The rapid rise of cryptocurrencies like Bitcoin and Ethereum has seen digital assets become a huge talking point with many experts suggesting that the blockchain and crypto could be the cornerstone of the future economy.
While that point is up for debate, there is no doubt that blockchain technologies, in general, have developed to a point where utilizing them in businesses or practices today would not seem too far-fetched. At the same time, more and more people are using cryptocurrencies to trade goods and services as in the case of Overstock and many other e-commerce stores.
Aside from its use cases, cryptocurrencies also present an investment opportunity that is easily accessible to regular individuals and arguably more rewarding than traditional investment vehicles.
Buying or selling crypto can be done from the comfort of one’s home and the potential ROI is massive; investing a dollar in Bitcoin just after the turn of the decade would have netted investors $10,000 today, an extremely impressive sum especially when compared to other investments in the same timeline.
Naturally, this would lead to an increase in the number of people who are looking to invest in crypto and the statistics show that this statement is true. The most popular digital exchanges today are handling billions of dollars in trade volume every day and that number will continue to rise as more and more people are starting to take a serious interest in cryptocurrencies.
Unfortunately, there are numerous problems plaguing the industry that should not be there in the first place.
Digital exchanges are still wildly inefficient in their services especially in terms of withdrawing money which is just one of the problems out of a whole bunch of them.
Cryptocurrencies, despite already being used in businesses, are still lacking the edge needed for it to be properly adopted by retail businesses and the barriers to entry for new investors are still quite high even though measures have been taken for the process to be more convenient.
These combined with a list of other inefficiencies hinder the growth and adoption of both cryptocurrencies and blockchain technologies. Thankfully, many solutions have been introduced to overcome these problems and one of the projects set to leave a huge mark on the industry is Spotcoin.
Spotcoin presents itself as a solution to allow everyone to own and trade cryptocurrencies easily by enabling direct access to cryptocurrencies as well as providing simple liquidity to users.
It aims to become an economic platform that bridges the gap between traditional financial systems and new ones with the help of the blockchain and its proprietary engine, Spotcore.
Spotcore is the company’s engine that links all of its features and functions as well as providing a friendly user interface for accessing all of Spotcoin’s services.
Spotcoin is not a new project; the company started off as an over-the-counter (OTC) clearing house in 2016 before expanding its operations consistently to where it is today.
Built and maintained by a team of experienced and talented individuals, Spotcoin has delivered excellent service to its clients since its inception and just a year ago (2017), the company conducted more than $10 million in OTC trade volume which established Spotcoin as the market leader in the Black Sea region.
Instead of only providing OTC services, Spotcoin provides an environmentally-friendly and efficient mining service to clients (and itself) with its massive 1.1MW hydroelectric power mining facility. The company will also provide a complete digital asset exchange with fiat and digital currencies which consists of four base cryptocurrencies: GAS, ETH, BTC, and SIB.
Capping off the list of Spotcoin’s features is Spotpay, a feature that allows businesses to seamlessly integrate and accept digital currencies as payment for their goods and services. Spotpay will also enable instant payouts at the current market rate of the respective cryptocurrency, a feature that is more than welcome by businesses.
Leading the Spotcoin team to deliver on their goals are fellow experienced and talented co-founders: Andrew Thornhill, Guram Rukhadze, Giorgi Abuladze, and Natalia Khizanishvili. Together, they will help establish Spotcoin as the leaders in promoting the mass adoption of cryptocurrencies with its top-notch services.
As mentioned in the previous section, Spotcoin offers four main features to its users: an OTC marketplace, a 1.1W mining facility service, a complete digital and fiat currency exchange, and a retail payments system for cryptocurrencies.
The OTC marketplace is one of Spotcoin’s biggest strengths so it is obvious that their service is one of the best in the industry, if not the best. Spotcoin has the privilege of working with multiple banks in Europe which means that not only will transactions be processed faster and more effectively, high-value transfers are also available to high-volume clients thanks to Spotcoin’s increased liquidity.
To make things even better, Spotcoin’s marketplace has a next-day business settlement policy and any client that trades more than $1 million per month are assigned personalized staff (Spotcoin Ambassadors) to service the client’s trades.
Spotcoin’s digital exchange was built to overcome the weaknesses in today’s exchanges such as issues in transparency and liquidity which happens even in the most established exchanges. The exchange, which is focused on the Black Sea region, offers the usual Euro and USD trading pairs in addition to regional currency pairs including the Georgian Lari (GEL) and Russian rubles (RUB).
One aspect that separates Spotcoin from the crowd is that all listings on the exchange will be automatically paired with the core currencies (BTC, ETH, GAS, SIB). Since Spotcoin was developed based on the NEO blockchain, all NEP-5 tokens are listed on the exchange for free if they meet the City of Zion’s token sale guidelines.
To maintain the transparency and integrity of the exchange, Spotcoin will conduct quarterly audits on its business with the help of external accounting firms and the results will be published for all to see on Spotcoin’s website.
Spotpay will be used as a tool for both retail and online stores to accept digital currencies as payment methods and as mentioned earlier, payments received by merchants can be cashed out instantly at current market rates. In line with the company’s transparency policy, transaction fees are displayed to customers and business owners to ensure fairness and transparency for all parties involved.
Aside from providing an API and payment widgets, Spotpay will also offer plugins that can integrate with most major shopping cart platforms to make the process of enabling Spotpay’s in stores more easily.
Spotcoin will be holding a token sale for the SPOT token which will be used to power transactions in the platform.
Here are the details of the token sale:
Token name: SPOT
Token base: NEO
Token supply: 99,000,000
Token sale duration: 12th June, 2018 – 14th June, 2018 (pre-ICO) | TBA (public sale)
Token sale target: $30,000,000 (hard cap)
Token exchange rate: 1 SPOT = $0.50