GLANCE TECHNOLOGIE COM NPV (OTCMKTS:GLNNF) is now jumping into the cryptocurrency space. GLNNF will now be looking to protect crypto transactions from fraud. The company is seeing a little jolt on the news, but more can expected, since the sector is clearly the story of the year and many investors are begging to find a way into the market.
“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 TECHNOLOGIE COM NPV (OTCMKTS:GLNNF) bills itself as a company that owns and operates Glance Pay, a streamlined payment system that allows customers to pay their restaurant bill instantly with their mobile device and that combines in-app messaging with social media marketing.
Glance Pay revolutionizes how smartphone users choose where to dine, settle their restaurant bills, access their payment records and interact with their favorite restaurants.
Glance Pay intends to become the industry standard as one of the four pillars in restaurant payments, besides credit cards, debit cards, and cash. Glance is building a valuable network of restaurants and consumers and offers targeted in-app marketing, customer feedback, in restaurant messaging, custom rewards programs, search engine optimization and social media promotions and management for restaurants.
According to company materials, “Glance Technologies owns and operates Glance Pay, a streamlined payment system that revolutionizes how smartphone users choose where to dine, order food & drink, settle bills, access digital receipts, earn great rewards, & interact with merchants. Glance is building a valuable network of merchants and consumers and offers targeted in-app marketing, social media marketing, customer feedback, in-merchant messaging and custom rewards programs. The Glance Pay mobile payment system consists of proprietary technology, which includes user apps available for free downloads in IOS (Apple) and Android formats, a merchant manager apps, large-scale technology hosting environment with sophisticated anti-fraud technology and lightning fast payment processing.”
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According to the press, GLNNF 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. Glance has been successful in licensing its mobile payment technology, with $3 million in licensing agreements signed in since May 2017. With its solid team of software engineers, Glance is developing uses for its anti-fraud technology in cryptocurrencies. It is now reaching out to its extensive fintech network to find opportunities to license its technology or partner with companies developing blockchain technologies.
Earning a current market cap value of $103.9M, GLNNF has nearly $800K in cash on the books, which compares with about $162k in total current liabilities. GLNNF’s payment system provider reported a 55,784% increase in Q3 revenue compared to the same quarter last year. Renewed investor interest does not come as surprise given that the company reported revenues of $240,130 up from $126,527 reported in the second quarter. Management fees in the quarter dropped 26% to $8,347 as software development costs increased 29% to $125,443. Moreover, the company is trading at its highest mark and could be charting upward from here even. Sign-up for continuing coverage on shares of $GLNNF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $GLNNF, either long or short, and we have not been compensated for this article.