Parateum enables blockchain support

The mobile cloud communications company Parteum revealed it’s adding blockchain support to its settlement services.

This service enables Parateum customers to join the ‘Digital Economy Monetisation Cloud’ and process and accept cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Airtokens.

According to Coinschedule, there was US$287million of cryptocurrency transactions involved payments in 2017, with the market expanding to US$60billion in mobile payments.

Vic Bozzo, CEO of Pareteum, said: “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.

‘Mainstream digital currency’

“It’s a natural requirement for 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, principal executive officer at 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.”

The new feature also allows consumers’ to not only accept cryptocurrencies, but also perform payment processing and settlements with their partners in any currency.

Written from press release by Leah Alger