SAN DIEGO (March 12, 2018) – Reis & Irvy’s, Inc., a subsidiary franchise concept of Generation NEXT Franchise Brands, Inc. (OTCB: VEND), announced today that it will be the world’s first mainstream vending machine company to accept cryptocurrencies in exchange for a range of delectable frozen yogurt and ice cream consumables. Cryptocurrencies are a new form of tender that only exist digitally and have no central regulating authority. Instead, digital currencies, which rely on cryptography to prevent counterfeiting, use a decentralized system to record transactions and manage the issuance of new units. Over the last year, cryptocurrencies reached mainstream popularity with Bitcoin and continue to be a very hot topic in the media.
The Reis & Irvy’s vending robots will be equipped with the capability to accept several types of cryptocurrencies including: Bitcoin (BTC), Bitcoin Cash (BTH), Litecoin (LTC), and Ethereum (ETH). The first Reis & Irvy’s robots will arrive at nearly 1000 select locations across the United States this spring and summer.
The user interface on the robots is simple. Customers will experience a colorful and interactive 10-inch iPad touchscreen on which they may place their frozen yogurt and ice cream orders with a variety of flavors and toppings. At the checkout screen, customers will have the option to pay with cash, credit card, Apple Pay, Google Wallet or via crypto payment. After much research and vigorous testing, the Reis & Irvy’s development and integration team has devised a solution that will automatically generate a QR code for customers to scan using their Coinbase wallet on their mobile device. This groundbreaking technology further solidifies the Reis & Irvy’s franchise brand as true revolutionary in the technology of vending robots. Finally, any of the estimated 11 million Coinbase customers will have the opportunity to exchange their cryptocurrencies into tasty frozen treats.
“Not only is using the Coinbase app easy and fun, but it is fast,” said Nick Yates, Chairman of Generation NEXT Franchise Brands. “Although it can vary, our initial tests show that the software takes less than 5 seconds to process for Bitcoin Cash and Litecoin transactions. Additionally, these cryptocurrencies boast a low transaction fee of only 3 cents or less. Our preliminary tests show that Bitcoin and Ethereum, which can also be utilized through Coinbase, aren’t processing quick enough at this time and, in our opinion, the fees still seem to categorize themselves as more of asset class then as a currency. Our Reis & Irvy’s franchisees can now capitalize on the new technology, generate more revenue, drive excitement and enhance the customer experience.”