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Crypto has definitely changed the way people look at money. This is mainly because sending and receiving money via crypto is the easiest way.
Firstly, it is fast and secondly, it is cheap in comparison to traditional payment methods. There is also no middleman or bank that questions the transactions or handles them.
However, accepting crypto for day-to-day businesses can be a bit challenging considering the volatile nature of cryptocurrencies.
This is exactly where SpacePay is coming in with its solution. How is it solving that issue? Before we look into that, let us understand what SpacePay is.
SpacePay is a crypto payment software solution. The project is trying to eliminate the gap between the traditional financial system and blockchain technology.
To fix this gap, SpacePay is offering a software solution that helps merchants integrate crypto payments with their existing card machines.
This allows consumers to use cryptocurrencies from over 325+ wallets for everyday purchases.
SpacePay is trying to address a few key issues faced in the traditional payment sector currently.
Some common issues with the centralized payment system are security vulnerabilities, privacy concerns and a lack of transparency.
This is because traditional payment systems focus more on convenience than speed, security and privacy. This exposes users to data breaches and identity theft risks.
There is also a lack of transparency in centralized systems. Users have almost no control over their funds.
However, merchants are hesitant to accept crypto because of the technical complications, volatility risks and unawareness of the benefits of crypto.
Even though few payment solutions provide the option to accept crypto, it is limited to just a few cryptocurrencies.
To address all these issues, SpacePay has introduced its payment protocol, focusing on individuals and merchants.
For individuals, SpacePay offers connectivity with over 325+ wallet providers. This allows them to spend crypto at any merchant that has integrated SpacePay.
For merchants, SpacePay is providing a cost effective platform. Compared to the higher fees charged by other prominent payment solutions, SpacePay only charges 0.5% transaction fees per transaction.
Additionally, SpacePay offers instant settlement and zero waiting time. The platform ensures that the payments are settled instantly.
The next key issue that SpacePay solves is volatility. Cryptocurrencies in general are known for their volatility.
SpacePay has a volatility protection mechanism. This is where the crypto is instantly converted to the merchant's fiat currency, thus helping to avoid volatility.
The SPY token is the core of the SpacePay platform. The token plays a major role in the ecosystem.
SPY token helps in incentivizing user engagement and also serves numerous other purposes.
SPY token holders will be eligible for monthly loyalty airdrops for the most active wallets. The token holders will also have voting power. This will allow them to vote per month on important proposals, new features and token related decisions.
The token has a total supply cap of 34 billion. In this, 20% is set aside for the public sale. 17% of the tokens are for user rewards and loyalty.
Additionally, 10% is set aside for development, 5% for the founders, and 18% each for partnerships and marketing. The last 12% is set aside for reserve funds.
The SpacePay project has achieved several milestones in a short span of time.
The project has raised $750,000 from private investors. In addition, they have successfully reinvested in their growth through a completed buy-back option.
SpacePay is also compliant with regulatory standards. Notably, the project also received the “New Payment Platform of the Year award at the CorporateLiveWire Global Awards 2022/23.
The project has an ongoing presale, with over $270,000 raised so far. To buy SPY tokens and be a part of this notable project, all you need is a supporting wallet like MetaMask, Coinbase, Best Wallet or WalletConnect.
You can then buy SPY by connecting your wallet to their website. Just ensure to have ETH, USDC or USDT in your wallet.
Check out their social media channels to stay updated on what the project is working on.
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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.
