In many ways, technology has lowered barriers to entry in several markets, while exposing the services of these markets to just about anyone with a phone and internet connection. In turn, consumers have benefited from unrestricted access to services. However, despite these gains, there still remains over 2 billion people with no access to basic financial services.
This unbanked population is not a part of any banking system, relying on the use of cash rather than checks or credit cards for their transactions. This often exposes them to predatory service providers in order to get by in the society.
Until recently, this population has been overlooked by traditional banking institutions. However, with the introduction of blockchain technology, the potential of this market has began to dominate global discussions. Estimated at over $380 billion annually, this emerging global market has benefits that go beyond profits. By providing people with access to savings accounts, credit and loans, the middle-class population can be reestablished — driving growth and sustainable development in the world economy.
With its distributed and decentralized system, blockchain provides new ways to bring banking services to consumers fingertips, eliminating all barriers to entry. In turn, consumers will have seamless and direct access to financial services at all times. This is the mission behind financial solutions startup, Etherecash, who has issued an announcement regarding their upcoming Initial Coin Offering (ICO).
The Etherecash pre-ICO campaign is already live and will run until November 7th, 2017 with 20% deiscount. The public ICO campaign will begin on November 15th, 2017 and finish on December 19th, 2017. The ICO campaign will have a soft cap target of $15 million (35 million tokens) and a hard cap of $100 million. The following bonuses are available during public token sale:
- 15th November – 15%;
- Week One – 12%;
- Week Two – 10%;
- Week Three – 5%;
- Week Four – 3%;
- Week Five – 0%
Set to revolutionise the three core tenets of finance – spending, sending, and lending – Etherecash allows users to leverage their cryptocurrency portfolio in the acquisition of fiat currency loans without the need for traditional credit history or accreditation.
According to Etherecash CEO Jackie Thanh, the platform will “bridge the gap between those with access to finance and those without, eliminating borders, intermediaries and prejudices.” Etherecash is being developed by a highly experienced team of blockchain experts, with over 50 years experience between them.
Through lawyer-backed smart contracts, Etherecash aims to completely disrupt the financial services through direct peer-to-peer transactions services. Users will have the freedom to select and analyze all the parameters involved in the loan they are about to secure. This includes the type of loan, duration, and amount, enabling both lenders and borrowers to mutually benefit from the contractual agreement.
The platform provides cryptocurrency holders with real world value for their digital assets without forcing them to liquidate their holdings for day-to-day expenses or short-term loans. All loans are border-free, enabling anyone from anywhere in the world to participate with no additional criteria, other than the value of their cryptocurrency holdings.
To further enhance real world usage of cryptocurrencies, Etherecash will introduce a first-of-its-kind debit card that allows users load and spend their cryptocurrencies directly. The card can be used just like a normal debit card for making payments, shopping online or ATM withdrawals in local currencies.
The lawyer-backed smart contracts and blockchain technology provide total security, transparency, affordability, and convenience for the users of the multi-currency lending platform. From the billions of unbanked individuals to cryptocurrency lenders, to the everyday user, Etherecash offers financial solutions, and a better tomorrow.