SAN DIEGO, Jan. 18, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire -- Global Payout, Inc. (OTCPink:GOHE) ("Global") is pleased to announce that its majority owned subsidiary, MoneyTrac Technology, Inc. ("MTRAC", the "Company"), has secured a Joint Venture Compliance, Crypto-Commodity, iCloud, and Strategic Partnership Agreement with Crypto Value Management System, LLC a Delaware company that has secured the exclusive California License for a Crypto-Currency Exchange platform ("CVMS"). This platform will effectively bolster each of the companies and their ability to provide financial technology solutions to businesses operating across a number of rapidly expanding alternative market sectors, including the multi-billion-dollar cannabis industry.
CVMS acquired an exclusive license for the state of California for a cryptocurrency utility token exchange defined as an "In-State Crypto-Commodity Exchange - ICCE," a member only blockchain commodity that can be utilized to service businesses in need of banking solutions. CVMS, in conjunction with their compliance partner Integrated Compliance Solutions (ICS), have developed a secure, compliant blockchain to service the CRB (Cannabis Related Business) space. The CVMS exclusive new blockchain technology is the most advanced crypto-commodity exchange platform available. It will also serve as the backbone of the token exchange platform that MTRAC plans to co-develop for its MTRAC-Token with CVMS and other key financial technology and compliance partners.
Said MTRAC CEO, Vanessa Luna: "Securing this JV Partnership Agreement with CVMS marks a huge milestone for MoneyTrac and our continued pursuit of banking the "un-bankable" within the cannabis industry. The exclusive licenses CVMS has worked diligently to acquire in the State of California are critical pieces to the foundation we are developing for a token exchange platform that will become one of the most valuable resources to businesses in an industry where millions of dollars are exchanged in commerce every day."
Said CVMS CEO, Christopher Johnson: "This JV Partnership Agreement with the MoneyTrac Technology team is very much about creating an opportunity to leverage the licensing rights we have acquired in the evolving cryptocurrency market sector and which we believe are incredibly valuable for the development of an effective exchange platform for businesses in the cannabis industry. MoneyTrac has done a fantastic job of cultivating a number of very strategic partnerships and creating a very solid network of individuals and entities in both financial technology and cannabis that are poised to be game changers in delivering the precise solutions that are sorely needed in the alternative banking market sector."
In addition to the co-development of a crypto-commodity exchange platform, MTRAC will also provide CVMS with vital Fintech, sales, marketing, networking, brand development support and guidance through this JV Partnership Agreement to ensure CVMS is effectively positioned for launch and expansion throughout the state of California.
About Global Payout, Inc. (OTC Pink:GOHE)
Since the Company's inception in 2009, Global Payout, Inc. has been a leading provider of comprehensive and customized prepaid payment solutions for domestic and international organizations distributing money worldwide. In 2014, Global introduced its first online payment platform called the Consolidated Payment Gateway (CPG), which allowed its enterprise clients to transfer money to international bank accounts, mobile accounts, and prepaid card accounts. The development of the CPG became the foundation for the introduction of its new, state of the art FINTECH payment system in 2017, for both online and mobile applications to allow account holders to maximize an expanded suite of financial services and minimize operational costs. Global will continue to offer their FINTECH payment system to many vertical markets for support of foreign currency exchange and digital currency, including ongoing support of the banking industry and international governments.
About MoneyTrac Technology
MoneyTrac Technology, Inc. is a pioneer in offering a full-service solution for alternative banking and electronic financial solutions and provides all aspects of financial technology including E-Wallet and mobile apps services for businesses and companies in various "high-risk" industries. MoneyTrac's technology platform allows for its clients to access their financial information from anywhere in the world, in addition to providing tracking and compliance to help them manage and control the flow of all revenue through their business.
About Crypto Value Management System
Crypto Value Management System, LLC's ("CVMS") mission is to present a new kind of blockchain, that leverages the power of compliance, to provide a fast, safe, and secure method of payment to the MRE space. CVMS through its unique compliant approach to blockchain has earned the approval from multiple banking partners in the MRE space that provide the critical on boarding and off boarding of funds. This model will provide a strong B2B exchange that will reduce violent crime, illegal money, and other illicit activities.
Unique features of CVMS over competitors are: CVMS is a commodity, not a currency, so Money Transmitter Licensing and Money Service Business licensing do not apply. The commodity is backed by the cash deposit on a dollar for dollar basis, so there is not fluctuation in the value like Bitcoin. Another key strength is that each customer is fully vetted for "Know Your Customer" requirements, rather than being anonymous like Bitcoin, so the potential for money laundering or being used for illicit activity is mitigated.
CVMS solves a couple of really problems in the marijuana space. First, CVMS solves the need for state taxing authorities and utility providers to be paid electronically, rather than have duffle bags full of cash show up at their facilities that they are not equipped to handle and poses a significant security risk. Second, a key area of focus from bank regulators is tracking that inventory sold in stores was legally obtained. In a cash economy, it is difficult to track the purchases and validate that inventory did not move across state lines. With all participants in the CVMS ecosystem being fully vetted for "KYC", CVMS helps banks track that inventory was legally obtained.
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainty and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of all filings of the Company that are contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov.
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