Centralized banking is approaching its collapse, as more forced mergers, closings of affiliated banks, banks’ attempts to become too big to fail, and other cases take place today. Moreover, there are more than 2 billion people in the world who do not have access to basic financial services, which is the fault of banking system. It is obvious that this industry is not going to survive unless alternatives are given to the public. And one of these practical alternatives is based on the blockchain-technology.
Blockchain-based decentralized banking and financial services tend to accept both cryptocurrencies and fiat currencies in the accounts in their system. 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 always have seamless and direct access to financial services.This is the mission behind financial solutions startup, Etherecash, that has issued an announcement regarding their upcoming Initial Coin Offering (ICO).
Etherecash’s mission is to end the tedious and lengthy process imposed by banks, when applying for a loan. Etherecash allows a person to deal in both cryptocurrencies and fiat currencies. 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.
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.” It is a win-win situation for both lenders and borrowers, which is seldom the case in the conventional banking networks where interest rates are extremely high, and the banks probably takes assets as assurances that are worth a lot more than the loan itself.
Etherecash is a lawyer-backed platform, which means that the smart contracts have been made transparent, reliable and robust with the help of actual lawyers who helped develop this platform. It is based on the Ethereum blockchain’s smart contracts option.
Etherecash is a quick, cheap, extremely useful approach to make basic financial services very simple, with little risk to both parties. One can lend to people around the globe regardless of borders that traditional banks have to consider. Cross border money transfer is also incredibly expensive and subject to regulations and taxes, and all of this harms the financial economy. EthereCash aims to become a solution for this issue once in for all. Other extremely useful services offered by EthereCash include Crypto Debit card which the user can use to for:
- Multi crypto storage
- Fiat ATM withdrawals.
So, the platform provides total security, affordability, and convenience for the users of the multi-currency lending platform.
Etherecash Token Generation Event
The EthereCash is undergoing an ambitious Initial Coin Offering (ICO) right now with a funding target of over $100 million. The ICO began last month and will end on December 19th, 2017. There are over 144 million tokens offered as part of the ICO and investors can avail discounts of up to 10% (only this week). A large chunk of the money raised will be for the development of the platform. With a supply of 360,000,000 Tokens and an ICO supply of 144,000,000, early adopters are welcomed with an incentivising ICO bonus structure.
The Etherecash project will take new strides next year when they will expand the development team, begin alpha and beta testing of the platform, and prepare mobile apps for deployment.