Cascadia Blockchain Group Corp. in Vancouver has announced that it has developed a new payment system that would allow for crypto to fiat transactions.
Cascadia Empowers Crypto to Fiat Payments
The entire payment platform would be powered through debit cards, which would contain the fiat currency that has come from the digital coins in question. Once digital coins are transformed into fiat, they are stored on cards that the customers keep in their wallets. They can then be used for purchasing goods and services anywhere debit cards are accepted.
Di Deng – president and CEO of Cascadia – explained in a statement:
It is important that we have a more diversified business model in addition to our cryptocurrency exchange, Eurasia Blockchain eXchange (EBX), which is currently under Astana Financial Services Authority’s FinTech regulatory sandbox regime. This new mechanism will allow Cascadia to offer a low-cost method to convert cryptocurrencies to fiat money, and once completed, it provides immediate income and cash flow to the company through transaction fees. We look forward to updating shareholders on this development further in the coming future.
More and more companies appear to be looking for ways to convert digital currency to fiat. Recently, popular cryptocurrency exchange Coinbase in San Francisco announced it would pair up with Visa, an international credit card payment company, to develop new digital currency credit and debit cards. Coinbase customers could load their digital currency onto the cards and use them at retailers everywhere that accepted Visa.
The virtual money on the cards would be transferred to fiat currency whenever a purchase was made, allowing users to spend their money just like they would standard cash. While most retailers are not going to accept bitcoin or other virtual coins for products or items, the process works to bring digital currency more mainstream by allowing those looking to spend their crypto like fiat through an indirect way of converting their money and completing transactions accordingly.
The system ultimately works to satisfy both parties: the consumer, who believes they’re engaging in digital transactions, and the retailer, who gets the money it’s looking for. These are small, yet significant steps in getting cryptocurrency closer towards legitimate territory.
With Cascadia, the transaction involves blockchain technology, which is often considered far more secure than other systems in that it eliminates middlemen. This time around, the transaction occurs directly between the consumer and the retailer, thereby preventing any prying eyes from entering the fray and seeing information they should otherwise not be privy to. The customer’s data remains secure as the transaction is completed.
Cascadia is currently in its early fintech stages. The company was recently listed on the Canadian Security Exchange (CK.CN), suggesting it’s gotten a little further than other blockchain startups in recent days.