PrepayWay: contracts, settlements, and arbitration
The era of crowd sales and cryptocurrency attraction has not yet been completed. Such a conclusion can be drawn from the fact that PrepayWay, starting from April 18, 2019, is starting to sell their InBIT tokens. Recall: ICO is a special type of attracting venture capital investments, in which customers buy one cryptocurrency for another. Investments in ICO are considered one of the riskiest, even when compared with a regular venture. The positive side of the token sale is the possibility of investing any, even the most minimal amount, into a promising project. Consequently, an investor can diversify risks by investing not in 10 companies (the minimum number under a venture), but in 100 and even a thousand. The only problem is that the truly new organizations in the cryptocurrency market have recently appeared not so much.
So, what is the Swiss startup PrepayWay doing? This is a blockchain platform for remote contracting. Naturally, Fintech offers international settlements and arbitration with the use of smart contracts.
Following current trends, the company makes money transfers in both fiat (conventional) money and cryptocurrency. For this, the company has its own payment gateway. Basically, in fintech organizations, fiat money transfers are made through double conversion. For fiat dollar, cryptocurrency is bought, and it, in turn, is converted, for example, into peso. But for a client of a FINTECH startup, it looks like a real money transfer (moreover, instant). The process does not involve popular payment systems, which means that the cost of a cross-border money transfer tends to zero.
Swiss PrepayWay sees its European user as its client
The proposed token has no security features. Moreover, there is no such advantage even for Bitcoin, no matter how hard the question lobbyists try, the Winklevoss brothers. However, venture investors have the opportunity to absolutely legally invest in PrepayWay. For this, the subsidiary PrepayWay Systems Estonia OÜ issued shares. InBIT tokens are just a free reward. They are required to access the PrepayWay ecosystem and its smart contacts.
The company boasts the SmartArb integrated dispute resolution system. One of the project creators is also a co-founder of the PrepayWay project.
One participant cannot purchase tokens for an amount greater than 300 euros. In turn, each investor must pass a KYC check (know your client). Often it is a complex combination of biometric data, as well as passport photos and other information about a potential investor. All this is done to prevent illegal money laundering.
Note that in the United States at least two banks use cryptocurrency for transfers within the system. Recently, the Japanese Mitsubishi UFJ Financial Group has released its coin to reduce transaction costs.