NEW YORK, NY / ACCESSWIRE / July 31, 2017 / Snap Interactive, Inc. ("SNAP," the "Company," "we," "our" or "us") (OTCQB: STVI), a leading provider of live video social networking and interactive dating applications, today announced it plans to begin accepting the cryptocurrency Bitcoin as a payment option. Bitcoin is expected to be available as a payment option on two products within the Snap portfolio in early August, with further expansion plans in the near future.
SNAP, which supports the crypto community and the long-term viability of cryptocurrency as a payment form, will allow holders of digital currency wallets to transact within its platform. SNAP plans to allow Bitcoin payment processing across its Camfrog and Tinychat applications, with the goal to rollout digital currency acceptance across its entire application portfolio. SNAP believes that Bitcoin acceptance will facilitate access to its products, particularly to international users, allowing for easier, more secure international payments. SNAP also expects to realize other benefits from accepting cryptocurrencies, including lower fees for international payments, and minimizing chargebacks and other payment processing friction. SNAP plans to continue this initiative by expanding acceptance of additional cryptocurrencies in the near future. In addition, as SNAP continues development of its live streaming entertainment initiative, SNAP intends to allow broadcasters to receive payments in cryptocurrency.
"Since inception, SNAP has been an early adopter of innovative technologies to build a differentiated experience and loyal customer following," said Alex Harrington, SNAP's Chief Executive Officer. "We've learned that a digital currency payment option would better serve our global user base, allowing easier access to the premium features and functionality of our live video platforms. We are big believers in the revolutionary impact of blockchain technology in support of digital currencies and other innovations, and will be looking forward to further blockchain and cryptocurrency integrations in the future."
About Snap Interactive, Inc.
Snap Interactive, Inc. is a leading provider of live video social networking and interactive dating applications. SNAP has a diverse product portfolio consisting of nine products, including Paltalk and Camfrog, which together host one of the world's largest collections of video-based communities, and FirstMet, a prominent interactive dating brand serving users 35 and older. The Company has a long history of technology innovation and holds 25 patents related to video conferencing and online gaming.
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This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with general economic, industry and market sector conditions; the ability to effectively integrate the operations of the Company and AVM; the timing and amount of any future repurchases of the Company's common stock, if any; user acceptance of our updated applications; the Company's ability to institute corporate governance standards or achieve compliance with national securities exchange listing requirements; the Company's future growth and the ability to obtain additional financing to implement the Company's growth strategy; the ability to increase or recognize revenue, decrease expenses and increase the number of active subscribers, new subscription transactions or monthly active users; the ability to enter into new advertising agreements; the Company's ability to generate positive cash flow from operations; the ability to diversify new user acquisition channels or improve the conversion of users to paid subscribers; the ability to anticipate and respond to changing user and industry trends and preferences; the intense competition in the online dating marketplace; the ability to release new applications or derive revenue from new applications; and circumstances that could disrupt the functioning of the Company's applications. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov.
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SOURCE: Snap Interactive, Inc.