Cryptocurrencies have come far compared to their early days, both in their sheer variety and value and in the sophistication of their ecosystem. Yet although many observers predict that they will shortly go mainstream, many obstacles to their everyday use remain. The main one is that they are simply not that well-integrated with the rest of the economy, where fiat currencies are still overwhelmingly the currencies of choice for most transactions. Even now, very few businesses accept payment in cryptocurrencies, which greatly limits their direct usefulness.
https://entry.money/
Entry Money Ltd proposes to tackle this and a number of other issues holding cryptocurrencies back from fulfilling their true potential by setting up a blockchain-based banking platform. Offering a broad suite of financial services, the company hopes to both establish a new model bank for the blockchain age and make it this much easier to use cryptocurrencies for business and in everyday life.
How will the Entry Money platform work?
The platform will include many services that will be available from a single page which could be accessed through a website or a mobile app. Those services will be rolled out over several stages. Entry.Money, a payment gateway for eshops, and Entry.Exchange, a fiat and cryptocurrency exchange, will be the first two components to be implemented, and will be tied closely together. Users will be able to trade between different fiat and cryptocurrencies on the main and partner exchanges, at a low fee; and they will also be able to pay for purchases in eshops in any supported currency, with the platform automatically converting their currency to one accepted by the merchant, effectively allowing customers to seamlessly pay merchants in Euros (the starting fiat currency of the platform, though it plans to add others over time) using Bitcoin or Ethereum.
Subsequent additions will revolve around a secured multi-currency wallet that will store both fiat and cryptocurrencies and could be used in transactions on the platform and on partner exchanges. In addition to the wallet and proprietary blockchain implementation (to replace the Ethereum blockchain that will be used until then), the Entry.Network component will also include a scalable API architecture assisted by algorithms with machine learning capability and made available to partner businesses to allow them to integrate their prospective services or to use it as a white-label platform. It will offer a marketplace for third-party financial apps. Entry.Bank will leverage blockchain technology to provide traditional banking services in both types of currencies, including lending, factoring and business insurance. It will also facilitate peer-to-peer lending and support virtual and physical debit cards that will enable payments using ENTRY wallet funds. Lastly, Entry.Cash is going to provide an easy and charge-free way to move money to and from the wallet.
It will be possible to use ENTRY Tokens in order to carry out transactions and pay fees on the platform at a considerable discount. Any payments made using the ENTRY wallet will be rewarded with tokens. There are plans to eventually launch the ENTRY2 “stable coin”, with its value tethered to that of fiat currencies.
What are Entry Money's unique selling points?
Cryptocurrency financial services are nothing too new at this point, and payment gateways that automatically convert cryptocurrencies into fiat money are already becoming widespread. The main advantage Entry Money has to offer is its cohesive design, which includes many different yet mutually complementary services that would be of interest to a wide range of potential participants. It promises to eventually do everything that a regular bank can do, but with greater transparency, reliability and speed thanks to the use of smart contracts, at lower cost and with the inclusion of cryptocurrencies. That would make it very convenient and potentially profitable for everyday users, investors and traders and individuals and businesses alike. Small businesses in particular could be expected to benefit from both savings on transaction costs and micro-lending. If it is successful as a banking platform, it will also become an increasingly valuable partner for third-party fintech developers.
https://entry.money/
The Entry Money team has very varied business experience. The company also has a license for fiat money services within the European Union and hopes to acquire further licenses in the near future. Due to partnering with the Central Bank of Lithuania, Entry.Money will be able to provide users with an IBAN from the start. Its initial focus on the Euro is preconditioned both by its license and by the vast opportunities offered by blockchain integration throughout European countries, which should give Entry Money a good starting position it could then expand from. The first two components of its platform have already been developed.
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Mainstreaming and maturing cryptocurrencies
It is too early to declare the end of fiat currencies. At the same time, cryptocurrencies are apparently here to stay. The question that is on the minds of many is how the two will coexist, and what role the latter will play in the fiat economy in the near future. Companies like Entry Money may favour the idea of a “post-fiat world”, but in the meantime they have to find a way to work in the existing system. Entry Money's approach could be described as maximum integration combined with an effort to make the cryptocurrency economy more liquid and versatile with the addition of competently arranged banking services.
The Entry Money platform is still at an early stage of its development. As more details concerning its more advanced services are revealed and new partners are found, its long-term prospects should become more clear. In the meantime, though, it basic payment processing and fiat and cryptocurrency exchange services should also find sufficient demand. Entry Money's main initial promise amounts to making cryptocurrencies more useful for a wider range of purposes, and helping more new players, such as merchants, profit from the cryptocurrency boom. Its banking services, meanwhile, ought to secure a niche as well as there is growing need for a more sophisticated sort of cryptocurrency finance.
Links:
Website: https://entry.money/
WhitePaper: https://entry.money/ENTRY_Whitepaper_v1.pdf
Telegram: https://t.me/ENTRY_Official
Facebook: https://www.facebook.com/entrymoney/
Twitter: https://twitter.com/EntryMoneyICO
Medium: https://medium.com/@entry
ANN: https://bitcointalk.org/index.php?topic=3229958.0
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.