By
Julia Sakovich
March 2nd, 2021
For a majority of the world, August 1, 2017 was just a normal day. But for technology gurus and cryptocurrency fanatics, August 1, 2017 was a monumental day in blockchain history.
For crypto fanatics, there was a successful Bitcoin hard fork–think of a software update with no backwards compatibility–that resulted in a brand new cryptocoin. Bitcoin hardforked to produce Bitcoin Cash, adding a new coin for cryptocurrency investors and miners.
The hardfork was a result of a variety of issues. But in essence, the debate – and eventual split – was about two questions. First, how does Bitcoin (and cryptocurrencies as a whole) scale? Does it need to be accessible to the masses, or should it stay relatively private? Second, what is the purpose of Bitcoin? Should it be used for trading and investing? Should it become a commodity? Will it replace the dollar as an everyday currency?
Unable to form a uniform consensus, Bitcoin hard forked and Bitcoin Cash was birthed. But is there a way to have the best of both worlds? What if someone wants to trade cryptocurrencies and use them for everyday life? While neither Bitcoin or Bitcoin Cash are limited in such ways, there are constraints upon both that favor an “either / or” not “both / and” solution to the alternatives.
Cryptopay, a cryptocurrency payment platform that enables transferring, exchanging, and spending throughout the world, is a happy medium of both alternatives. The company, which started in late 2013 and launched its operations in early 2014, offers users a better way to manage their cryptocurrencies.
Cryptopay Has the Best of Both Cryptocurrency Worlds
Cryptopay’s first claim to fame is its core product, the Cryptopay Bitcoin wallet. This is the foundation to all their existing fee-generating services and integrates with simple exchange services. The company also introduced flex accounts along with their wallets, which give users instant exchange options. With this wallet, users can trade coins on various exchanges.
The Crytopay debit card, released in 2015, has also been a hit with customers. With this card, users are able to use Bitcoin in everyday life. Because the card can be used anywhere traditional payment cards are accepted, there is tremendous flexibility.
Finally, Cryptopay has a merchant processing platform that provides high risk merchants like gamers and gamblers the ability to use bitcoin as a payment channel without having to actually hold the coins themselves. The fees of this service are much lower than other, centralized merchant processing platforms, giving Cryptopay a competitive boost.
These three products demonstrate the company’s keen business foresight. They are not only enabling customers to use Bitcoin in the traditional sense, i.e. investing, trading, mining, etc. They are also creating avenues whereby cryptocurrency holders can participate in real world experiences.
Cryptopay is Working to Finance Its New Features
Cryptopay has been a successful blockchain startup since its founding in 2013. So why does it need more funding through ICO? Per the company’s whitepaper, their new ICO proceeds will be used to “[develop] new products, acquire appropriate licenses in Europe and Asia and provide necessary working capital all on the basis of the existing Cryptopay products and infrastructure.” Currently, Cryptopay is developing its brokerage, banking, and peer-to-peer services.
Cryptopay has seen the increasing need for a cryptocoin-based brokerage marketplace. As cryptocurrencies rise and fall in price, more and more longer term investors are seeking platforms to move in and out of these assets–much like one would trade stocks, bonds, and derivatives. Part of Cryptopay’s ICO will go towards developing a blockchain platform that services cryptocurrency holders with a traditional brokerage account structure.
The company has also taken note of the demand for traditional banking services within a cryptocurrency context. With funds from the sale Cryptopay wants to bridge the gap between the centralized banking industry and the decentralized cryptocurrency sphere. The banking services will provide a place where cryptocurrencies can be held, saved, and used with fiat currency transactions without fear of overbearing regulation or penalties.
A goal of the decentralized finance industry is to expand peer-to-peer capabilities. Cryptopay envisions the same for its customers. One of their more ambitious goals is to design and implement the infrastructure for a decentralized, but still regulated, ICO marketplace. They also hope to run and underwrite ICOs for other companies, acting as a third party regulator without the garbage that comes with federal regulators like the SEC.
CryptoPay and the New Tomorrow
Deemed by the general public as nonsensical and impractical, cryptocurrencies often get a bad rep. However, companies like Cryptopay are doing things to erase these stereotypes, and they’re doing it well. After launching successful products like cryptocurrency debit cards and wallets, they are setting their sites on traditional financial institutions. A successful ICO will set the company up to continue its incredible success.
The CryptoPay ICO has already kicked off with a pre-sale on September 25th, which lasted for a week. The company has now transitioned to a public sale starting October 2nd which will end November 30. CryptoPay will also call for partners which will last throughout the ICO. Those participants who join will receive an additional bonus.
