BELLEVUE, Wash., Feb. 27, 2014 /PRNewswire/ -- ITEX
Corporation (OTCQB: ITEX), The Membership Trading
CommunitySM, a leading marketplace for cashless business
transactions in North America,
today announced it now accepts Bitcoin as a payment option for its
more than 20,000 member businesses.
Bitcoin is the world's largest circulated encrypted digital
currency and ITEX is the largest trading community in the
USA and Canada. The Bitcoin peer-to-peer network is
made up of thousands of computers run by individuals around the
world and doesn't have a central clearinghouse or answer to a
singular authority. The finite supply of Bitcoins will grow at a
mathematically determined rate of expansion from its current 12.5
million units to a maximum of 21 million units.
The ITEX dollar is a virtual currency used as a method of
payment within our marketplace and trading community. In contrast
to Bitcoin, ITEX utilizes a centralized system where it determines
the amount of currency in circulation, based on numerous factors,
including the needs of its member merchants. ITEX seeks to
provide a platform for peer-to-peer and centralized virtual
currency models to co-exist and complement each other.
"We are excited about the momentum the nascent virtual currency
industry is experiencing and anticipate greater support for our
virtual currency, the ITEX dollar, as time progresses," stated
Steven White, Chairman and CEO.
"ITEX contracted with Coinbase of San
Francisco, the largest platform of merchants and consumers
accepting Bitcoin, to create our e-wallet service, process payments
and convert Bitcoin into U.S. dollars. We invite the millions of
Bitcoin enthusiasts to participate in our trading community," Mr.
White concluded.
About ITEX
ITEX, The Membership Trading
CommunitySM, is a leading marketplace for cashless
business transactions. Our business services and virtual currency
payment system allows member businesses to transfer value to
acquire products and services without exchanging cash. We generate
revenue by charging members percentage-based transaction fees and
association fees. ITEX is headquartered in Bellevue, WA. We routinely post important
information on the investor relations portion of our website.
For more information, please visit www.itex.com.
This press release contains forward-looking statements that
involve risks and uncertainties concerning our expected performance
and comments within the safe harbor provisions established under
The Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from the results predicted and
reported results should not be considered as an indication of our
future performance. We believe that these potential risks and
uncertainties include, without limitation: our revenue growth and
success being tied to the operations of our broker network; our
future revenue growth remaining uncertain; our business being
subject to online security risks; unplanned system interruptions or
system failures; claims and lawsuits against us that may result in
adverse outcomes; increased regulation and competitive trading
platforms resulting from the emergence of virtual currencies; and
the effect of changes in the overall economy and in
technology. Statements in this release should be
evaluated in light of these factors. These risk factors and
other important factors that could affect our business and
financial results are discussed in our periodic reports and filings
with the Securities and Exchange Commission, which are available at
www.sec.gov. ITEX undertakes no duty to update or revise any
forward-looking statements.
SOURCE ITEX Corporation
