ITEX utilizes the platform to power its own B2B business model and virtual currency, the ITEX dollar. VCS is offering the hosted operating system to enterprising businesses and users interested in creating a centralized virtual currency model. A centralized system determines the amount of currency in circulation, based on many factors, including the needs of its consumer or business customers.
Virtual currencies which come as an alternative or complementary means to cash, check and credit card transactions or used as promotional and reward tools are at high demand for a variety of business models, according to Steven White, CEO of Virtual Currency Systems, cited by online media outlet PR Newswire.
Steven White explains that unlike the encrypted digital currencies like Bitcoin, Ripple or Litecoin which are decentralized peer-to-peer payment platforms and with no central authority, VCS, on the other hand, utilizes a centralized system where the licensee determines, by itself, regulations and business objectives like how to distribute, market, redeem and/or convert its own branded virtual currency.
ITEX’s services and virtual currency payment system allows member businesses to transfer value to acquire products and services without exchanging cash.
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