With cryptocurrency still a new technology and use for exchange of value, the industry since 2010 has grown into a global market capitalization of $265 Billion. To date, according to CoinMarketCap, there are already a whopping 2318 different cryptocurrencies traded on the market and the numbers are growing daily.
The complexity of buying, selling and or using cryptocurrencies in exchange of value is still baffling to most people.To buy, sell, invest or trade in cryptocurrencies is a whole new process by itself, let alone storing it for safekeeping. The questions at hand are; how or when will the process be simplified for everyone and how or when will FIAT and crypto seamlessly function on the same platforms?
With various exchanges such as Coinbase, Kraken, Poloniex, Bittrex, etc. being limited to mainly buying/trading and withdrawals of FIAT and crypto, the market reach of the general public and businesses to adopt the new means of payments are still challenging.
As mentioned in one of my previous articles, The New Kid On The Blockchain, Ping Exchange seems to be addressing these issues. Being part of the service offering of Core Group, Ping Exchange has been merged with Wall Money, a decentralized banking as a service platform, hence revolutionising usage of cryptocurrencies and FIAT in a convenient and adaptable multi currency dashboard. As seen in Figure 1 below, the display and quick trade, on a single screen, simplifies the whole issue in switching, trading and or paying in FIAT and Cryptocurrencies.
Wall Money has multiple services integrated into the platform, housing a full online banking environment which functions in the same way as any current online banking environment. The Wall Money platform does not only have FIAT accounts, all other assets such as cryptocurrencies, tokens, even digitized assets and commodities are stored and transact-able. The accounts are utilizing similar technologies such as Trezor and Ledger (also already integrated into the platform), hardware wallets to store cryptocurrencies, tokens and digital assets as well as the users' FIAT, all in a single user-friendly platform. Wal Money developed a new standard for Cryptocurrencies Accounts, merging FIAT and Cryptocurrency accounts utilizing the traditional FIAT account standards such as IBAN.
Having online banking integrated with Ping Exchange, makes transacting in any digital currency possible. Wall Money also developed a full merchant payment solution for any Android POS terminal, as seen in Figure 2 below, as well as a full application for both Android and IOS mobile phones.
Merchants can accept any currency, whether it is FIAT or Cryptocurrency. The first devices will support FIAT and the following Cryptocurrencies, XCE (Core Coin), BTC, ETH, LTC and DASH with more coming as Ping Exchange grows.
The services for merchants does not end here. There are several additional services integrated into the platform such as; instant money remittance, instant KYC (Know Your Customer), buying of prepaid services, paying accounts, buying vouchers/tickets, etc. This instantaneously expands every merchants service offering into a full money kiosk.
Wall Money is in the process of acquiring a PSD2 (Payment Service Directive) license, soon to cover the entire Europe and has an FSP (Financial Services Provider) license in South Africa. They are also in the process of applying in various other countries for other financial licenses to increase its global reach. It is only fitting as the entire decentralised platform is built on the Core Coin Blockchain with a 98% reach globally. Wall Money is in the process of implementing a traditional bank card solution, as seen in Figure 3 below, as well as integrating cryptocurrency ATMs to ensure that all users can utilise the platform comfortably for FIAT, Cryptocurrencies, tokens and assets.
To end with a cherry on top, Wall Money will soon be able to provide physical loans through the Lending as a Service platform which is integrated in the merchant POS terminals as well as through the online banking platform. Making the service offering even more comfortable for the users. Being crypto based, the transactions and fees are kept to an absolute minimum, ensuring that the users get the most bang for their buck, whether being a consumer or a user.
It is important to mention though that the Core Group does not aim itself at being competition for banks and or any financial institution. Instead the main goal is to focus on integrating the financial services markets to work in synergy with APIs being available for any third party payment services provider to integrate and utilise all the features of this truly revolutionary platform.
The Wall Money platform, being one of the Core Token use cases, transacts with a fully integrated smart contract platform ensuring the safety and security of P2P payments that is required by GDPR and AML regulations. With Wall Money aimed to go live in late Q4 of 2019, the token will have a stable income linked to the transactions facilitated by the platform. Should you want to invest in this platform form, you can do so at Core Token.
All in all, the above may sound like a mouth full of marbles but, talking to Ockert Loubser, COO of the Core Group, it is clear that market adoption and the role-out of these comprehensive financial services platform, with its supported payment devices, will take some time. Quoting Ockert Loubser in his own words on Wall Money; "we know we have developed an elephant in the room, but how do you eat an elephant; one bite at a time".