Singapore, 22 July 2017 — Soarcoin is a cryptocurrency project created under the Soar labs wing by Seth Lim and Neo WenYuan. Claim to be the most suitable remittance systems for unbanked developing countries to improve efficiency in payments and transactions. It is non-minable, highly secured and enables people from developing countries do transaction in just for a few seconds.
Our mission is to provide an opportunity for investors and early adopters to be part of a system that is decentralized, safe and fast. We would like to increase the usage of blockchain and promote the importance of having a supportive Fintech community in South East Asia.
“I’ve always find it a hassle to wait in a queue when at the cashier as payment in cash and credit cards are slow which creates a long queue therefore by using Soarcoin it would eliminate this problem as it takes seconds to do a secured transaction between the cashier and the user.” said Soar labs’s CEO Seth Lim. “Which means that the time of the transaction will be maximum parsimony to the few second ideally. For now we’re working to minimize this time as much as possible.”
Every user with a Soarcoin wallet plays an important role in processing transactions on the decentralized, peer-to-peer network.
“Soar was developed foremost for people, who have to make the international money transfer to developing countries which are officially unbanked”. Soarcoin is not just a coin, it’s a fully-fledged financial project with strong infrastructure. We understand that just implementing Soarcoin is not enough for developing countries to start accepting Soarcoin and other cryptocurrencies hence at the same time we will roll out our educational crypto program and E magazine which will explain people “What is Soarcoin” and “How to use it?”. – CTO Neo WenYuan
Recently, Soar labs invested US$5million for 49% of the issued capital of Byte Power Pty Ltd, a 100% fully owned subsidiary of Byte Power Group Ltd (ASX:BPG), to launch a cryptocurrency currency exchange in Australia. The investment consists of US$100,000 and the remaining US$4.9M investment being satisfied through the issue of 306,250,000 Soarcoin to Byte Power Pty Ltd (at a value of US1.6 cents per Soarcoin).
A partnership between Soar Labs and China E-commerce platform FTX Mall was also confirmed and would ensure that Soarcoin will be used in one of FTX Mall checkout payment option.
With a total supply of 5,000,000,000 coins, unlike traditional currencies such as USD where the governments control the money supply, Soarcoin has a fix amount hence as the demand for Soarcoin rises, the value of each coin will rise. Soarcoin will be used to pay for online services, products or even your next meal and can be exchanged with any cryptocurrency exchanges that we are listed on. To ensure this happens, we will establish a merchant pilot program with retailers across South East Asia who is open to blockchain technology and also focusing on mobile payments and debit card powered by Soarcoin.
Soarcoin provides a use case for storing and processing digital transactions in a secure and providing instant transfer of value anywhere in the world, with no borders or limits in a transparent way.
Disclaimer: This is a sponsored post and does not necessarily reflect the opinions of any The Merkle employees. This is not investment or trading advice, always do your own independent research.