Electronic payment specialist Cybercash announced a third quarter net loss of seven million dollars. Revenues for the first nine months of this year - the first when the company has had products to sell - were $76,793 and net loss for the period was $18,502 million.
This quarter saw the announcement of Cybercash?s Cybercoin service, a payment system that supports Internet cash transactions of 25 cents to $10. The company has struck up a technology and marketing agreement with Netscape, which will incorporate Cybercoin in its Netscape Livepayment server, and a similiar deal with Oracle, which will integrate Cybercash? three Internet payment systems in its Project Apollo merchant server systems.
Financial institutions and transaction processors currently supporting Cybercoin include First Union Bank, First USA, Michigan National Bank and First Data Corporation.
?Approximately 45 to 50 per cent of our income in the long term will come from Cybercoin,? said chief executive William Melton.
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