Glance Technologies Inc. (CNSX:GET) just announced 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 commented:
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.
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 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.