Ahead of the weekend, MMW learned that Glance Technologies Inc. announced it will be using its highly successful proprietary anti-fraud technology in its own rewards based cryptocurrency to be built into Glance Pay, and that it will be available for licensing to other cryptocurrencies.
According to the company’s official word, since Glance integrated the current version of its fraud prevention technology into the Glance Pay app 10 months ago, its platform has experienced zero fraud across all of its live locations.
“We are thrilled at the performance of our anti-fraud technology and are excited to apply it to the world of cryptocurrency, where we believe there is a large need,” says Glance CEO Desmond Griffin, “reducing fraud surrounding cryptocurrency conversions can help accelerate the growth of cryptocurrencies.”
Glance intends to apply elements of its anti-fraud technology to cryptocurrencies, to both secure transactions and to allow for lower fees associated with converting traditional currencies to and from cryptocurrencies. As an example, Coinbase (coinbase.com), one of the largest cryptocurrency trading platforms, currently charges users a fee of 3.99% for credit or debit card purchases of cryptocurrency, in addition to anything they may make on the spread of the transaction, which is much higher than rates experienced by traditional merchants.
We’re told that Glance has been successful in licensing its mobile payment technology, with $3 million in licensing agreements signed in since May 2017.