The banking industry has changed dramatically by creating a self-service culture with the ATM. The ATM gave people a solution to put their funds to use. The most common cases included impromptu purchases, executing bank transfers, spending more money on recreational activities and withdrawing cash outside of banking hours. The result was an improved consumer experience that made a complex set of transactions more accessible.
Today, people have started to shift away from the cash economy towards the greater banking system looking towards credit and debit cards and similar offerings. Now, as the world shifts away from cash, new financial uses have arisen, many of which involve digital currencies. The only gap left to fill is the use of crypto for everyday uses, which lack the same instantaneity as the ATM.
Responding to this current gap in the market, Wanda Exchange, a company based out of Thailand, has made it their position to make crypto payments more commonplace with their crypto-cash solution, which is currently undergoing the patenting process in Asia, Europe and America. Any user can select an ATM to send crypto online through the team's web app; the cash equivalent will then be made available at the selected cash pick-up point, a process designed to enhance the digital currency user's comfort level.
Under this model, Wanda Exchange's native WE token will become a crucial component to the platform with discounted rates compared to other cryptocurrencies. The benefit to users is the reduced fees which are nearly 50% less for payments or cash withdrawals in WE as in other currencies.
More recently, Wanda Exchange has made the decision to become more independent and is currently in the process of obtaining their own EU crypto license to provide the service of exchanging a virtual currency against a fiat currency. With a new crypto-cash exchange, funds are fully insured and leverage a completely new infrastructure, especially for cash-on and off-ramp to cryptocurrencies. This solution will allow crypto users to get cash or buy cryptocurrencies directly without needing banks as a go-between.
Wanda Exchange started development differently than most, operating with project development first and token creation second. Their work began in 2018 with the software used by several partners across Thailand.
In previous communications, the platform’s WE token was promoted alongside its listing on Gokumarket. Unfortunately, since these initial releases, the team has taken a different direction after falling victim to what appears to be a scam.
In February 2022, Wanda exchange noticed their tokens from liquidity and market-making, private wallets, staking and other incentives had gone missing from the exchange, with tokens being dumped on Pancakeswap (CAKE) and transferred as CAKE to a Binance hot wallet. The team has since been in processing with U.S. Securities and Exchange Commission, Hong Kong's Financial Services, the Treasury Bureau, the Hong Kong police and the Estonian Finance Ministry to investigate these activities.
To protect their community from possible withdrawal complications, Wanda Exchange is moving away from GokuMarket to purchase WE tokens. Instead, users can still buy WE tokens on PancakeSwap and soon on their own exchange. Wanda Exchange since has made the decision to become more independent by opening their own Exchange License for Europe, granting them access to all of Europe including the UK and Switzerland. Due to these recent events, the company requests all people still having funds on Gokumarket to contact Wanda for information on joining the class action.
Despite the setback, Wanda Exchange continues in its pursuit of the mission to "connect traditional finance with cryptocurrency and people with crypto to those without it. Whether a person works as a merchant or as an ATM retailer, they can take full advantage of digital currencies without understanding the processes themselves."
The solution is now in its final stages and ready to connect merchants to join the Wanda Ecosystem as a partner of Wanda Exchange and to provide more crypto-cash gateways to the people.
Supporting the online cash exchange
The company shares their future plans, which include successfully connecting hundreds of cash pick-up points to the POS systems, which will be accompanied by booking systems with an entirely usable application.
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