The cryptocurrency ecosystem has seen rapid growth with a market capitalization of over US$150 billion; however, linking blockchain transactions to mainstream systems remains a critical challenge for the adoption of the technology, especially in the financial sector.
Creating flexible links that enable integration between the cryptocurrency and fiat ecosystems represents the only solution to crypto usability and implementation.
Centra Tech, an innovative blockchain company, is developing a blockchain platform that will deliver the world’s first convenient and cost-effective avenue where customers can effectively buy and sell products with cryptocurrency in an online marketplace. The team at Centra has also developed applications that enable users to exchange cryptocurrencies and fiat in real time with up-to-the-second accurate market rates. So why is this a big deal?
Sam Sharma, president and co-founder of Centra, states,“Our mission from the very beginning has been to connect the real world to your digital assets. A simplistic integration of e-commerce and cryptocurrency being the core foundation of Centra.” To achieve this, the company is developing multiple innovative blockchain avenues that include:
cBay
cBay is a cryptocurrency marketplace that seeks to capitalize on the exponential growth rate of the e-commerce ecosystem. Platforms like Amazon and eBay perform a phenomenal amount of commercial transactions on a global scale. Conventional transaction methods remain responsible for the increased transaction costs and geographical restrictions faced by consumers. Introducing a cryptocurrency-based marketplace based upon peer-to-peer transactions will reduce costs for all users by eliminating intermediaries and unnecessary transaction fees.
Centra Card
Centra Card is a critical innovation in the greater cryptocurrency ecosystem. This debit card integrates the top cryptocurrencies into a single usable card: Ethereum, Centra Token (CTR), DASH, Bitcoin, Litecoin, Zcash, Monero and other ERC20 tokens. Users of Centra Card will be able to shop at over 36 million locations worldwide and securely carry and withdraw money on the go.
One of the major challenges faced by crypto users is the difficulty of exchanging cryptocurrencies and fiat. Meeting this challenge requires an innovative solution enabling cryptocurrencies to be adopted globally. Centra solves this problem by giving users the ability to manage their funds in a fluid manner across both cryptocurrencies and fiat money. The Centra Card will make it convenient for card holders to spend their crypto in all fiat currency transactions, creating a true bridge between both worlds.
To ensure the best exchange rates between cryptocurrencies and traditional currencies, Centra has developed the CCE (Currency Conversion Engine) module, which enables real-time exchange rate synchronization. This gives the user value for his or her money and ensures that both consumers and merchants are not affected by the volatile nature of cryptocurrencies.
Centra Wallet and CTR Token
To enable easy access and control for consumers, the Centra ecosystem includes a secure and insured digital wallet used to store, spend, send and receive digital currencies. The Centra Wallet opens up the marketplace for peer-to-peer transactions. This will speed up the e-commerce process and significantly reduce the costs usually associated with online transactions. Centra effectively nullifies interbank exchange rates and fees charged by intermediaries and card-servicing companies.
The Centra platform is powered by the CTR token, which is an ERC20 token that has benefits and rewards in ETH for its users on the Centra platform. An Initial Coin Offering (ICO) is expected to commence on the 19th of September following a Pre-ICO period which saw 74% of available tokens purchased leaving only eighteen million tokens up for grabs.
Other innovations on the Centra Tech platform include enabling customers to send money using over eight major cryptocurrencies to over 100 countries worldwide. Also, customers will be able to manage their Centra Cards through the Centra wallet available on the iOS App Store and Google Play Store, as well as a desktop version. Centra looks to improve the experience for both customers and merchants in e-commerce using blockchain technology by increasing the efficiency of service while reducing the cost of transactions.
