BDAM kicks of 2020 with strategic Zapaygo partnership, enabling users access to over 900,000 stores, restaurants, hotels and venues.
The crypto and blockchain industry is recording growth at an unprecedented pace on a global scale. The rise of blockchain, tokenization, and decentralized technology has unleashed a new breed of apps, sites, and services not only within the fintech space but across all major industries including but not limited to banking, supply chain industry, medical industry, etc. While in the developed countries, crypto projects such as Bitcoin are considered commodities, in economically stricken countries like Venezuela and Iran, these virtual currencies are being used as a means of payment and store of value.
Acceptability is still a major issue
However, despite the thriving market cap, this industry is still struggling with mass adoption. A major reason being the buying process involves a large number of intermediaries, which results in massive third party fees and causes delays of up to days. Similarly, liquidating your crypto assets is also a time-taking process that may result in a beneficiary getting an amount lesser than what it was when sent at the time of transaction because of fees and third-party deductions. Another issue is the utility and acceptance of the respective coins or tokens across merchants and retail stores.
Moreover, the exchanges where cryptocurrency is being traded also have their own set of issues. Take, for example, the issue of high trading fees, security vulnerabilities (several hacking incidents in recent months and years causing loss billions of dollars of loss), uncertain nature of operations in terms of legal compliance, no multi-language support, and poor customer support.
BDAM (British Digital Asset Management), is striving to change this by bridging the gap between the modern-age crypto world and the existing financial infrastructure while also offering a hybrid architecture exchange.
We interviewed the CEO of BDAM, Jaian Cuttari, who’s background stems from serving on executive role in several companies, most notably as CEO of VelTrust, a leading strategic advisory and investment firm based in the United States. Talking to him about the project, he said
“ With BDAM, our vision is to offer a variety of financial products and services, and thus, creating a complete full service financial ecosystem focused on serving both crypto and traditional markets. If you see the status of our project right now, we have already launched BDAMX, which serves as a hybrid-architecture crypto-asset exchange. The standout aspect of this exchange is that it allows trading in several markets such as Bitcoin, Ethereum and many more, all at the same time.”
“Now, let’s talk about BDAM Pay, for which we are excited to announce the recently initiated a strategic partnership with Zapaygo, a company based out of UK, which has access to over 900,000 stores, restaurants, hotels and venues through their exclusive partnerships with the NEC group.” – Jaian
“BDAM Pay, which is set to be one of the earliest EOS based payment gateways, will allow BDAM users to be able to perform crypto-based transactions in the existing VISA, Mastercard, or UnionPay infrastructure. Merchants such as those offered on Zapaygo’s platform from across the world will be able to accept payments from BDAM customers, who will be able to instantly pay in certain large or in standard ERC20 tokens for any product or service on any of the 42 million POS-terminals world wide.“ Mr. Jaian continued.
Zapaygo CEO Elliot Hall, who was also part of the discussion, was quoted saying: “With the ecosystem offered by BDAM, it certainly has the potential to simplify spending of crypto in the real world, Zapaygo’s latest partnership with BDAM is going to help both companies serve their customers while leading the effort in this industry towards real world implementation of cryptocurrency.”
“ Imagine having access to over a thousand food stores, restaurants, cafes, and bars: all ready to accept your cryptocurrencies and that too at a priority. This is what we hope to achieve with Zapaygo and BDAM.” Continued Elliot.
The BDAM team has the vision to resolve the current issues faced by the crypto industry and, in doing so, enhance the process of crypto adoption. With a complete ecosystem for projects, offline, and online businesses, it will support potential startups by offering them a platform to deploy their business while creating much-needed liquidity and helping them grow.
The BDAM Team is aiming to launch an IEO campaign by March 2020.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.