21 Aug FTI Testing FLASH Cryptocurrency
Multi-Billion $ Barter Industry Testing FLASH Cryptocurrency with FTI (TSXV: FTI)
FTI Foodtech International Inc. (TSXV: FTI) (“FTI”) announced that they will be introducing cryptocurrency via FLASH coin as a form of payment for goods and services to the Barter Industry.
FTI is working with three barter exchanges, Trade Business Exchange (Canada) Inc., Barter Central Ontario and The Certificate Club (Nachem Inc.), as the initial group to establish a link between existing barter markets and FLASH coin.
This link will allow holders of FLASH coins access to the products and services available on the participating barter exchanges, while increasing the exposure of the barter members’ offerings. In exchange for directing additional customers to these exchanges, FTI will receive a commission from each exchange for any trades generated by these new customers.
Initial tests have been successful and FTI now plans to work with these three exchanges to develop this system before expanding the program to include other barter exchanges, both within the Toronto area and in other locations.
FLASH is positioned to revolutionize the barter industry by helping companies like FTI create seamless exchange of barter credits and cryptocurrency, allowing for increased liquidity among the approximately 3,500 different barter exchanges. According to the International Reciprocal Trade Association (IRTA), the worldwide barter business is estimated to be over $12B annually. Currently, various exchanges operate independently and have their own ‘barter dollars’. The adoption of FLASH will allow for growth in trade, adoption and liquidity, as FLASH is traded on several cryptocurrency exchanges.
By seamlessly integrating FLASH with current barter exchanges, FTI expects to allow members to safely and securely conduct transactions using blockchain technology. This increased security provided by FLASH should give users a higher level of confidence in the integrity of the barter exchanges.
The first barter transactions involving FLASH were recently completed where Chris Kitze, a co-creator of FLASH, exchanged FLASH coins for Canadian maple syrup on several exchanges.
Barter is an important market for FLASH adoption; this market has the first non-crypto private currencies to be integrated with FLASH as a gateway. Other private currencies include loyalty points and rewards, casino electronic “chips”, online in game tokens and many others.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, contact: William Hullah, President, FTI at (416) 444-1058.
The Story Behind Barter:
Trading goods or services for goods or services was around long before cash. Formal bartering exchanges, where a “point system” or barter dollars are used, began to show up in the late 1970’s. Businesses began to see the value in trading – or bartering – within a group of other businesses. Said simply, Barter is a tool that will help a company generate new sales, increase revenue and improve the bottom line, by providing a new sales channel for overstocks and obsolete products. Reciprocal trading between exchanges is facilitated.
About FTI Food Tech International
Our Mission – To bring innovation to the barter and food industries through the introduction of new technologies and create long-term shareholder value. FTI’s aim to integrate blockchain technology with these industries, is a natural continuation of its long history with Technology Transfer; bringing emerging cutting-edge technology to existing markets to create a synergy that has the power to unlocks their next evolution. FTI is a publicly traded company on the TSXV exchange.
FLASH is a community-supported blockchain designed for small and fast transactions anywhere. The FLASH developer community has introduced the simplest and most powerful web and Android wallet to make crypto currencies easy to use. Available in 30 languages, the FLASH web wallet is the fastest way to start using FLASH. FLASH is an approved cryptocurrency by Apple for use in applications on the Apple App Store.
This informational release was produced by FLASH community members. https://www.flashcoin.io/#about
Contact: Alicia Molnar, 9083342740 [email protected]