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Cryptocurrencies are often viewed as incompatible with current fintech setups around the world, as they are too reliant on fiat currency. But, with streamlined currency exchange with fiat, the utility of cryptocurrencies would increase as a method of payment.
Dether is a decentralized fiat to cryptocurrency marketplace that allows the users to easily access cryptocurrency through its marketplace ecosystem, and then use the fiat balance without the need of associating a bank account. All users need is a mobile phone with a working internet connection and they are good to go.
Recently, Dether has announced the development of its first app that lets you cash-in or cash-out with cryptocurrency, with no fees charged by the parent company.
Removing Obstacles in Buying Cryptocurrencies
Exchanging fiat and cryptocurrencies has many roadblocks that include the need for a bank account, regulations and certain geographical barriers that limit their application. Individuals are also left out of the system if their national currency is not accepted on a major exchange, or if they don’t have a fiat bank account. Thus, people are unable to access the utility of cryptocurrencies.
Dether aims to overcome all these elementary issues with using cryptocurrencies, and increase the overall appeal of the crypto world. Dether app’s first beta version was released on the Ethereum Testnet back in March this year on https://betakovan.dether.tech and allowed users from around the world to test the app and its main features.
Dether Mobile App
Dether is now following up with the main Dether Mobile app in June 2018 and now users will be able to connect to the platform with their mobile phones, and trade both cryptocurrencies and fiat with others geographically near them.
Dether co-founder Mehdi Amari said:
“We are building a fully decentralized cash-in and cash-out marketplace, meaning that no central entity has any control over the user’s accounts, funds, or conversations. No funds are held. Each individual has his own private key located in his device. Conversations are fully decentralized and peer-to-peer. The decentralized reputation system is based on the user’s number of trades and volumes. As a company, we don’t take any fees on the transactions between buyers and sellers.”
Dether’s Application in Commerce
The Dether app will convert every user into a mobile cryptocurrency ATM. With the platform in place, shopkeepers will be able to sell their products through cryptocurrency. The buyer and seller can discuss their own rates and exchange freely between each other.
Dether is also in partnership with MakerDAO to bring a value-pegged “stable coin” to the users so the shopkeepers can easily switch between cryptocurrencies and fiat without the danger of being affected by the volatility of the market.
Dether Native Token
Following their successful token generation back in February this year, Dether has released the Dether utility token or DTH that lets users broadcast their cryptocurrency-acceptance. It is deemed similar to looking for a coffee shop or cafe, but in reality users will be looking for a place to trade their own cryptocurrency.
Visit the Website: https://dether.io/