Paying with crypto in everyday transactions is not an easy task. Even though using crypto for payments is faster and cheaper, there is a gap between the users of traditional payment methods.
This is exactly where SpacePay has come up with its software solution. The project is trying to bridge the gap between traditional payment methods and blockchain. With this vision in mind, the project has also raised close to $350,000 so far.
Cryptocurrency users often end up in a situation where they have to convert their crypto to their native fiat currency to spend it. Let’s say for shopping, travelling or day-to-day purchases; using crypto directly can truly be a savior that can help save time and the hassle of converting the crypto to fiat.
SpacePay has come up with a solution to tackle this issue. Its revolutionary payment software solution helps to remove the primary issues faced by the cryptocurrency ecosystem.
Various factors, including volatility, complexity and a lack of understanding, have stopped many from accepting crypto. Moreover, current crypto payment solutions also charge high fees, which ends up being a burden for merchants as well as users.
SpacePay’s solution is simple and easy to use. Its terminal agnostic payment protocol can be easily embedded with existing card machines. This means that merchants don't need to spend anything on acquiring new equipment to make this happen.
The rise in popularity of crypto over the years has also introduced several wallet service providers. As different users store their crypto in different wallets, SapcePay has kept this in mind and provides support for over 325 wallets.
This helps users make payments through the wallet of their choice. Users can just scan a QR code and pay using Trust Wallet, MetaMask, Coinbase Wallet, Ledger Nano S and so many more.
Additionally, SpacePay has understood the importance of different users to ensure adoption. Their payment solution prioritizes merchants, e-commerce platforms and individual users.
SpacePay’s software solution is decentralized, which ensures better privacy, security and efficiency. What’s even more interesting is that the users can store the funds in their own wallets and pay via them, which ensures that they have complete control over their funds.
For users, SpacePay is completely free to use. Users are not charged any hidden fees for using the payment solution. For merchants, they charge a fixed transaction fee of 0.5%, irrespective of the value of the transaction.
It is also beneficial for users, as they will be able to conduct transactions using various cryptocurrencies like Bitcoin, Ethereum, USDT and more. Merchants also enjoy instant settlement with zero waiting time. Where traditional payments can take hours or even days in some instances, SpacePay settles the transactions immediately.
One of the major features of SpacePay that needs to be highlighted is its volatility protection. SpacePay has implemented a volatility protection system, which means that merchants will receive the exact amount of fiat agreed upon during the time of payment despite the price fluctuations of crypto.
This will encourage merchants to adopt crypto payments, as one of the primary risks associated with cryptocurrencies is solved by this protection.
SPY token is the native token of the SpacePay ecosystem. The token plays various roles in the functioning, engagement, growth and development of the platform.
The holders will also enjoy loyalty airdrops, voting power, and early access to new features on the platform. The token has a total supply of 34 billion. Out of this, 20% is set aside for public sale, 17% for user rewards, 10% for development, 5% for founders, 18% each for partnerships and marketing, and the rest 12% for the reserve fund.
According to the details on their website, the presale has raised almost $350,000 so far. The token is currently priced at $0.00176. Users can easily connect their Wallet Connect, Coinbase or Best wallet to buy the tokens using ETH, USDC, USDT or even a card.
The London-based fintech startup is backed by global investors and has already secured $750,000 from private investors. Check out their presale, which envisions transforming the cryptocurrency landscape and making crypto payments easier.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.