The remains of the 2008 financial crisis have led to the need for an alternative banking model. While the blockchain-enabled bitcoin has completely reshaped the fintech revolution, the limited growth seen in the alternative banking payment and settlement domain is noteworthy. Today, the market capitalization of cryptos stand at USD 262 billion with 2,300+ cryptocurrencies listed on CMC.
While the number for cryptocurrencies and decentralized applications (dapps) has been on the North, the striking announcement comes with a limited 2,00 exchange platforms. The limited growth of crypto industry payment settlers and exchanges, and limited services currently offered by crypto exchange bring attention to the grooming required in the underlying niche. Skipping through the main terminals of few leading crypto exchanges like Binance, Okex, DigiFinex, etc. shows unavailability of conversions from crypto to fiat, inadequate communication systems, absence of futures contract trading and troll box chat for traders, etc.
PointPay is not only solving all the above-mentioned limitations of the crypto exchanges but rather is aiming to create a complete closed-loop ecosystem via a combined fintech portfolio of crypto Bank, crypto Wallet, and a crypto Exchange. The idea looks fancy on the paper and in the real world too. We will show how the project is highly different from hundreds of different crypto ideas popping out.
1. A crypto Bank requires hundreds of licenses and stringent regulations
We all know, creating an exchange is a hassle work due to large sums of money at stake but forming a bank is even more difficult as the entity needs government support, regulatory approval, fintech evolving companies backing and a large stack of licenses to go onboard. Even before the success of any project comes to its reliability and we all have seen the demise of 2018 ICO boom and the wiping out of billions of investments of crypto enthusiasts due to fraudulent projects, scams, and Ponzi schemes.
The basis for PointPay’s reliability comes from its licensing and approval by the regulatory institutions. While creating a whitepaper and developing a website should never be the investment basis, getting the regulatory approval and the first-mover advantage in the crypto bank domain is enough to make PointPay stand out in the crowd.
2. It’s not a project — It’s an ecosystem
Another reason which makes PointPay an absolute investment case is the management’s approach. From a scratch idea of creating a P2P payment settlement platform to a crypto bank, backed by a multi-currency enabled wallet, Point Pay offers investors a complete value chain solution. The management is not limited to offering these three fintech products and is aiming for a crypto credit system, integrating Bitcoin Teller Machine (BTM) with ATM, mobile crypto banking and integrating crypto funds with stock and forex markets as well.
3. Minimum Viable Product (MVP)
Although it’s always good to hear great ideas, the stories become more interesting with a minimum viable product (MVP). PointPay currently has 1) a landing page available at https://pointpay.io ; 2) PointPay Crypto Exchange platform v1.0 is available at https://pointpay.eu ; 3) PointPay Multi-currency Wallet v1.0 can be explored at https://pointpaywallet.com ; 4) PointPay Multi-Card of PointPay Crypto Bank v1.0 is available at https://pointpaybank.com
That said, the project has an exciting roadmap, a number of fintech products on cards and an engaging management team who is eager to bring the best of the two worlds for crypto enthusiasts. For, more information, stay tuned!
#PointPay #CryptoExchange #CryptoWallet #Cryptobank
