Benzinga | Dec 21, 2021 08:33AM EST

SurgePays Says Co's Blockchain Update Enables Bitcoin Purchases At Corner Stores

SurgePays, Inc. (NASDAQ:SURG) ("SurgePays" or the "Company"), has completed the initial development on the newest version of its software platform which enables a store owner to sell certain cryptocurrencies to customers -- with or without a bank account or credit card -- at local convenience and neighborhood stores which are part of the Company's 8,000-plus retail store network.



SurgePays is a highly innovative fintech company providing a complete suite of financial services and prepaid products to its rapidly growing base of retail c-stores. The Company plans to release the update in January 2022 and enable stores on its network to offer cash sales of Bitcoin, Ethereum and Dogecoin without using an ATM or other costly and space consuming equipment. Customers will receive receipts with simple instructions how to load purchased coins into their own digital wallet of choice.

The SurgePays blockchain platform already performs more than 20,000 secure daily transactions of underbanked financial services. SurgePays new feature will allow the store clerk to facilitate the purchase of between $50 to $1,499 of cryptocurrency.

"When I took over as CEO in 2017, I stated that we were building an updated version of our software platform to incorporate blockchain with my mission to be the first company to practically enhance the lives of the underbanked, at the grass roots level in the stores where they shop," said Brian Cox, chairman and CEO, SurgePays. "We are utilizing the same trusted cultural framework of the community store to be the tech-hub for underbanked neighborhoods."

This cryptocurrency service represents a powerful expansion of the SurgePays fintech suite of products, providing a competitive advantage catalyst to its recently announced expansion plan utilizing a national sales team.

"Enabling the underbanked population to purchase digital currency is the first step. We expect to launch a version update in Q2 of 2022, that would enable consumers to use cryptocurrency to make purchases at any store on the SurgePays network. This use case will be an extremely exciting differentiator and position SurgePays as a market leader in the underbanked space," added Mr. Cox.