Digitize Platform Allows Users to Convert Loose Change into Cryptocurrencies
| Updated by Eugenia Kovaliova · 3 min read
Blockchain-based fintech platform Digitize will solve the problem with loose change by converting it into cryptoassets for later use.
Loose change is a growing conundrum for the public around the world. Take the USD cent for example – there is almost nothing that people can buy with a 1 cent coin or even 5 cent.
With higher coins like 10 cent, 25 cent and 50 cent people also have limited options. Most people simply don’t know what to do with loose change at all. Small denominations are a hassle to carry around, so most of them end up getting lost or even thrown away.
If a person accounts for his annual loose change, it may accumulate to as much as hundreds of dollars – a significant amount of money lost each year. Even the US’s own minting setup operates at a considerable loss since some coins are worth more intrinsically than their face value!
Australian blockchain company Digitize has found a great solution to the propblem. The company has developed a platform instantly converting loose change to cryptocurrencies, so that users could spend this money later as they please.
With the help of this platform, the company aims to bridge the gap between everyday consumers and cryptocurrencies, making digital money available to be used by an average person. With this neat loose change trick, Digitize sees its main goal in empowering customers with the incredible power of Blockchain and decentralized currencies to assist with their day-to-day lives. This will bring us closer to solving other real-world problems with the help of blockchain technology.
Users can download the Digitize app, register and use it after completing a Know-Your-Customer (KYC) application. Once their account is approved by the company, they are able to deposit cash, including change or regular amounts, through their digital wallets. The Digitize team is targeting the retail stores through a secure and cost-effective app.
As the Founder and CEO of Digitize, Umer Aslam, has commented:
“The majority of the public still views cryptocurrencies as a nightmare to purchase – especially given the technicalities involved. Digitize will make this process as simple and seamless as using cash through registered retailers. Further, with the recent bans of credit card and debit payments worldwide, there is an even greater need for a cash-based purchase platform.”
There will be no extra charges for the small amounts associated with the system. This will create additional savings and revenue stream, that can over time, contribute to a person’s wallet. With coins, it is extremely difficult to stack them up in a piggy bank but with digital currencies, everything can be done at the tap of a smartphone.
The Digitize token’s pre-token generation event (pre-TGE) will start on April 6 and will last until April 13, 2018. After that, it will be followed by the main round of token sale. The native token is called Digitize token (DTZ) with initial value estimated at 1 DTZ=0.0002 ETH. The total supply is set at 200 million DTZ for the pre-sale. The soft cap for this stage is 600 ETH.
Eugenia can call herself a multy-interested person, as she is always in search of new proffessional fields to encompass. After graduating from Belarussian State University with Bachelor degree in both International Communication and Public Relations, she joined a travel startup Fresh Adventures, where she worked for 3 years creating unique itineraries through exotic countries, travelling around the world and developing the company as a partner. Currently, she works as a business analyst in the field of information technologies. She believes that IT is the future, that is why it is so important to keep up with the latest trends in this rapidly growing industry.