Payments Fintech SpacePay Ignites Crypto Adoption With Easy to Use Platform, Presale Takes Off
Tuesday, 25th June, 2024, New York – London’s most promising crypto startup is probably the most promising startup in fintech, period. Few have heard of SpacePay, but give it a year, and it will likely be a household name.
In a nutshell, SpacePay is a crypto payments provider that lets crypto holders pay for goods and services using their digital wealth. On the merchant side, vendors can accept crypto while its instantly and seamlessly converted to fiat as if it was a traditional payment.
It could be argued similar rails already exist. One need only look at the proliferation of crypto cards by giants such as Visa or MasterCard. But where SpacePay ups the present offerings is in its ease-of-use.
Currently, the easiest options for crypto payments require some sort of transfer of funds, from customers’ wallets into a specific application wallet. Other options are even clunkier. This lack of optimization first inspired SpacePay founder and CEO Maxwell Bunting to begin developing an alternative while he was still only a teenager:
“Three years ago, I was in the situation where I had a tonne of crypto, but in actual cash value, I was completely broke. I was 19 years old, just finished school, but I had no cash. So I was going around all these stores looking for places to spend my crypto and looking for solutions. None of them really fit: I either had to pay too much or had to stake some sort of token I didn't really want to hold. It was all way too complicated, And so I just thought there's got to be a simpler way to do this and created SpacePay!”
SpacePay: Basically Revolutionizing Crypto Payments
When it launches, SpacePay will be widely available on most existing point-of-sale card machines, allowing millions of crypto holders to finally be able to spend their crypto.
On both sides of a transaction, it has never been easier to pay with crypto. Customers simply go to purchase the goods they want, merchants then input the price and generate a QR code, which the customer scans. This takes the customer to a payments page where they can select the crypto they want to pay with and the wallet they want to pay from. After this, the payment is sent. SpacePay is currently compatible with over 325 different wallets.
SpacePay’s revolutionary ease of use makes it look effortless, but it was in fact the product of three years of hard graft, including a stint at Barclays’ fintech incubator, Eagle Labs.
SpacePay Also Has Its Own Governance and Rewards Token, $SPY
Not to be outdone by the card companies, SpacePay also has its own American Express-style points-based rewards and governance token, $SPY.
SPY is paid out to frequent SpacePay users. Those who spend big through the platform get a percentage of their money back through an airdrop of the tokens.
Although SPY cannot be used as a payments option within SpacePay, it entitles holders to receive a small percentage of the company’s revenue per quarter, alongside granting them voting rights on the future of the protocol, like any typical governance token.
Bunting says of SPY: “We’re committed to maintaining a high level of transparency in all of our operations. Our token design enables stakeholders to gain comprehensive insights into our business processes. We facilitate regular interactions between token holders and our teams, organizing quarterly meetings that focus on different departments such as sales or marketing, depending on our communities preference.
Additionally, token holders are given voting rights, allowing them to influence decisions regarding geographical expansions and potential integrations with other tokens. This framework not only empowers our stakeholders to have a voice in our strategic directions but also rewards them for their loyalty and engagement with our services.
SpacePay’s presale launched in early June and early supporters have quickly poured in over $200,000 to help the team raise funds to develop and disseminate the tech further. It is likely to end at the close of summer and will be followed by an Initial Exchange Offering (IEO).
SpacePay may have been operating in stealth mode these last few years, but it’s about to surface, and when it gets here, it has everything it takes to become the number one in-store crypto payments provider.
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