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