In a development that could potentially revolutionize the interface between cryptocurrencies and fiat currencies, a new startup YPTOspace says that it aims to develop one of its first kind of platform that will seamlessly connect the digital assets with traditional payment platforms. The startup has set an ambitious vision of becoming a one-stop solution for transactions and payments needs of businesses and customers.
Terming the current financial system impractical and miserable for the users, YPTOspace argued in favor of cryptocurrencies and blockchain technology. However, it also recognizes the fact that the adoption of crypto will take time before it replaces the cash payments and transaction systems. The startup, therefore, has an objective of presenting a unifying platform that will completely do away with the middleman and unnecessary delays that are the necessary evils of the present platforms and transaction systems. The new platform will also make sure that volatility associated with cryptocurrency will not affect the normal customers during the process of making payment and conducting business transactions.
The white paper released by the company says that it wants to create a platform where the customer can make a payment in Bitcoin and receive the payment in any of the fiat currency like dollar or Euro; or any customer can pay in Dollars/Euros and businesses will receive the payment in Ethereum, Bitcoin, or platform’s cryptocurrency called YPTO coins. In essence, the platform is looking to integrate the convenience of traditional currencies with the speed, safety, and security of the cryptocurrencies and the blockchain technology. What’s more, the platform is looking to disrupt the market by offering all these transaction facilities free of cost while charging the minimum exchange commissions on market transactions.
YPTOspace claims that it is going to support the platform’s ecosystem with a number of applications. Some of the applications are already functional while others are under the development process. One of the important applications of the platform called peer-to-peer trading allows the person to buy or sell the assets on a real-time basis. The system utilizes an automated settlement system and hopes to open new avenues of opportunities for investors. For the e-marketplace, the platform is going to offer smart solutions on supply and demand management besides offering the facility of instantaneous remuneration. This is very appealing especially to the small retailers who are often bogged down by the delays in the payments. The platform will also offer tools to its retail customers that will help to manage the important aspects of their financial life.
The banking platform is also aware of the need to educate the customers, especially the ones who are new in the field of cryptocurrency and blockchain technology. YPTO claims that it will provide all the necessary resources to the customers which, in turn, are going to help the customers to make the right kind of decision without losing the money because of market volatility. This will be achieved by offering the customers the latest news on the cryptocurrency, blockchain, trends in financial technology and banking industry, etc. The organization will also nurture an online social community and encourage the users to freely exchange idea, thoughts, blogs, and articles so as to help each other in good financial decision making. The initial coin offering (ICO) of the startup will be conducted from March 25 to April 26 and take around 4-week time. The platform is scheduled for launch in the second quarter of the financial year 2019-20 and will initially start with four services which will be expanded subsequently.