Virtual Crypto Technologies, Inc. (the “Company” or “Virtual Crypto”), a developer of innovative software and hardware for the purchase and sale of cryptocurrencies via point-of-sales systems, ATMs, tablets, PCs and mobile devices, announced today that it has signed a Memorandum of Agreement (the “MOA”) with Consorcio WLRL SA de CV (“Consorcio WLRL SA de CV” or the ”Distributor”), to offer the Company's cryptocurrency ATM product within Mexico.
Pursuant to the MOA, Virtual Crypto granted Consorcio WLRL SA de CV exclusive rights as a distributor of the Company's cryptocurrency ATM solution within the country of Mexico, and Consorcio WLRL SA de CV has committed to acquire the Company’s ATM hardware and software solutions with an initial focus on the gaming, tourism and trade sectors. The first step will be a pilot ATM deployment, which will ultimately scale up in size and scope.
The MOA is the second such expansion announcement for the Company in recent days. Last week Virtual Crypto released details of its most recent distribution agreement in South Africa. Since its launch in January of 2018, the Company continues on a path of global expansion with distribution agreements now in place in the following countries and territories: Mexico, South Africa, Israel, Angola, Botswana, Comoros, Democratic Republic of Congo, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, Swaziland, Tanzania, Zambia and Zimbabwe.
Alon Dayan, CEO of Virtual Crypto commented, “Cryptocurrency is borderless and as it becomes more readily available, it will be easier for anyone to take advantage of the potential offered by this alternative payment system. Our vision is for us to build a global network of cryptocurrency ATMs and point of sale solutions which will foster mass adoption.”
Per the MOA, the Distributor has shown strong intention to begin to build a network of Virtual Crypto ATMs, with an initial purchase and installation at a location in Mexico to be determined. In addition, the Distributor intends to acquire the Company’s hardware and software solutions and pay ongoing royalties and support fees.
In particular, Mexico is a tourist destination and the addressable market is ripe for daily crypto transactions. Virtual Crypto will provide their proprietary technology, offering seamless transactions and high-level secure consumer experience by scanning multiple exchanges within seconds. This type of solution will be a welcome option for tourists looking to avoid high exchange rates and fiat conversion.
Dayan explained, “In discussing the Mexico opportunity, we were awed by the potential market size. We are excited to be working with Consorcio WLRL SA de CV to establish a Virtual Crypto footprint in Mexico. Most importantly, we assessed the market opportunity and are intrigued by the interest in cryptocurrency within the Mexican tourism and gaming sectors.”
While many companies within the crypto industry do not trade on traditional exchanges, Virtual Crypto is quoted on the OTCQB as opposed to less regulated alternatives. Trading on the OTCQB is consistent with Virtual Crypto’s objective of being a stable business in an exciting industry, offering growth potential, while built for the long run. By being immersed in the crypto field, Virtual Crypto is able to leverage significant momentum and success, as the MOA suggests, yet allows for a continued positive trajectory.
The MOA is the first step in a strategic effort to scale within the country of Mexico. Dayan continued, “We wanted to walk before we run. We are looking at our global partnerships as a tactical approach to building a solid crypto foundation. Once we show some success in Mexico, we can continue to scale seamlessly. Today it’s Mexico, and our hope is to continue to build a presence in emerging markets and fully developed economic regions around the globe.”