CopPay – New Kid On The Blockchain
CopPay unlocks cryptocurrency for consumers & merchants worldwide. Everyone from hairdressers to hardware manufacturers can now accept blockchain-based money – free from transaction fees. CopPay to launch Initial Coin Offering (ICO) on October 30, 2017.
[Note: This is a press release.]
Payment system CopPay will soon make Bitcoin, Ethereum, and other cryptocurrencies available for everyone to use; allowing both consumers and merchants to freely exchange them in bricks-and-mortar retail stores and established e-Commerce locations globally.
CopPay’s entire solution is powered by the Ethereum blockchain technology; an open-source way of creating a secure distributed ledger of transactions. The technology also provides additional functionality – such as publicly auditable ‘smart contracts’; electronic commerce protocols which developers can use to create programs.
Underpinning the payment system is CopPay’s multi cryptocurrency ‘virtual terminal’: an easy-to-install software that can accept any currently listed cryptocurrency, and also exchange it for FIAT currencies: in real time, without transaction fees.
These terminals can be used online or uploaded onto any device (PC, tablet, mobile phone or Point-of-Sale terminal) or incorporated into any website. No specialist knowledge required. The merchant just needs to download software from the CopPay cloud storage.
Payments can be made directly from the client to the merchant’s cryptocurrency wallet and are received within minutes (depending on the cryptocurrency used in the transaction). If merchants choose to receive FIAT money into their bank accounts, they can – without the worry of rate fluctuation – simply by using the terminal’s built-in exchange mode which converts it into cash and deposits the money into the merchant’s bank account.
“CopPay’s goal is to have millions of our own virtual terminals functioning around the world both in on and offline stores,” says CopPay co-founder, Vladimir Serzhanovich. “We plan to install them free of charge so that businesses can easily enter the world of cryptocurrency. This way, merchants will be able to accept and exchange cryptocurrency for FIAT money, consumers will also be able to pay for goods and services.”
There are already a number of CopPay terminals functioning across the globe, including machines action in both Belarus and Chile. In the coming weeks business owners from Germany, Mexico, and Lithuania will also join the CopPay community.
CopPay – Typical Use Case
A typical use case for CopPay looks something like this:
- Bob gets a haircut and decides to pay with Ethereum (ETH)
- The hairdresser opens their CopPay virtual terminal and adds an order: for $15.
- In the terminal there is an order line which contains all the necessary information for payment in multiple cryptocurrencies. The CopPay terminal uses an average exchange rate to convert the amount in FIAT money to the equivalent cryptocurrency amount.
- The hairdresser selects the ETH option and a QR code displays
- Bob opens his ETH wallet, scans the QR code, and pays.
- Payment confirmation is displayed in the order line
- The owner of the hairdresser opens his CopPay electronic wallet and sees that new ETH has been added to his account
- However, if the owner doesn’t want ETH, he can sell it using CopPay’s built-in exchange, and receive FIAT money in his current bank account instead.
Initial Coin Offering
The company is launching an Initial Coin Offering (ICO) on October 30, in order to raise the finance needed to continue its global expansion, and offer anyone the opportunity to invest in the platform.
CopPay plans to publicly release 1,250,200,000 units of its own cryptocurrency – COP tokens – to investors during the ICO. At the time of release, 1 ETH will be worth 19,000 COP tokens.
Eventually, CopPay’s ambition is to build its own blockchain, allowing COP tokens to be used as the primary transactional unit. Tokens that are not sold during the ICO will be frozen until the CopPay blockchain is active. More detailed information about CopPay’s platform and how it works can be found in the company’s ICO white paper.
“The more cryptocurrency that is used as a means of payment, the more viable CopPay becomes. By deploying CopPay as a global payment network, we’re ready for an exponential growth in the use of cryptocurrencies,” said Serzhanovich.
CopPay’s ICO will take place between October 30 and November 30. Interested parties can register to take part on the CopPay website.
Images courtesy of CopPay