ENTRY is a blockchain - based platform empowered by smart contracts; it will not only acts as a bank by offering easy deposits, payments and lending services, cross-border payments, ATM facility/convenient withdrawals, but also as a cryptocurrency exchange for the business and consumer world.
ENTRY is a blockchain-based banking service designed to increase the flow of cryptocurrencies in the real economy. It is an AI empowered multi-utility financial platform. ENTRY is designed to allow people to use fiat as well as crypto currencies in their day-to-day purchases without really having to be concerned about the technology behind the system. ENTRY envisions becoming a truly global bank in the post fiat world. Its entire framework is structured to enhance utility of all crypto Tokens and simultaneously facilitate all those who still want to transact in fiat. ENTRY’s suite of products allows it to touch the financial lives of every crypto user and change it for the better.
To be the gateway between traditional and new financial paradigms and systems led by cryptocurrencies and empower the financial ecosystem to have a framework that allows for inter-operability between the two.
To help cryptocurrencies achieve suitability for everyday transactions and open the world of crypto-finance to every citizen.
To keep a transparent record of all the transactions in the ecosystem.
To expand the use of cryptocurrencies for purchase and payments across the business world.
To create a simple and all-in-one platform to revolutionize the traditional methods of dealing with banking systems.
ENTRY’s suite of comprehensive banking products and services will ensure a new benchmark in banking and financial services.
The global financial crisis revealed significant weaknesses in the existing financial system and some of the vulnerabilities have already exhibited their impact on the interconnected global market. The world economy is still struggling with sluggish real growth today. Transferring money for remittance, money lending across international borders is still very complicated, time consuming and expensive. Existing systems running on traditional banking channels are slow and full of intermediaries, higher exchange rates, counter-party risks, bureaucracy and extensive paperwork9. ENTRY’s business model is focused on disrupting the existing pillars of finance who only act as toll-keepers without providing any value-add to consumers and businesses. Removing the numerous intermediaries would make the system faster, more secure and cost-effective for all involved.
ENTRY BUSINESS MODEL IN DETAILS
Entry.Money is a crypto currency and fiat payment gateway for e-shops that can be easily accessed through web and mobile app versions. It will provide IBAN (International bank Account Number) to every user of ENTRY to enable them to store blockchain assets in their accounts. Initially, we will facilitate only Euro currency (in fiat currencies) for all the transactions. We plan to put down roots in European countries which have a huge untapped market and then expand and incorporate all the major fiat currencies in the years to come. Entry.Money allows the users to deposit, store, withdraw and transfer fiat as well as crypto
currency. Merchant can use the platform for simple conversions to ensure sale of their goods. The merchant will get the sales price in the currency requested less the applicable transactionees. Merchant can trade beyond national boundaries without any hassle of currency differentiation or fluctuation. Merchants will be able to trade in their own currency (say Euro for now), giving freedom to buyers to use any crypto currency for purchase (say BTC). Entry.Money ensures that the merchant receives the payment in Euro; this process of conversion and transfer will subsequently bring liquidity on Entry.Exchange.
Cross-border payment challenges:
Cross-border payments are intrinsically inefficient because there is not one single ubiquitous global payment system. There are three challenges that must be overcome in order to improve the cross-border process:
Slow, costly and inefficient cross-border payments for banks and businesses.
Lack of a common global standard and variations between systems have reduced the ability of both banks and corporate treasury/enterprise systems to seamlessly pass data between each other.
Government regulations are changing how payments are made. Payments are subject to domestic regulations, which compound the challenges of cross-border payments because often rules vary between an originating and receiving country.
The inefficiencies of the current cross-border payment system have opened the doors for new players to introduce alternative models in the financial system to optimize the existing crossborder payment system.
Entry.Money enables peer-to-peer hassle-free cross border payments at a very low cost. The blockchain based platform and widespread acceptance of cryptocurrencies have made it convenient for people to remit funds to any country. For instance, if a person “A”, a UK citizen wants to make a payment in Bitcoin to “B”, a person who accepts only US Dollars and resides in the US. Then “A” can use ENTRY platform to make such transaction. This will revolutionize the acceptability of crypto across the world. Currently, transactions are a miniscule part of the crypto-ecosystem. It is presently dominated by speculation and “investing”. This will bring in merchants who can now accept Bitcoin payments but actually receive in Euro. Also, an investor who wants to pay from their crypto stash can now use it for paying in the real world. ENTRY aims to boost the international business by providing a secure, cost-effective and timely payment system to ensure that there is ease in currency conversions without any limitation to distance or boundaries. There is also a massive compliance burden associated with the payment framework and ENTRY would be registering itself under applicable laws to make sure that the payment is safe under all circumstances. This is a huge benefit for all stakeholders as it gives them a level of comfort not available with any other unregistered platforms.
Started development and obtained Money Institution License.
Signed agreement with Central bank to get SWIFT and IBAN numbers to connect EU SEPA system.
Developed payment gateway (credit/debit cards, bank links and others) to collect funds for online shops.
Started integrations with Central Bank system to provide peer-to-peer payments to all EU banks and started to build infrastructure for international payments.
Started crypto-exchange and beta version will be ready before ICO or during ICO.
Conducted meetings with card issuers for issuance of MasterCard or Visa cards to the ENTRY users and invested more than 1 million Euro for continuous development of the platform.
Started developing Pre-ICO and ICO. During ICO we will launch payment gateways (ENTRY.MONEY) with bank accounts for personal use. We will launch crypto exchange (ENTRY.EXCHANGE).
Change money institution license (already obtained) to Electronic Money License or European Bank License. Starting to obtain financial licenses outside EU to operate worldwide.
Expand (ENTRY.MONEY) services adding business account worldwide and launch app.
Release (ENTRY.NETWORK) wallet to store, send, receive your crypto, participate in ICO through wallet. Blockchain (own or partners owned).
Start P2P Lending (ENTRY.BANK).
Launch ATM systems (ENTRY.CASH) and put cash machines for beta testing.
Start partnerships with agents to provide deposits and withdrawal services with cash.
Investment, loans and other banking and finance services worldwide.