The advent blockchain brought relief to a lot of people, many people have seen it as an opportunity to exit the world of fiat. But the process is one that is still in progress, transitioning from fiat to crypto is something that will take a while since the necessary infrastructure are still being developed.
Current Problem
A lot of problems are seen in the traditional banking system, opening and managing a bank account involves a lot of paperwork which usually pass through many hands, the process is time consuming. Sending and receiving funds on the other hand usually cost a lot, take between days to process depending on the volume and when it’s across border, these problems are usually much. The problem of traditional banks are as a result of centralisation, banks are heavily regulated, lack sufficient capital, a lot of middlemen are involved, transactions are expensive and entry is restricted. Many blockchain projects have taken it upon themselves to bring cryptocurrencies to the people and transition them from fiat, ENTRY is one of them.
ENTRY
ENTRY is a blockchain based ecosystem that aims to provide banking services that will offer fiat and crypto currencies and in the process make cryptocurrencies readily available in the real economy. Entry aims to revolutionize the banking industry by eliminating all the current problems inherent in the traditional banking industry and provide a secure, transparent, fast, reliable and cheap banking service powered by the blockchain.
The Solution
The blockchain revolutionary technology offer a fast, secure, transparent, cheap, reliable, borderless banking services compared to traditional banks.
Leveraging on the blockchain technology, ENTRY intends to bring about the needed reform in the banking industry, seamlessly bridge the long existing gap between fiat and crypto. At first Euros (€) will be only fiat currency available on the ENTRY ecosystem but they are plans to incorporate all the major fiat currencies as time goes on. The ENTRY platform consists of many domains developed to increase the flow and liquidity of digital assets.
- Entry.Money: Ever thought of having the liberty to pay or receive payment for goods and services in crytpo or fiat? Entry.Money intends to serve as a payment gateway between fiat and crypto, users both customers and merchants will be able to make and receive payments in any of crypto or fiat supported on the platform. The solution will be available on web and mobile app, users will be able to make deposit, store, withdraw and transfer fiat and cryptocurrency through the platform. This eliminates the hurdles of liquidating your crytpo assets first before you can pay for goods or services. Entry.Money is not limited to a particular geographical area, it eliminates the cross border restriction associated with traditional banks and opens the gate to a borderless payment at a very low cost.
Entry.Exchange will provide all the features of a cryptocurrency exchange. It enables the easy trading of crypto currency and fiat. Crypto to crypto payment, crypto to fiat payment, fiat to crypto payment and fiat to fiat payment will all be available on the platform.
Entry.Network empowers third parties to use ENTRY services for the payment needs, it provides the framework for partners to build other financial products and services on top of the ENTRY ecosystem.
Entry.Bank offers all the services of traditional banks but this time, these services will be powered by the blockchain. It offers extensive banking services such as opening and managing accounts, debit cards, loans and investment, factoring services, and insurance services. Transactions on the Entry.Bank platform will be secure, fast, transparent, low cost and borderless as a result of the underlying blockchain technology.
ENTRY.CASH: imagine being able to withdraw cryptocurrencies in actual cash. The Entry.cash facilitate cash withdrawal on the ENTRY ecosystem, with the ENTRY debit card users will be able to withdraw cash from their entry wallet.
Entry Token
Currently most cryptocurrencies have no intrinsic use, they are only used for speculations and investing. The ENTRY saving account will provide so much value to ENTRY holders in return and the tokens will have actual use on the ecosystem, like making and receiving payments. The ENTRY Token is an ERC-20 based utility token, it’s total supply is 590,000,000 ENTRY out of which 55% of the tokens will be available for sale at the different stages of the ICO. The tokensale is scheduled to last from 1st June to 31st September, 2018 with different prices at the different stages. The hardcap is pegged at 325,000,000 ENTRY and the softcap at 25,000,000 ENTRY, different currencies are accepted for payment both fiat and cryptocurrencies.
Conclusion
A blockchain bank? Yes, ENTRY ecosystem has all the traditional banking services being powered by the blockchain and it actually works. Bringing all the blockchain financial solutions and integrating them into a single cohesive platform, ENTRY will finally make cryptocurrencies and fiat work for everyone.
For more information
Website: https://entry.money/
Whitepaper: https://entry.money/ENTRY_Whitepaper_v1.pdf
ANN Thread: https://bitcointalk.org/index.php?topic=3229958.0
Telegram: https://t.me/Entry_Official
My Bitcointalk Profile https://bitcointalk.org/index.php?action=profile;u=2171173