ATLANTA, Jan. 15, 2019 /PRNewswire/ -- BitRail, the new blockchain-backed infrastructure that enables organizations to operate regulatory compliant cryptocurrencies for payments, has launched its signature product to transform the way people do business. Today's launch eliminates the need for institutions and enterprises to rely on costly credit cards and high-fee digital payment options. BitRail helps establish legal and compliant cryptocurrencies for all types of transactions and the ability to securely complete them with an intuitive, easy-to-use app.
Through a partnership with ICOx Innovations Inc. (OTC: ICOX), which designs and creates branded blockchain economies for established companies to benefit and grow their businesses through blockchain technologies and branded corporate currencies, BitRail challenges the notion that corporate currencies are too speculative and unreliable for everyday payments. The technology offers secure, instant transactions and the ability to simply convert funds between fiat and crypto.
"BitRail tackles the regulatory challenge head-on by acquiring state money transmitter licenses and offering KYC and AML verification for our clients through the platform," said Cameron Chell, co-founder and vice chairman of BitRail. "The technology provides the same buyer protections users are accustomed to with credit cards, with an additional layer of trust and security through blockchain verification and two-factor authentication. Also, unlike the cryptocurrencies you hear about in the news, such as Bitcoin or Ethereum, the cryptocurrencies approved to run on the BitRail platform will lock-in transaction values to eliminate pricing volatility."
The BitRail framework is ideal for e-commerce sites, online marketplaces, charities, and shared economy vendors, among others. Through customized deployment, entities can quickly establish their own branded cryptocurrencies and offer them as a payment options during check out eliminating prohibitive transaction friction. The platform is highly scalable and fully integrable.
Users can purchase the branded coins with U.S. dollars and store them in a BitRail provided personal, secure blockchain wallets until needed. Buyers and sellers can then choose to accept and use the fully regulated, branded cryptocurrencies for transactions.
"Savvy brands will easily see the appeal in reducing transaction cost and time, and the value in using these trusted coins as new opportunities to reward and retain clients through loyalty programs," said Steve Urvan, CEO and co-founder of BitRail. "We believe that the early BitRail adaptors will come from the payment challenged industries that can benefit most from payment innovation."
BitRail recently signed GunBroker.com, the world's largest online marketplace for hunting, outdoor sports and firearm products, as its first client. After dealing with a shrinking number of cost-effective payment options for its users, the e-commerce giant intends to launch their branded coin later this month.
About BitRail BitRail, LLC is a blockchain infrastructure that enables organizations to operate regulatory compliant cryptocurrencies for payment within their own platforms. The technology offers KYC and AML diligence, and high velocity transaction processing supported by money transfer licensing. BitRail provides companies and institutions an alternative choice to costly credit cards and other fee-heavy digital payment options. By powering uniquely branded economies, the platform also helps drive customer loyalty and makes regulated cryptocurrencies available for common transactions with impressive speed and ease-of-use.
Founded by serial entrepreneurs Steve Urvan and Cameron Chell, and headquartered in Atlanta, BitRail was created through a partnership with ICOx Innovations (OTC: ICOX), a global platform for companies building corporate currencies. The BitRail platform aims to enable compliant cryptocurrencies for payments in accordance with state money transmitter laws and FinCEN.
About ICOx Innovations ICOx is positioned for the long term as an enterprise platform for building branded blockchain economies for established brands. ICOx Innovations Inc. provides a platform for the design and creation of branded blockchain economies that solve real-world problems with established organizations. ICOx Innovations provides operational insights intended to benefit and grow its customers' businesses through the use of blockchain technology and branded corporate currencies. The ICOx Innovations platform is compliance-driven and combines rigorous strategic planning, capital structuring, technical integration and token economics model development, designed to allow its clients to create sustainable economies. The ICOx Innovations team co-founded KODAKOne, a blockchain-based image-rights management platform, and is the co-architect of KODAKCoin, the token that will reward and incentivize the KODAKOne platform users. Notably the Honorable Edmund C. Moy, 38th Director of the United States Mint (2006-2011) and the Honorable Alphonso Jackson, Former US Cabinet Secretary & Former Vice-Chair of JP Morgan Chase are members of the ICOx Board of Directors, For more information on ICOx Innovations, go to: www.icoxinnovations.com. Please visit www.icox.tv to sign up for the ICOX Video Newsletter.