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MoxyOne seeks to advance the blockchain industry by providing a secure debit and payment card infrastructure for every ICO that issues cryptocurrency tokens. In creating such an infrastructure, MoxyOne answers the extensive need for a payment system that allows ICO token holders to immediately make use of their coins.
ICOs interested in offering debit cards for their token holders will be able to use the MoxyOne infrastructure by white labeling its wallet system for their own use. By white labeling the MoxyOne wallet, ICOs will reduce the time and cost of having to create an inhouse payment system, leaving them free to focus on product development while MoxyOne makes their tokens immediately spendable.
Making Cryptocurrencies Tradable
MoxyOne’s own token, SPEND, meanwhile, will also be available for transactions. Users will be able to spend tokens at merchants or withdraw fiat from ATMs worldwide. They will also be able to conduct transactions with the MoxyOne wallet, which will make cryptocurrencies a tradable commodity worldwide by providing a wallet users can use to instantly convert tokens to fiat.
Both MoxyOne and branded cardholders will be able to make payments with their compatible mobile phones using Android Pay and Apple Pay via the issued virtual cards.
The platform will further improve speed and security by using blockchain solutions and payment networks like Raiden Network and COMIT.
Clients can opt not to use a buffer account and go through a third party conversion system such as ShapeShift and Changelly while accumulating capital to create their own buffer account that would provide lower fees for their users.
Also, clients can establish their own buffer account or use MoxyOne’s. Additionally, they will also be able to use white label debit cards that allow users to spend client company tokens.
Liquidity Providers Play Key Role
Liquidity providers will play an important role by providing fiat to the MoxyOne system and buy back tokens, allowing users to save on conversion fees.
The liquidity providers will earn credits, interest or SPEND tokens. Liquidity providers can use a bank account to manage transactions. When a user needs access to fiat currency, the liquidity provider can purchase the user tokens using their bank account.
To qualify for participation in the system, liquidity providers will own a minimum amount of SPEND tokens.
MoxyOne will screen clients to ensure compliance with local and anti-money laundering laws.
Clients will be able to establish their own fee structure on top of MoxyOne’s license fee.
There will be no additional fees or service charges on top of MoxyOne’s standard licenses fee.
MoxyOne has already formed a partnership with Social, a decentralized social networking platform that will utilize its cryptocurrency. It will be the first MoxyOne white label partner to offer its token holders a MoxyOne supported debit card to be used within its integrated marketplace and ad platform.
The infrastructure, meanwhile, continues to evolve and add new features.
MoxyAI is a feature that reduces volatility by choosing the best performing cryptocurrency at the time of conversion to the requested fiat when a user makes a payment.
More recently, COBINHOOD, a next-generation cryptocurrency service platform and zero-fee exchange, has partnered with MoxyOne to underwrite and advise the launch of the company’s ICO.
The ticker for MoxyOne’s token, SPEND, uses its smart contract to create coins through the transactions of Ether, leaving no remaining tokens at the end of the ICO.
The project has a hard cap of 50 million tokens during this phase, and all funds received from the ICO will be used for project development. As part of COBINHOOD’s ICO Underwriting Services, the offering consists of business model consulting, smart contract code review, legal compliance, deployment procedures and marketing support.
“The MoxyOne project aims to serve as a bridge between fiat and cryptocurrencies in an effort to partner with underutilized cryptocurrency projects and allow investors of these tokens to make purchases within company ecosystems and with merchants worldwide,” said Mo Abbas, co-founder and lead developer. “We’re excited to move through the coin offering process to use the power of blockchain to provide a clear and dependable system, and soon break the barrier between digital and physical currency.”
ICO tokens underwritten by COBINHOOD can be traded on the COBINHOOD zero-fee exchange immediately after ICO, which prevents low liquidity. MoxyOne’s token sale will start March 14, 2018 and continue until April 14, 2018. The anticipated launch of usable debit cards with partnering tokens is the third quarter of 2018.
“As thousands of ICO projects continue to emerge each week, it is remarkable to see financial infrastructure, MoxyOne, bring token projects real-world value,” said Popo Chen, CEO of COBINHOOD.
“MoxyOne’s innovation can mean big things for the widespread adoption of blockchain technology as it continues to become mainstream,” said Chen.