Pareteum Corporation, a mobile cloud communications platform company today announced that it has completed development enabling it to add support of blockchain technology to its billing and settlement services. This new service capability enables Pareteum customers to now accept and process bitcoin, ethereum, litecoin, air tokens and other forms of cryptocurrencies.
The feature is offered to all Pareteum’s Global Mobility Cloud customers and will allow them to not only accept the cryptocurrencies but also to perform payment processing and settlements with their partners in any currency. For example, in the case of Smart Cities in emerging markets, the creation of their own local cryptocurrencies is now a reality, facilitating primary economic benefit with the cities for their citizens.
Last year, Pareteum announced a partnership with Airfox to integrate their advertising subsidy platform into the Application Exchange and Developer’s Platform exchange based on the requirement for advertising to subsidize the costs of growing data service usage. Since then subsidies have gone beyond advertising and into micro-loans and cryptocurrency as the mobile phone penetrates more of daily life.
Vic Bozzo, CEO of Pareteum stated:
“The demand in the mobile market for digital wallet applications has quickly morphed into a requirement to process and settle all forms of currency and an entire eco-system of applications relying on purely digital settlement has emerged. It’s a natural requirement of any Mobile Platform provider to support this move as many mobile applications become reliant on mainstream digital currency and other applications begin to create their own.”
Hal Turner, Executive Chairman and Principal Executive Officer of Pareteum, added:
“We have sold solutions that take us, through our cloud services, into Smart Cities and cryptocurrency payment capabilities. It’s not hard to imagine that we can live in an entire digital universe where all of our transactions may be managed through your own personal mobile phone, with secure identity management and digital payments. In thinking about this scenario, where essentially your mobile phone is your bank, without bricks and mortar, it’s possible that throughout the day you may have earned enough digital currency through your transactions to be rewarded with that coffee or snack or phone minute or that extra megabyte of data.”
“We envision a time in the not too distant future when Pareteum could create its own currency payments and settlements among the millions of subscribers on its platform globally. As we consider the new global mobile landscape, and Pareteum’s service and capabilities developments in 2017, which have opened doors for us in the Internet of Things (IoT), Smart Cities, and use of Artificial Intelligence (AI) and Machine Leaning (ML) creating predicative analytics for the vast amounts of digital data we are capable of securely processing, we maintain an optimistic view towards 2018 and beyond.”
Pareteum Corporation and its subsidiaries provide a complete mobility cloud platform, utilizing messaging and security capabilities for the global Mobile, MVNO, Enterprise, Software-as-a-Service and IoT markets.