We have already talked about the benefits of the famous crypto debit card and token that allow you to spend your money whenever and however you want – worldwide. You do not need to go to the local bank, wait in the queue and spend hours on waiting. You can use this card to withdraw money in local currencies from the ATMs, you can pay with it for groceries at the local market, you can buy goods online, send money etc.; the possibilities are endless.
Let’s focus for now on international travel. This debit card eliminates any possible hassle of spending too much money while traveling aboard. You do not need to worry about converting to local currencies or face international charges and loss in these conversions. All you need is this card and you will be able to pay with it everywhere. The same can be said about remittance. For example, India received more than $235 billion in remittances in the last four years. You would be able to save your money and time by using this card instead of worrying about them too.
Also, when it comes to global e-commerce market and international shopping, they also apply international fees that you would be able to avoid by using the Etherecash card. What are the most important features of this card? Let’s see:
The card has a chip and PIN which makes it safe for use and it reduces a risk of theft.
It is secured by the Etherecash blockchain which improves the security.
- The fees are extremely low, especially when you compare them to other debit cards.
- It is not required to have credit history.
- It is not necessary to have a bank account.
- It is easy and quick to register at the platform.
Let’s now take a look at the Etherecash timetable that will help you understand how it came to be and in what it has developed.
- In 2016, the idea for Etherecash was developed and the prime functionalities were made. It was still in development how to create and add value to the whole idea.
- In 2017, the research was started to be built and the development team started to test the whole hypothesis about the platform and peer to peer technology. It started to make a shape of reality.
- The development team connected to the advisors and lawyers to set up a structure for ICO.
- The website, white paper and marketing strategy were finalized and finished.
- ICO was launched and the team for streamline activities was expanded. Potential partnership was also discussed and the teams were consulting each other for advice and feedback.
- The process of expanding the development team was continued and the strategic consultants were asked to enhance the original plan and make it into the project of milestones.
- The platform, tokens and the whole ecosystem were in the process of development. They were not just a mere idea anymore, they were becoming the reality. The whole company was now asking and applying for permissions and licenses.
- In 2018, it is expected to start the alpha and beta testing and to finalize the transfer platform. It is also expected to allow a wider audience to try out this system of borrowing and lending. It is also expected to launch the app and the whole system.
- In 2019, the alpha testing for the debit card and merchant acceptance for online shopping will be started.
The whole cost structure is more associated to tech and less with fin even though it is called the FinTech structure. The team is looking and trying to correct the balance as business knowledge and they have prepared the budget and cost structure so it can utilize the future funds and achieve the ultimate goal.
The fund allocation will consist of admin and operations which will take 15%; legal, advisory and accounting 20%; growth, marketing and sales 25%; the core development is 40%. The core development is supposed to hire technical resources and establish the infrastructure for the support development. As for the legal advisory, they are establishing legal rights and legal obligations. The admins are running the consumables while the marketing team is building relationships, making strategies to reach the bigger audience and build support.
Each of these teams is crucial for the whole development of Etherecash and they make the future and easier finances possible for everyone.