The demand of virtual money has been increasing rapidly over the past couple of years. The fact that there are not many companies active in this field makes it a sought after sector. In order to make the best use of ever increasing market conditions, ITEX Corporation (OTCMKTS:ITEX) has decided to come up with Virtual Currency System. It’s a wholly owned subsidiary of ITEX, which will extensively work to deliver cloud hosting software related to virtual currency.
ITEX made public, the decision to launch a separate arm for the virtual currency system first time at the 26th Annual Roth Capital Conference, which took place in Dana Point, California. Virtual Currency System or VCS would start delivering software platform for cloud-hosted virtual currency to various entrepreneurs and businesses across the world. ITEX Corporation (OTCMKTS:ITEX) uses virtual currency named ITEX dollar to power all its transactions and B2B business model.
As per the reports, VCS has decided to offer hosted operating system to peculiar enterprise businesses and those individual users who are interested in creating virtual currency model. The centralized system that VCS is looking forward to developing ensures total amount of currency that is in circulation. It takes into consideration various factors including number of business customers and consumers.
Steven White, CEO of Virtual Currency System, stated that the different virtual currencies that are used to supplement cash, credit card, and check transactions were increasingly used in different business models. Time has changed completely, and people have started accepting technological evolution. As conditions improve in the future, the usage of virtual currency will increase significantly. It is not the first time when a company has decided to launch virtual currency. Other virtual currencies such as Bitcoin, Litecoin or Ripple have already made their way in the market. It will be great to see how users respond to this initiative of ITEX in future.