Platio: Fiat and cryptocurrency banking services on the blockchain
Modern finance can reach a dizzying level of complexity for those who want to make the best use of their assets. The business models of most banks are based in no small part on providing intermediary services that can streamline such operations or provide additional options and safety. Lately, the world of cryptocurrency finance has reached a similar, if not greater, level of complexity. However, cryptocurrency users remain greatly underserved, as most traditional banks are leery of cryptocurrencies and in any case are not so well geared to take on the particular problems of this new sphere.
Cryptofinance service providers face some unique challenges, such as the high price volatility and low everyday adoption rate of cryptocurrencies. But at the same time, blockchain technology offers some special opportunities for an increased quality of banking services. Platio is a fintech startup that aims to provide a suite of fiat and cryptocurrency services that take advantage of those opportunities to make it easier for its customers to cope with cryptocurrency market conditions.
What services does Platio have to offer?
Having passed locally required KYC and AML procedures, customers will receive a unique Platio ID and the ability to use its universal banking app. Through this app, Platio users will be able to access the following services:
1. Exchange and Brokerage, which will support fiat, cryptocurrency and stock trading. In addition to popular, established currencies, Platio will add the tokens of up-and-coming projects to this market. Tradeable stocks will include fiat and cryptocurrency-based financial instruments, which will be provided by third parties on a white label basis until Platio acquires the necessary brokerage licenses;
2. Asset Guard, a set of customisable smart contracts that would allow users to program operations to be performed with their assets on reaching certain conditions. Specifically, Platio will support automated conversions based on market conditions (such as prices of the assets in question reaching a certain level) and automated withdrawals from accounts that have been inactive for a sufficient time to fiat accounts or crypto wallets;
3. Payment, through virtual and physical cards. The cards could be topped up with fiat or cryptocurrencies, which could also be converted automatically as the need arises. With this, Platio users will be able to make seamless payments in the currencies of the other parties' choice;
4. Internal Transfers of any assets on the Platio network between different users, free of charge and with a special chat service to help with the arrangements;
5. Payments and Remittances, using SWIFT, SEPA, Ripple or OCT systems at the user's discretion. OCT payments could be made even without a payment card;
6. Invoicing and Processing, mostly aimed at business users, allowing all transactions to be managed and tracked on the blockchain and making this information available to them. Merchants will need to integrate a special API to process payments;
7. Smart Escrow, in which interested parties will be able to discuss and draft smart contract-enforced agreements for the transfer of sums between them. Assets will be placed in escrow and released once the conditions are fulfilled. Any conflicts that arise will be resolved manually by the Platio team.
The Platio blockchain will be developed as an EOS sidechain. Its Core Banking Platform will carry out the tokenisation of all fiat, cryptocurrency and stock assets on the network. Fiat assets could be detokenised and withdrawn by placing them in a smart contract that would connect with the Treasury Module, causing it to release actual fiat and transfer it to the card issuer. PGAS tokens will be used to pay commission and subscription fees. While all users will have access to basic services, PGAS holders will receive discounts. Subscribers will get further discounts, some number of feeless payments and unlimited Asset Guard, invoicing and escrow uses. Subscriptions will also be necessary for merchants to make use of the payment processing services.
How could Platio compete with other cryptofinance projects?
Platio is focused on providing versatile, sophisticated financial services to a wide spread of individual and business users. Its automated transfer services are of particular value for protecting one's economic resources from technical problems, market volatility or simple human forgetfulness. Meanwhile, its advanced payment system should allow for comparatively easy integration of cryptocurrencies into the real economy.
The Platio team includes qualified financial professionals with a long-term interest in cryptocurrencies. It has been very active in promoting its project within the cryptoindustry. Significantly, its payment technology has been in active use for years as part of a previous project. Platio is licensed to provide certain fintech services in the UK and EU. In compliance to their regulations, Platio will provide state of the art security and privacy measures to its customers. The Platio MVP, including basic exchange and payment services, will soon become available to the public for testing and development purposes.
ICO details
An infrastructure upgrade for the cryptocurrency market
To evolve and reach new heights, a market requires a substantial institutional and technical infrastructure to support it. The need to integrate more advanced services and options from the conventional finance world has been voiced repeatedly in the cryptoindustry. Platio is yet another effort among many to bring such advantages to this market.
While its offering may be less ambitious and all-encompassing than those of some of its competitors, it is a solid combination of many mutually-reinforcing elements. On paper, at least, it appears viable and likely to attract a broad base of users thanks to its flexibility and relevance to the volatile cryptocurrency field. Therefore, it has a good chance of succeeding, providing valuable new options and tools for all cryptoindustry stakeholders as well as for mainstream players wishing to reach out to this market.
Links:
Website: https://platio.io/
WhitePaper: https://platio.io/static/docks/platio-whitepaper.pdf
Telegram: https://t.me/platioecosystem
Facebook: https://www.facebook.com/platio.io/
Twitter: https://twitter.com/Platioecosystem
Medium: https://medium.com/@platio
ANN: https://bitcointalk.org/index.php?topic=4985747.0
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.