The use of cryptocurrencies in making transactions is increasing, with the crypto market’s hosted coins rising to 11,000+ and a $2.39T market cap. BNB Fintech is a unique cryptocurrency ecosystem that looks to make a meaningful contribution to such payment systems.
Specifically, BNB Fintech will simplify buying and selling of cryptocurrencies. The platform will also utilize its native token, BNB Cash, to ease transactions. BNB Fintech’s team is comprised of experts in the fields of finance, IT, payment systems, and project management. Marketers and developers may soon be added as part of the staff.
Four features currently uphold the BNB Fintech ecosystem. The first are debit cards. Not everyone is keen on using or accepting virtual currencies when making payments. BNB Fintech solves this setback by pursuing partnerships with institutions such as Simplex, to simplify payments using debit cards and BNB Cash.
Notably, Simplex is a licensed financial body that handles crypto-credit card payments. The platform supports 50+ fiat currencies and 90+ cryptocurrencies. Simplex is also a partner of Visa and Mastercard. In the event of a Simplex-BNB Fintech collaboration, Simplex cards would deduct fees in BNB Cash for transaction processing.
The second feature is a peer-to-peer (P2P) marketplace, where users can buy and sell goods and services in exchange for BNB Cash. The decentralized marketplace will operate on an escrow basis – holding payments until products have been delivered to prevent scamming.
The third feature consists of one unit of a PoS machine, rather than the traditional multiple machines. The system supports both fiat and digital currencies, enabling merchants to receive payments instantly and monitor their business cash flow in real-time. Additionally, BNB Fintech may implement a face-to-face option for making crypto payments.
Last but not least, is the cryptocurrency wallet – an in-built feature that eases access and use of digital currencies compared to external wallets. The e-wallet allows users to make purchases using the PoS system, and to track their spending habits and points. BNB Fintech’s e-wallet will be the last feature following the completion of the aforementioned three.
Notably, BNB Cash has a supply cap of 200 million tokens. 60M tokens have been allocated to public and airdrop programs, 30M to the founding team to be locked for 6 months, and 29M for a presale event. 24M will launch on PancakeSwap, 20M will be used for in-house full-stack developments, and 16M for a marketing program. 14M tokens will cover future partnerships while the remaining 3M will be rewarded to whitelisters (early-stage promoters of the platform).
In Q4, 2021, BNB Fintech plans on its first exchange listing and concluding its token distribution phases. Also in the quarter’s planner is continuing with the marketplace development and a platform audit. In 2022, the fintech network intends to launch the debit card and PoS application features, in addition to listing on more exchanges. Users will enjoy a fully equipped payments solution by 2023.