The Cryptocurrency market has grown by 1600% in the year 2017, and many coins have increased by more than 2000%. The year also saw a rise in the ICOs and the growth hasn’t stopped till now. However, even after so much growth, there is still not a way to utilize the cryptocurrencies like FIAT. MoxyOne, an Australian platform is now up with an infrastructure which solves the problem.
The MoxyOne’s seamless infrastructure is made enable users to utilize their funds just like other FIAT currency. The solution it provides is a “Debit card” which will store your crypto funds. The company also wants the system to be utilized by other ICOs and cryptocurrencies. If an ICO intends to issue a debit card to its holder, it can apply for partnership and white label the MoxyOne’s wallet system. Let us now look into the features of MoxyOne.
The debit card provided by MoxyOne can be utilized just like we the debit cards which are issued by the Bank. To use it, one has to download the MoxyOne wallet and set a default cryptocurrency for transactions. So next time when one transacts, the coin which was selected will be deducted. For instance, if one enables to use Ethereum as a default currency, then all the transactions will happen using ETH.
The best thing about the platform is the AI. If it is enabled, a user will be able to get the best possible FIAT value by the sales of the coin. The cryptocurrency market keeps fluctuating, that’s why 5-10% difference in the pricing is natural. So, if Ethereum is your default currency and at the time you’re withdrawing or transacting if it has fallen, the AI would suggest you with a better alternative which has grown so that you get the best possible FIAT value.
The SPEND tokens would be the backbone of the system. Every transaction that happens on the platform would require SPEND. If you go to an ATM and use the MoxyOne debit card to withdraw Ethereum it will first get converted into SPEND and then SPEND to FIAT conversion would take place. Increase in the usage of the debit cards could lead to a rise in the value of the SPEND tokens, which would be beneficial to the users who plan to hold them.
Reduced Fees (Liquidity Providers)
Anyone with the specified amount of SPEND tokens can become a Liquidity provider of their country or area. The purpose of them is to provide a buffer bank account in the country. They will keep the system on by supplying required FIAT and by buying back the tokens. The conversion fees are going to less for the local institution/individual. Hence the user won’t have to pay extra for conversion fees. The Liquidity provider will get free SPEND tokens or credits.
Multiple Coin Support
The MoxyOne’s wallet system would not just support the SPEND tokens. It shall also maintain other cryptocurrencies. However, not all the cryptocurrencies are supported at the moment. But you will be able to find the popular ones here.
The SPEND token isn’t made to just stay on the MoxyOne’s wallet. The team members from MoxyOne are in direct touch with many famous exchanges. So, once the pre-sale is over, you can expect the coins to arrive on your favorite exchanges as well.
Safety and security are one of the most important things. That’s why MoxyOne has partnered with companies like Raiden Network and Gladius. They are one of the biggest names when it comes to token transfers, that should ensure the users that the transactions done on the platform would be quick and smooth.
The setup is done in such a way that there’ll be no coins left. The company believes that it should be able to achieve their target. However, if it fails to meet the goal of 4,000 ETH, it shall refund all the users after fees deduction.
If you’re interested and want to invest in the platform, you’ll have to go through a KYC process. After completion of the purchase, the users will get referral links which they can use to refer their friends, family and earn some more SPEND tokens. For more information visit: https://moxy.one/