The current state of blockchain technology brought to the conclusion that transaction times, high exchange costs and overall complexity of the processes, make it harder to use blockchain assets for businesses and individuals. Fortunately, a handful of cryptocurrency projects are aiming to tackle the obstacles that are hindering cryptocurrency mass adoption. One of the most promising projects of its kind is Bonpay.
Bonpay is aiming to disrupt and tackle major blockchain barriers by allowing anyone in the crypto community to have access to instant liquid assets.
To put this in perspective, imagine having an emergency where you need to send a relative, somewhere far, some money. With the current financial infrastructure, you almost have no other choice than to use a bank, making the process a little more difficult and lengthier. However, with services such as Bonpay, the solution is at your fingertips. Bonpay allows you to send any amount of money from your Bonpay account (or wallet) to another person’s account (or wallet) with the tap of your finger on your phone. With the power of blockchain technology, it will be a matter of seconds before the recipient receives the money. Additionally, it will only cost you a fraction of what you are currently paying with your bank for sending money anywhere.
Furthermore, Bonpay provides a cryptocurrency card linked with the Bonpay account that enables you to make purchases anywhere in the world. The card can be used in more than 136 countries and is supported by about 3,500,000 ATMs. Besides being able to spend cryptocurrencies with the card, you can also use USD, GBP, CNY and other currencies.
To turn their vision into a reality, the team implemented high-level technology that gives them an edge over their competitor.
- Bonpay wallet: The Bonpay wallet is a virtual wallet where its clients can keep various cryptocurrencies ready for use. Its main function is to act like a virtual bank account where you have 100% control over your funds. It also allows you to seamlessly use any currency of your choice with very low fees.
- Bonpay cards: The physical cards serve as an ideal and easy solution for cryptocurrency use and withdrawal regardless of geographical and banking boundaries. As mentioned on the website, it allows “clients to make online and offline: purchases with any blockchain assets of their choice and make transfers safely and instantly to any corner of the world. “
- Decentralized Liquidity Network: The implementation of DLN technology by the Bonpay team leverages the power of blockchain technology. It allows multiple entities such as rich individuals, exchanges and other liquidity providers to safely work together in order to provide liquidity to the entire ecosystem.
Since Bonpay leverages blockchain technology, it already provides unbreakable technology. However, the team added additional security by implementing 256-bit AES encryption to their wallets, which as mentioned on their website would take a supercomputer 5.41*1052 years to crack. Therefore, very secure!
Bonpay is led by a team of blockchain enthusiasts and financial experts. Their experiences are detailed on the company’s official medium page.
Now, as ambitious as the project is, one of the biggest challenges the company is currently facing is finding the right card manufacturer to partner with. It is also not a secret that big giants such as Visa and Mastercard have made it harder for people to buy and invest in cryptocurrency projects. Therefore partnering up with these companies might currently prove to be very difficult.
However, according to the CEO Alex Blazhevych on the last AMA (which can be found here ), there has been a recent push on marketing and development efforts in order to reach their roadmap targets this year. Things are getting better as they are currently negotiating with new card providers. They are currently aiming to deliver the first batch of cards as early as summer 2018 to the EU countries. As they are aiming to become more than a card services company, the following concerns addressed by the CEO reveals a very promising future for the young company.
With that in mind, if you are interested in being one of the first to receive the card, you can pre-order it by following this link.
Here is a table showing other players in the industry compared to Bonpay.
Their social media links :
Website : https://bonpay.com/
Reddit : https://www.reddit.com/r/Bonpay/
Telegram : https://t.me/bonpay_eng
Medium : https://medium.com/@bonpay
Twitter : https://twitter.com/bonpay?lang=en
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