New Secure Token Will Position GreenBox at the Forefront of Global Shift Towards Digital Currency Payments Technology
SAN DIEGO, CA, Feb. 04, 2021 (GLOBE NEWSWIRE) -- GreenBox POS (OTCQB: GRBX) (“GreenBox” or “the Company”), an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions, announced today it will be adding Secure Token Technology as part of its stabilized Gen3 software offering, with preference to early adopters and existing users of the Company's current ecosystem.
Recent national developments are bringing blockchain to mainstream transactional environments, such as the letter of the OCC [https://www.occ.gov/topics/charters-and-licensing/interpretations-and-actions/2020/int1172.pdf], Banking for All Act [https://www.congress.gov/bill/116th-congress/senate-bill/3571/text], and the appointment of Mr. Gary Gensler as Head of SEC (https://beincrypto.com/biden-selects-mit-blockchain-professor-gary-gensler-head-sec/). Most notably from the letter handed down from the OCC they state: “This letter addresses the authority of a national bank to hold deposits that serve as reserves for certain “stablecoins.” Generally, a stablecoin is a type of cryptocurrency designed to have a stable value as compared with other types of cryptocurrency, which frequently experience significant volatility. One type of stablecoin is backed by an asset such as a fiat currency. Reports suggest stablecoins have various applications, including the potential to enhance payments on a broad scale, and are increasingly in demand.”
These changes highlight the ongoing evolution within the financial payments sector and create an opportunity for GreenBox’s advanced technology as the obvious go-to platform due to its blockchain payment infrastructure. Blockchain customized ledgering offerings are already available from the Company, as well as complete end-to-end banking solutions. It is now time for the next logical step in the bigger picture of the GreenBox token strategy.
GreenBox recognizes the demand for software solutions which are equipped to handle settlements and exchanges in stablecoin currencies. In an article by Harvard Business Review “Is Stablecoin the Next Big Thing in E-Commerce” (https://hbr.org/2020/05/is-stablecoin-the-next-big-thing-in-e-commerce) Federal Reserve Governor Lael Brainard noted that the “potential for digitalization to deliver greater value and convenience at lower cost has piqued the interest of the traditionally risk-averse institution.” The article further states: “Digital payment services — powered by blockchain technology — could be the next great upheaval in global e-commerce growth. For that to come to pass, however, four conditions need to align: appropriate technology, consumer demand, corporate champions, and an amenable regulatory environment.”
GreenBox believes the Company can support these four pillars by being one of the leading corporate champions, in providing appropriate technology that meets consumer demand, while complying with existing regulations surrounding mainstream adoption of stablecoin currency. This is the main motivation for GreenBox to invest in the development of another tokenized media, and the birth of the GreenBox token.
“The development and addition of new secure token technology to our ecosystem is a step towards the future of digital currency transactional space. Witnessed in recent developments, and guidance handed down by regulators the transactional environment is evolving rapidly. We anticipate the exchange volume from the GreenBox secure token will create a sizable new revenue stream,” said Fredi Nisan, Chief Executive Officer at GreenBox POS. “GreenBox will remain aggressive in developing new features that establish the company as a leader in this new opportunity in the payments space.”
About GreenBox POS
GreenBox POS (OTCQB: GRBX) is an emerging financial technology company leveraging proprietary blockchain security to build customized payment solutions. The Company's applications enable an end-to-end suite of turnkey financial products, reducing fraud and improving the efficiency of handling large-scale commercial processing volumes for its merchant clients globally. For more information, please visit the Company's website at www.greenboxpos.com.
Forward-Looking Statements Disclaimer
This 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. Examples of forward-looking statements include, among others, statements we make regarding: guidance relating to net income; anticipated customer onboardings; and expected operating results, such as revenue growth and earnings. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set out in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
Investor Relations Contact
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
GRBX@mzgroup.us
www.mzgroup.us