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Cryptocurrencies, while efficient and highly functional in their interactions with one and other in virtual space, suffer from slow, complicated, and sometimes expensive transition to and from the realms of fiat currency and general consumer transactions. These transitions are generally accomplished via cryptocurrency exchanges and funneled through conventional third-party central ledger systems (banks and conventional credit card systems). Third party central ledger systems impose the limitations of conventional banks on these transactions negating most of the benefits otherwise afforded by cryptocurrencies. Such a system is analogous to having high-speed broadband data services which terminate at the local post office, are converted to physical storage media, and then finish the journey by conventional mail.
These structural deficiencies are further compounded by access barriers at the exchange level, which frequently require the establishment of trading accounts with distant and unfamiliar exchange organizations, using, what is to many consumers, confusing interfaces and terminology, followed by a cumbersome self-identification process to comply with remote KYC and AML procedures.
Finally, repatriation or reconversion to local fiat currency, or into some other format usable for local consumer transactions often requires the use of extant local banking systems. Beyond the previously discussed impairments to speed and efficiency, this eliminates an entire subset of the population from participation. For example, in the United States, the world’s biggest consumer market with the largest amount of cash turnover, at least 8% of 115 million households do not have banking accounts a result of preference or insufficient personal credit.
In an interview at the annual tech conference TechCrunch Disrupt, Coinbase CEO Armstrong predicted participants in cryptoverse to increase from 40 million to 1 billion people, an increase of 2,400 percent, over the next five years.
Now the Market cap of crypto is $211 billion. Satis Group, а well-known a cryptocurrency advisory firm, this September predicted a total crypto market capitalization of $509 billion for next year and estimates that the market cap will break above $1 trillion in 2021. Their report also estimates that BTC will be trading at $32,914 during next year, $96,378 in five years time, and $143,900 in 2028.
The KrypNet provides a solution to these issues by the development and integrated deployment of six main elements: KrypATM, KrypExchange, KrypCard, KrypCredit, KrypWallet, and KrypFunding. Operating as a unified and multifunctional system, they will allow the KrypNet to bypass most of the deficiencies facing existing cryptocurrency systems.
Since 2014, the company has been working with terminals and ATMs, and succeeded in establishing a network of about 400 machines in the United States. Based on this experience, KrypNet decided to expand its business into the crypto industry. At this point, a software platform for the complete process of buying and selling cryptoassets was developed, along with the option to instantly issue a debit card using the terminal. Currently, our company is continuing to develop KrypATM platform and preparing crypto projects in the US, Kyrgyzstan, Grenada, Philippines, Panama, Mongolia, and Russia.
In a few years KrypNet will install more than 60,000 KrypATMs globally which along with our mobile applications will give the following options:
- Allow consumers to directly open cryptocurrency accounts and their personal virtual repository of cryptocurrency in the form of KrypWallets
- Provide consumers with convenient physical access “in their corner store” to KrypNet outputs (such as instantly dispensed physical cash and KrypCards).
- Ultimately access liquidity assistance via the KrypCredit offerings
KrypNet is an infrastructural project. One of its most important goals is to create a simple system for exchanging coins to Fiat through a global network of KrypATM.
Taken together, the KrypNet Project will eliminate most of the barriers to entry to cryptocurrency transactions for the general public, and will provide convenience in the forms of speed, flexibility, and reduced transaction fees to this population. This will dramatically incentivize the adoption of cryptocurrency for everyday consumer and household transactions. By creating superior debit and credit mechanisms, the KrypNet provides a practical answer to the “why should I use x-coin” question for consumers. By leveraging the inevitable economies of scale, the KrypNet will finally allow cryptocurrencies to deliver on their extraordinary promise.