NXT-ID, Inc., an Oxford, Conn.-based biometric technology company focused on the mobile commerce market, has filed for a patent for its electronic cryptocurrency management system. The NASDAQ-listed company also completed a public offering, providing funds to support the launch of its smart wallet.
The NXT-ID technology manages multiple traditional financial accounts and cryptocurrency accounts, including initiating transfers, currency exchanges, submitting payments, and receiving payments. An “abbreviated block chain” synchronizes transactions and balance validation to enable both online purchases as well as brick-and-mortar retail store transactions from a smart wallet.
Helping Crypto Go Mainstream
NXT-ID seeks to usher bitcoin and other cryptocurrencies into the mainstream payments industry.
“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, ” said David Tunnell, executive vice president and chief technology officer.
“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.