An all-in-one DeFi platform says it delivers everything that crypto enthusiasts need — including lending services, staking, a fiat on-ramp, remittances and seamless payments.
BitCashPay is registered with the Philippines Securities and Exchange Commission, and also intends to acquire a license from the country’s central bank.
Whereas some decentralized finance projects offer little in the way of support for newcomers into the space, BitCashPay says it is determined to serve as an educational resource that makes digital assets easier to understand.
The platform has launched an academy that provides straightforward guides on a plethora of topics spanning cryptocurrencies and blockchain. It has a simple objective: To help people avoid scams and learn how to spot exciting opportunities in this fast-moving industry. A launchpad for up-and-coming startups will also play a starring role in its offering.
A cutting-edge payment system
At the heart of BitCashPay’s offering is an app where users can store ERC-20 tokens. Available on all major mobile devices, it’s also going to play an instrumental role in helping consumers go cashless — a trend that has been accelerated by COVID-19 after shoppers opted to move away from using banknotes.
The platform’s ecosystem is designed to be used on the move, with instant notifications giving users an easy way of keeping track of their finances. BCP, the native token, can be used to purchase everything from mobile phone top-ups and fuel to fast food — and crucially, it also provides a convenient way of making cross-border payments. According to the World Bank, remittances typically attract fees of 6.38%, a sum that substantially eats into a worker’s hard-earned paycheck.
In the future, BitCashPay also plans to launch a dedicated crypto bank where users can secure loans.
“What really differs us from other projects is that we make a bet on product development,” BitCashPay told Cointelegraph. “We aim to be one of the best businesses in the crypto space.”
As attention turns to interoperability within the blockchain industry, BitCashPay has established a bridge from Ethereum to Binance Smart Chain and Polygon (Matic) Network — helping to ensure that its infrastructure remains as affordable to use as possible. In the coming 12 months, a bridge to the Matic Network is also going to launch.
Big plans for the future
Over the next year, a top priority for BitCashPay involves bringing its launchpad to the masses — and launching a 3D non-fungible token game in the fourth quarter of 2021. Plans are also in place to establish partnerships with a greater cross-section of businesses to ensure that crypto payments can reach the masses.
Work will also continue on developing a decentralized exchange that brings together cash in and cash out features.
BitCashPay’s CEO is Fred Bruno — a serial entrepreneur who has been involved in the cryptocurrency sector since 2015. As well as establishing a successful real estate company, he has also built a firm that supports crypto investors when it comes to portfolio management.
One of BitCashPay’s first brands was the peer-to-peer lending platform FastCash3K, which arrived in the market back in July 2019.
Although the crypto markets have matured immeasurably in recent years, BitCashPay says there are still sources of friction that it wants to resolve. There can be high barriers of entry for those who want to open accounts, transaction fees can border on unaffordable for some, peak traffic can cause downtime at crucial moments, and some DEXs also have little to no liquidity.
In the coming months, BitCashPay is vowing to deliver low latency, seamless account creation and a user interface that’s accessible to all — complete with first-class customer service.
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