Financial innovator Etherecash is poised to make moves on the banking and finance industry with the launch of its public ICO, following the successful completion of its presale earlier in November. The crowdsale event aims to raise funding to develop its new service based on blockchain technology and secure by smart contracts on the Ethereum protocol.
Etherecash was introduced at last month’s World Blockchain Summit in Dubai, where organizers advocated for a serious push in developing blockchain technology as part of the Dubai Future Foundation project. Etherecash’s breakthrough idea of offering loans to users backed by cryptocurrency, while simplifying sending and paying money, received significant attention, leading to the success of its pre-ICO and high anticipation for its ongoing ICO.
With a primary mission to bridge an estimated 2.5 billion unbanked people and merchants with the world of global finance, the Etherecash platform will allow anyone anywhere in the world to conduct the most vital aspect of finance: sending and spending money.
It aims to tackle head on the persistent shortfalls of traditional finance, simultaneously bringing financial inclusion through the provision of basic financial activities to the unbanked. Once ready, users can make use of a range of cyptocurrencies through a multi-crypto debit card that will work just like a regular debit card, enabling ATM withdrawals and online shopping.
Because of blockchain innovation based on the mature Ethereum platform, all financial transactions can be conducted with near-instant speed, at minimal costs, maximum security and high privacy.
Also unique to Etherecash is a peer-to-peer (P2P) lending ecosystem, whereby people can make use of idle cryptocurrencies to offer loans instead based on the value of their cryptocurrency and digital assets, secured by smart contract specifications. This way, people no longer need to convert crypto to fiat for P2P lending, while those with poor or no credit history can still access capital funding through decentralized access.
This eliminates the tedious and time-consuming process of applying for funding and waiting for approval associated with conventional banks. It also levels the playing field for entrepreneurs and small start ups who are unlikely to gain approval with the rigid assessment criteria imposed by banks.
In this way, blockchain-based decentralization promises to revolutionize the slow and outdated finance and banking industry.
To support its mission of combining blockchain innovation with financial decentralization, Etherecash is now conducting a public ICO. More than a month remains until the end of the ICO on December 19th, 2017.
Interested backers are able to take advantage of an attractive bonus structure based on early participation, beginning with 15% on the first day, 12% for the remainder of Week One, 10% for Week Two, 5% for Week Three and 3% for Week Four.
40% of the total 360 million supply of Etherecash tokens will be put up for sale. The ERC20-based token can be purchased with Bitcoin or Ethereum. The sale will conclude early if all tokens are sold or if a hard cap of $100 million is achieved.
Etherecash’s financial platform follows a three-pronged approach that enables peer-to-peer lending, global money transfer and a crypto-enabled debit card. Through this approach, users can maximise their assets’ potential, while leveraging cryptocurrency holdings to secure loans in fiat currency.
Users benefit from the full transparency and security of lawyer-backed smart contracts with underlying blockchain technology. The Etherecash platform represents a full ecosystem promoting speed, security and reliability for lenders and people who transact digital money.
Read more about Etherecash on its official website or whitepaper.
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