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/, http://3d-id.net/
Forward-Looking
Statements for NXT-ID: This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements reflect management's current expectations, as of the
date of this press release, and involve certain risks and uncertainties.
Forward-looking statements include statements herein with respect to the
successful execution of the Company's business strategy. The Company's actual
results could differ materially from those anticipated in these forward-looking
statements as a result of various factors. Such risks and uncertainties
include, among other things, our ability to establish and maintain the proprietary
nature of our technology through the patent process, as well as our ability to
possibly license from others patents and patent applications necessary to
develop products; the availability of financing; the Company's ability to
implement its long range business plan for various applications of its
technology; the Company's ability to enter into agreements with any necessary
marketing and/or distribution partners; the impact of competition, the
obtaining and maintenance of any necessary regulatory clearances applicable to
applications of the Company's technology; and management of growth and other
risks and uncertainties that may be detailed from time to time in the Company's
reports filed with the Securities and Exchange Commission.
Contacts:
Media:
D. Van
Zant
+1-800-665-0411
press@nxt-id.com
+1-800-665-0411
press@nxt-id.com
Published at Investorideas.com
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