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New Ecosystem Says It Allows Sending and Receiving Crypto or Fiat With No Fees

A new ecosystem is vowing to offer consumers the freedom to pay in fiat or crypto without middlemen — tackling the “miserable experience” they currently face.

An upcoming crypto ecosystem has bold ambitions to offer “a much smoother way of moving fiat and cryptocurrency over the internet,” enabling people to pay in the fiat or crypto of their choice — whatever the requested currency — without fees.

YPTOspace says it plans to develop a “first-of-its-kind platform that connects blockchain assets to real-world payment platforms,” all with the goal to become a one-stop-shop for payments and transactions for consumers and businesses.

The startup argues that the current landscape is a “miserable experience” for consumers and impractical for daily usage. Yet, at the same time, mainstream adoption of cryptocurrencies remains a long way off, as these digital assets need to become a viable alternative to cash. YPTOspace wants to create a unifying platform that eliminates middlemen and delays, which can see the public lose money because of the huge swings in volatility seen in the crypto market.

In illustrating the flexibility it ultimately wants to offer its community, the company’s white paper says: “Users can send Bitcoin and have them arrive as dollars or euros. Users can make payments in euros, and businesses can receive them as Ethers or the platform’s native cryptocurrency – YPTO Coins.”

Its team says it wants to combine the benefits of traditional payment systems with the transparency and speed of cryptocurrencies and blockchain, and claims that its platform will be “revolutionary in that it will be free of fees, with the lowest exchange commissions on the market.”

A growing number of applications

YPTOspace says that it has envisaged multiple applications for its ecosystem. While some are already functional, others are in development.

The first is a peer-to-peer trading service that enables users to buy and sell assets in real time through an “automated and trustless reconciliation and settlement system.” It is hoped that this global exchange will offer full transparency with exchange rates, inoculate users against rapid price changes, and make it easy for newcomers to the crypto market to make purchases with confidence.

YPTOspace is available here

In a bid to appeal to the e-commerce market, merchants are going to be offered “smart demand and supply management along with almost instantaneous remuneration,” eliminating the delays that small businesses all too often face when they are dealing with legacy payment processing companies. Back on the consumer side, the banking platform will aim to “give users the tools to manage every aspect of their financial life,”  and again, this is going to be geared toward casual audiences.

YPTOspace says its ultimate aspiration is to create a payment solution that allows customers “to pay swiftly and safely with any cryptocurrency,” as well as to make its offering as simple as a credit card transaction.

“Nurturing an online community”

In offering a service that’s geared toward those with little technical or financial knowledge about cryptocurrencies, YPTOspace says it is determined to ensure they are supported with resources to help them make informed decisions and avoid losing out because of asset volatility.

The platform says it plans to offer “accurate and up-to-date news” on blockchain, crypto assets and fintech trends in a variety of formats, empowering those who are short on time with an opportunity to learn more about trading and investing. This would be backed up by a social media element designed to “nurture an online community that can freely share, exchange, post and get rewarded for participation.”

YPTOspace has applied for banking licenses in the European Union so that users can benefit from a comprehensive service, including credit cards and multi-currency bank accounts.

The startup’s ICO is being conducted in four phases over four weeks, beginning on March 25 and concluding on April 26. YPTOspace’s platform is scheduled to launch in the second quarter of 2019 with a suite of four services, with additional features set to be added by the end of the year and beyond.

Learn more about YPTOspace

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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Former Goldman Sachs Executive Director Joins Crypto Startup as CEO

Priyanka Lilaramani, former Goldman Sachs Executive Director, has recently joined HOLD, a Maltese crypto startup, as a new CEO, HOLD announced on its Medium blog on May 2. Priyanka Lilaramani was a Director at Goldman Sachs for more than 10 years. In 2017, she was  listed in the UK’s Innovate Finance FinTech Powerlist.

“The power and potential of blockchain as a technology, and cryptocurrencies as an application is undeniable. It speaks to the power of people at scale and re-establishes how great causes are achieved.” Lilaramani commented following her appointment.

HOLD, which is based in Malta and operates a technology center in Porto, Portugal, is building a platform that creates a financial marketplace where crypto investors can get instant cash against cryptocurrency collateral. It will credit the cash advance on Mastercard or Visa credit cards, accepted at more than 45 mln retailers and 3 mln ATMs worldwide.

According to the company, the cash advances will not require bank-like credit checks. Instead, they will simply hold cryptocurrencies as collateral, advancing up to 65 percent of the value of their crypto holdings. The advances are capped at $15,000 or 10,000 euros/pound sterling. With the help of this instant cash, investors can manage their monthly spending and plan the sale of their digital currencies when prices are more favorable.

Platform fees and rate spreads

Borrowers are required to keep HOLD tokens in a dedicated wallet for as long as they are requesting  cash advances, with a minimum of 6 months. The terms, typically, are for up to three months. Borrowers are charged an pro-rated interest rate of 8 percent p.a., plus a platform fee of 3 percent that goes to HOLD. The loans can be renewed subject to platform fees and availability. The Mastercard and Visa cards offer 1 percent cashback in the form of HOLD tokens.

Cash advances require a Know Your Customer verification process and can easily done via a smartphone app. The company says lenders on the platform earn between 4.5 percent and 7.5 percent per annum by providing fiat currencies in the system, with the spread going to HOLD.

Technology platform to match lenders and borrowers

Typically, lenders will bring fiat currency into the system, and not sell crypto holdings. Consequently, the lending levels on the platform will not impact the price of cryptocurrencies, preserving the integrity of an independent market-driven pricing system governing all cryptocurrencies.

A so-called Trading Oracle, together with a proprietary algorithm, drives the HOLD platform. It matches borrowers and lenders, while also evaluating the value of holdings. The algorithm also monitors market conditions to identify cash advances at risk of being liquidated, warning both borrowers and lenders. When triggered, the system will automatically liquidate holdings and close off positions.

Pre-sale of tokens set for May 4

According to the company’s Medium blog, HOLD has raised more than $6.1 mln from the private sale of its tokens, based on the ERC20, and has scheduled a pre-sale from May 4 to May 31.

For its initial coin offering, HOLD has set a hard cap of $11.3 mln, with the soft cap of $3.5 mln already achieved from the private sale. HOLD plans to cap supply of its tokens at 1.3 bln, with one HOLD token worth 0.00004 ETH.

HOLD will also have a token buyback program to increase the overall liquidity, and a quarterly token burn to decrease supply. The presale will start tomorrow and the company offers a 20 percent bonus limited to the first 24 hours of its pre-sale.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.