Currently, the cryptocurrency market is a multibillion dollar business. It is possible to buy and sell cryptocurrency by personal agreement between owners or on the relevant exchange.
Today, it is already impossible to ignore the existence of cryptocurrency and blockchain technology, and therefore, certain governments and industry leaders are working on integrating blockchain technology and cryptocurrency in various aspects of their economies.
Why Paygine
Paygine is an open financial platform designed to operate within its own proprietary banking structure and designed to serve FinTech and crypto-business needs in areas of money remittance, cryptocurrency exchange, and payment for “real” goods and services under white label solution.
Key founders of Pay Engine Limited (UK) decided to create Paygine (US), an Open Financial Platform based on Pay Engine (UK) products and technologies, which will help businesses and consumers to use cryptocurrency simply and conveniently in everyday life.
THe Problem
When it comes to cryptocurrencies, banks often:
• Refuse to open accounts
• Restrict and limit transactions
• Block operating accounts
• Refuse to open accounts
• Restrict and limit transactions
• Block operating accounts
Clamping down on anti-money laundering and tax evasion are currently major focuses of the banking sector. This has caused banks to classify legitimate operations as dubious without a valid reason, simply because they were associated with the use of cryptocurrency. It is easier for the vast majority of banks to block an account or transaction dealing with cryptocurrency rather than try and understand the essence of the operation. In such cases, the account gets blocked without a practical way of challenging the decision. Challenging a bank for blocking an account can take more than a year without concrete results.
Paygine Solution
Paygine believes that, the solution for this problem is obvious: owning and managing banks that allows clients to store and use cryptocurrencies, while ensuring strict compliance with AML/CFT requirements. They would like to build a new system without detaching from the real situation in the FinTech market and the world of cryptocurrencies.
Paygine intend to buy two banks in jurisdictions comfortable for working with cryptocurrencies: one bank in Europe (presumably Switzerland), and another in the Caribbean. This will allow us to ensure the stable operation of our Paygine financial platform around the world.
The system will be built on their existing financial platform and will take into account the laws and regulation to work with cryptocurrencies in the jurisdiction in which each of their banks is located, enabling them to provide full-fledged services to their clients from different regions.
Due to the technical and regulatory complexities of each country, cryptocurrencies do not yet have the convenience of traditional payment instruments like bank accounts, credit cards, and cash. Paygine would like to solve this problem by offering a universal open financial platform, Paygine, which would connect the worlds of cryptocurrency and traditional payment instruments.
Paygine Platform Services
The Paygine platform would offer the following services by utilizing Best2Pay existing technology:
• Transferring cryptocurrency to/from a bank card.
• Paying in shops and stores using a card in cryptocurrency.
• Accepting cryptocurrency as a payment for goods and services at online stores.
• Carrying out cross-border transfers of fiat currencies by means of cryptocurrency with minimal costs.
• Maintaining wallets in both fiat currencies and cryptocurrencies with the ability to conveniently and quickly convert funds between them.
• Transferring cryptocurrency to/from a bank card.
• Paying in shops and stores using a card in cryptocurrency.
• Accepting cryptocurrency as a payment for goods and services at online stores.
• Carrying out cross-border transfers of fiat currencies by means of cryptocurrency with minimal costs.
• Maintaining wallets in both fiat currencies and cryptocurrencies with the ability to conveniently and quickly convert funds between them.
Finally
Based on the needs of international banks and financial organizations, the founders of Best2Pay decided to create a new platform united by a single IT system with an open API.
Paygine’s key competitive advantage over similar projects is that it can leverage off existing Best2Pay services and technologies currently used by FinTech businesses, e-commerce, and beyond.
✅Website: https://www.paygine.com/
✅Whitepaper: https://www.paygine.com/assets/helpers/files/en.pdf
✅Twitter: https://twitter.com/paygine
✅Facebook: https://www.facebook.com/paygine/
✅Medium : https://medium.com/paygine
✅Telegram Group: https://t.me/paygine_official
✅Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2916009
✅Whitepaper: https://www.paygine.com/assets/helpers/files/en.pdf
✅Twitter: https://twitter.com/paygine
✅Facebook: https://www.facebook.com/paygine/
✅Medium : https://medium.com/paygine
✅Telegram Group: https://t.me/paygine_official
✅Bitcointalk ANN: https://bitcointalk.org/index.php?topic=2916009
Author of article:
✅Bitcointalk username: Erik_Smuel
✅Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2020517
✅Bitcointalk username: Erik_Smuel
✅Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2020517
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