Crypto-to-fiat payment platform, CopPay is bullish about its upcoming ICO; not just because of confidence in its product, but also thanks to the growing global appetite for new methods of money management. But liquidity is a crucial catalyst in making this all happen.
‘Fintech’ is one of those buzzwords that traditional moneymen overuse to describe any seemingly advanced online trading platform. But they don’t know what they don’t know. In fact, few truly understand the operational mechanics behind cryptocurrencies like Bitcoin, Ethereum, and the numerous other ‘altcoins’ in digital circulation.
What the majority do understand however, is the huge investment potential. Bitcoin’s meteoric rise to $6,000+ in recent weeks is a recurring news headline. But, to your average armchair investor with a few thousand to play with, the value’s lost. Why? Because there hasn’t been any viable way for them to spend their hard-earned crypto… unless they want to buy more crypto.
But one Switzerland-based startup is changing.
CopPay is the brainchild of group of enterpreneurs and IT-developers, whose philosophy is to create a world in which all payment needs can be satisfied with cryptocurrency. Not only that, but CopPay also aims to resolve the largely cumbersome processes associated with the exchange of crypto to fiat.
“We’re talking about a $160 billion industry that’s largely untapped,” says Serzhanovich, the company’s co-founder. “Right from the start CopPay’s aim has been to make cryptocurrencies available to everyone. In order to do that, we knew we had to create something that would kickstart their liquidity and bring them into mainstream use. ”
Earlier this month, CopPay unveiled its multicryptocurrency payment platform; a gateway that allows buyers to make on- and offline purchases using Bitcoin, Ethereum, Steem, Golos, and recently-added Dash. In addition to giving consumers greater spending power, the CopPay platform will also allow vendors to accept each of these, exchange them for fiat currency, and deposit money into their bank accounts — free of charge.
“The deeper issue we needed to resolve was one that affected fiat currency transactions too: high fees and long transaction times. Unless we could tackle these problems, we knew we’d never get buy-in from merchants and other vendors. So we made these features a priority.”
CopPay’s currently in alpha test phase (anyone can sign up for access on coppay.eu) and the company launches its month long ICO on October 30 in which it’ll issue 1,250,200,000 tokens (out of a total 2,325,000,000) of its own cryptocurrency – COP tokens (equivalent to 65,800 ETH).
The money raised will be largely spent on technical development, as CopPay’s entire solution is powered by the Ethereum blockchain technology; an open-source way of creating a secure distributed ledger of transactions. Eventually, CopPay’s ambition is to build its own blockchain, allowing COP tokens to be used as the primary transactional unit.
Right now there are a number of active CopPay users making use of the platform in Belarus, Lithuania, and Chile. In coming weeks, CopPay has plans to launch its technology in Germany, the Netherlands, and the Baltic nations.
Despite recent news that China and other countries are banning ICOs and crypto-transactions, the CopPay team is confident that popularity will fast-track regulation; which will eventually bring nations with an aversion to blockchain-based economies back into the fold.
“The biggest issue for many countries is the fact governments have next-to-no control over the ebb and flow of crypto from their shores,” says Serzhanovich. “This will no doubt change as the regulatory environment matures. But that won’t happen until a critical mass is hit upon. It’s a chicken and egg situation, and right now, users are dictating the terms of engagement.”
For now, like many other startups in the blockchain space, CopPay is banking on exponential growth in cryptocurrencies. And considering the wave of popularity surrounding Initial Coin Offerings right now, the team has every reason to be optimistic. But that aside, Serzhanovich realizes the importance of proprietary software over presumed profitability.
“A strong technology offering is what makes an ICO,” he says. “Although the whole process is still relatively new, few investors are taken in solely by a good idea and a decent white paper. The technology needs to be ready too. And CopPay’s payment platform is ready.”
More detailed information about CopPay’s platform can be found in the company’s ICO white paper.