With hundreds of blockchain projects raising funds through 2017 and 2018, one might be curious: How are they managing the millions of dollars they raised in crypto? Each of these startups is committed to using tokens or crypto coins, setting the example for business on blockchain. But dedication to decentralisation is not enough. These companies need a full banking solution that covers the gaps created by a few of blockchain’s core elements. To make sure these startups can function properly, Platio Smart Banking steps in to create a seamless financial solution for blockchain businesses and their consumers.
What is Platio Smart Banking?
Imagine the ICOs back in June of 2017, at the very dawn of the ICO craze. They raised hundreds of millions in ETH, sometimes in mere hours. Since then, projects raised millions more in Ether through ICOs, as well as in BTC, Litecoin and a few others. Sure, it’s been over a year now since the mania started and infrastructure projects have taken precedence. But, still, the thought of business as usual when your netting crypto raises a lot of questions.
- Can these tech projects pay their growing teams in crypto?
- What if their global teammate’s country doesn’t view crypto as legal?
- How do they pay for all the services needed for a large, multi-million dollar, global digital business?
- Are banks unwilling or unable to service blockchain projects?
Imagine having millions of ETH and BTC raised for your business but with virtually no infrastructure in place to make the crypto liquid. Or worse, no way to meet the financial service needs of a business so that it can grow. These are the problems that the Platio Smart Banking platform solves.
Blockchain Startups – Two Major Problems They All Have
Blockchain startup teams represent the trailblazers for using crypto in business. And all of them face the same two challenges that hinder their ability to conduct business safely and effectively.
1. Coming to Terms with Trustlessness
One of the harbingers of blockchain technology is the elimination of the 3rd party of trust. Take, for example, sending an international wire. Wiring from the US to Europe costs a US resident $50 per transfer. Additionally, the receiving party often pays a $50 fee. The transfer can take up to four or five days, sometimes longer. But, if the money for some reason doesn’t get there, you have the bank to trace the problem. With cryptocurrencies, you have no such safeguard. Without a doubt, the beauty of bitcoin and other cryptocurrencies is that a transfer is almost immediate and literally costs a minuscule amount. But the big question is, what happens when you apply crypto to a business? How will you know when you purchase a product or service, that you will actually receive it? Without a 3rd party, how can you keep your assets safe?
2. Lack of Security for Digital Assets
The second major hindrance to prioritizing crypto transactions in a blockchain business is the lack of security for crypto assets. Naturally, you might first think about losing private keys and yes, this is a problem. If someone loses their keys, those assets are gone forever. This is simply an unacceptable option for blockchain businesses.
How Platio Smart Banking Introduces Crypto-Friendly Banking
Platio Smart Banking comes onto the crypto scene at a time when businesses are struggling to manage their crypto assets for business purposes. As such, their multi-layer solution sees continuous development beyond their foundational products, which are:
The gap of trust between parties in a transaction is assuaged by the Smart Escrow feature. Powered by the EOS blockchain, this smart contract-based system is designed to set up business deals of all sizes. Transfers between parties happen only if and when both parties have met the terms and conditions. Added to this layer is a built-in conflict resolution feature.
Platio sets up assurances for users with Asset Guard. As an example, a user can set up a feature whereby if they’re inactive for a certain period of time, an automatic transfer is made to an address specified by them. This would be a way to protect assets in the case of lost keys.
Exchange and Brokerage
Blockchain businesses will not only have asset protection and a way to transact business. They also will have an all-in-one exchange service for crypto assets, fiat, stocks, and brokerage.
By allowing for the transfers of fiat internally, both parties, regardless of geographical borders, can forego wiring fees and the long wait for a transaction to occur.
The Platio team is working to bring seamlessness and legitimacy to blockchain businesses that use crypto. Essentially, they plan to make cryptocurrencies a trusted, widespread means of payment. With Platio Smart Banking, cryptocurrency users will have a safe way to spend digital assets. Not only that, the blockchain business sector gets a fresh look at how decentralised banking will work.
Platio ICO Details
After the conclusion of the now ongoing private sale in November, a public pre-sale will begin November 12, 2018. The Platio project will accept ETH, BTC, BCH and a hundred other coins during the ICO.
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