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Cryptocurrency offers great promise to expand banking services, but exchanges typically are plagued by extensive wait time for transactions, lengthy wait times to activate new members, high fees and numerous security issues.
Another important issue is the restrictions customers face in spending crypto assets in real-world scenarios. Cryptocurrency assets often sit idle in exchanges for extended time periods, waiting to convert back to fiat. The wait in itself often results in additional fees.
Because of all these issues, the average person has not been able to take advantage of cryptocurrency’s opportunities. Some exchanges have had to halt account creation in order to upgrade their security precautions on an ongoing basis. Others have been forced to close on account of thefts, costing customers millions of dollars.
Security updates oftentimes cause slow transaction speeds and issues with trade and account verifications. Compounding the problem is the fact that many users keep funds in accounts separate from the exchange in the interest of protecting them, causing additional vulnerabilities.
Meanwhile, the process of buying cryptocurrency using fiat funds via bank transfers and credit cards often requires extended wait times and excessive fees.
VegaWallet is changing this scenario with a comprehensive solution that will end the need to have five different companies involved in deciding what to do with their crypto.
The VegaWallet platform will provide a complete solution through a series of phases, consisting of a wallet, an exchange, and payment gateway to provide a complete and secure solution. It also utilizes the latest security technology and a clean user interface.
The first stage will introduce the wallet and the exchange while stage two will bring the point-of-sale (POS) and crypto-to-fiat mobile pay capabilities. Where other companies have focused on credit card payments and ATMs, VegaWallet processes all transactions via mobile applications.
The VegaPay and POS will provide a payment gateway that allows users to pay with cryptocurrency anywhere and anytime, including venues that do not currently accept it. The POS system will allow businesses of all sizes to accept cryptocurrency without excessive fees. Customers will be able to purchase cryptocurrency at check-out using traditional payment methods.
The VGW Token will enable lower fees and faster transfer times and will support VegaWallet’s loyalty and rewards program and POS system. The token will help with mass adoption of crypto payments and real-world applications from Silicon Valley to the unbanked territories in other parts of the world.
The combination of the cryptocurrency and mobile payment markets have created a multi-billion-dollar opportunity for the unique, comprehensive VegaWallet platform.
The platform also uses advanced security features and complete encryptions to protect funds. VegaWallet has adopted ISO 27002 Information Security Standards and offers different types of transaction and account verification. The platform has also teamed with BitGo to utilize its multi-signature technology for all applications.
Security is further enhanced by a deep cold storage mechanism to ensure fund security using private keys generated offline. along with Google Authenticator 2FA, a software token that uses two-step verification that authenticates mobile app users.
Multi-signature implementation removes individual points of failure by making sure all keys are stored in separate devices. An attacker would need to gain access to all the keys in order to gain access to an account.
VegaWallet will provide opportunities for other cryptocurrency and blockchain companies to list tokens on the exchange, thereby supporting the platform’s growth.
Companies will be able to use the VegaWallet dashboard to accept cryptocurrency in real time for retail and service purposes. Customers of companies using the dashboard will be able to buy cryptocurrency through their own POS system using traditional payment methods like cash or credit cards. Customers will need to have a KYC verified VegaWallet account, allowing them to instantly pay bills or make purchases with their stored funds.
Retailers will be able to provide the loyalty rewards program that will be built into the POS system. With each purchase made through the system, retailers will be able to send VGW tokens rather than a traditional rewards platform. They will also have the benefit of 24/7 customer support.
The technology will bring banking services to places not served by traditional institutions.
There will be a 200 million VGW token supply, of which 120 million will be sold to the public. The introductory price will be 1 ETH for every 1,800 VGWs. The price will increase to 1 ETH for 1,600 VGW tokens and 1 ETH for 1,400 VGW tokens in the second and third stages, respectively.