Glance Technologies Inc. (CNSX:GET) announced 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,” said 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.
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.