As the world accepts blockchain as an innovative reality, and crypto currency like bitcoin being used as an accepted medium of exchange, there is still the current challenge of crypto volatility and forward price stability to enable cryptocurrencies to be used for everyday transactions.
One innovative company with deep management understanding of banking, payments and blockchain believe they have solved the volatility problem. Flying Money has entered the market with the tokenization of currencies and assets, but with key differentiators and improvements that protect customers and the digital exchanges who will use their asset tokens. Combined with its management strength with key members running listed companies and having managed billion-dollar P&L’s, the team have engaged international expert legal and accounting firms to bring legal security to customers, so they know their asset tokens are really what they say they are, and backed by the real assets as stated.
“We found when we read terms and conditions of many asset backed tokens, the provider simply stated the tokens would be registered on the blockchain and be irrefutably correct due to the decentralized ledger. Although this is correct regarding how many tokens there are on issue, it does not substantiate the asset that is actually backing the token, or that the asset even exists, or is actually owned by the token holder”, stated Russell Hatton, Managing Director, Flying Money Limited.
Flying Money’s solution is not only blockchain based, but also real world based with a full audit by globally recognized accounting firm Ernst and Young and the legal and regulatory structure of Flying Money advised by King & Wood Mallesons, with an independent trust set up to solely manage token holder’s assets which are 100% backed by the issued token.
Although some old-world rules are used regarding audits and the legal framework to protect customers and digital exchanges that use the Flying Money asset backed tokens, token holders enjoy the benefits of blockchain and cryptocurrencies with costs at a fraction of banks and transactions being done in seconds rather than days.
Investors can tokenize cash, commodities, securities or any financial instrument and sell it on the blockchain cutting the banks out and reducing their high fees and long processes to transfer assets. The approach of Flying Money is to tokenize these stable assets and enable customers to forward price goods and services and pay for and remit money as needed anywhere in the world in multiple currencies, or asset classes such as commodities, bonds, or real estate.
“In effect we have taken the best of both worlds and combined them to make the most stable, secure and transparent digital assets for the mass market today” said Hatton.
Flying Money’s main competitor is Tether.io which has risen from a market cap of $300,000 to over US$1.2 billion. Flying Money views it can provide a safe, secure and structured alternative to Tether mitigating customers and digital exchanges concerns regarding the underlying asset backing with its clear and legally transparent structure.
Flying Money is currently undertaking a well-received pre-sale with its planned ICO March 2018. For more details refer to www.flyingmoney.io