One of the big issues that many experts who are opposed to bitcoin and other cryptocurrencies is that at this moment in time, they cannot be easily used to buy goods and services in most mainstream establishments.
If you walk into your local food grocery store or want to place an order online with your favourite clothes shop, the chances are high that they do not currently accept payments in the form of cryptocurrency.
While there are handfuls of vendors dotted around that do cater for these transactions, that number is extremely low. Using cryptocurrencies as a payment method is of course popular in certain circles online, it has yet to reach the mainstream.
However, a company in Singapore has just finished its ICO and it made an announcement today about its impressive results. Change managed to raise what is in dollar terms $17.5 million from their ICO, it said in an announcement made earlier today.
Why this ICO is a global game-changer
They are a company that is developing a complete banking platform focused on cryptocurrencies, which will have a debit card, payments app and digital wallet all encompassed under the same umbrella.
While they have plans to use the funds they raised via their ICO for product development, their first product called ‘Change Card’ is set to be launched in December. This card acts effectively as your bog standard debit card and can be used offline.
The initial 500 cards will be sent to the first 500 ICO contributors who contributed at least 50 ETH. This card will allow them to spend their cryptocurrency across millions of locations, both offline and online across the world, just like your typical debit card.
As well as this, each time you make a payment using Change Tokens, you will be earning special rewards.
This solves a massive problem that has stopped cryptocurrencies from going mainstream. Previously both parties involved in a transaction had to have crypto wallets in order to make a payment. This eliminates that need, thus knocking down something that was previously a massive barrier to the widespread adoption of cryptocurrencies.
Other services this ICO looks set to develop
As well as this Change card, they will also be launching a marketplace whereby all kinds of financial services will be aggregated, allowing you to choose from your preferred 3rd party fintech companies.
You no longer will have to sign up or deposit funds for these services individually. You will be able to sign for your travel insurance, invest in a stock portfolio that is diversified and obtain a loan all in the same interface with no delay.
Platforms like Change are why ICOs have taken off by storm, as these types of blockchain-related projects can be quickly funded without having to jump through the traditional hoops associated with venture capital.