CryptoGlobal: Connecting the Unbanked to the Global Digital Asset Market
Over 2 billion adults today do not have access to modern banking or financial services. According to Raconteur, only 8.7% of Pakistani adults aged 15 or older are banked while Canada’s banked population is over 99%. Granting these unbanked populations access to the global digital asset market, known as cryptocurrency, is what CryptoGlobal is aiming to do. At its core, CryptoGlobal is a decentralized peer-to-peer cryptocurrency marketplace.
Today’s largest cryptocurrency exchanges like Binance and Bitfinex are currently hosted on centralized servers. This means their IT infrastructure is located on-site and maintained by employees of the exchange. This creates the need for high transaction fees to afford maintenance of the servers and to pay workers’ salaries.
A decentralized exchange (DEX) is different as the platform relies not on a central server, but on many “nodes” scattered around the world that connect together to form the infrastructure for the DEX’s blockchain to run on. This eliminates expensive IT costs and allows for the platform to offer much cheaper platform fees.
Transaction fees with centralized exchanges often cost anywhere from 1.5–5% per transaction. The decentralized nature of CryptoGlobal allows for a significant reduction in platform fees: 0.3–1.5% per transaction. As the platform grows, however, the fee percentage will reduce.
This still leaves a major problem for the unbanked: investing in cryptocurrencies today requires access to some form of modern banking, whether in the form of a bank account, a credit or debit card. CryptoGlobal solves this by integrating over 20 alternative payment methods.
Simplifying the cryptocurrency to fiat exchange process is perhaps the most exciting aspect of CryptoGlobal. Integrating over 40 fiat currencies, users are able to buy/sell digital assets at near instantaneous speeds into the fiat currency of their choice. Due to the peer-to-peer nature of the exchange, users can expect to receive their respective fiat currency within ~30 minutes.
Peer-to-peer (P2P) is an integral aspect of CryptoGlobal’s platform which creates an open, global network of users allowing for fast access, anonymity, and maximum security. CryptoGlobal integrates a P2P escrow mechanism based on a simple seller and buyer model illustrated below.
The design of this truly decentralized P2P model puts users in complete control of their pricing, their profit margins, all the while offering protection to investors from market manipulation.
If you are interested in joining the decentralized P2P crypto-revolution, the Cryptoglobal platform is now officially launched with thousands of active users trading cryptocurrency from around the world. Visit https://www.cryptoglobal.trade/ to sign up and start trading today.
For more information on CryptoGlobal’s Spring 2018 ICO, please visit https://www.cryptoglobal.uk/ or see illustration below:
Check out CryptoGlobal on: