With the latest technology of blockchain and its ever-changing value propositions, many financial experts predict traditional banking will reach its end in 10-15 years. Traxion aims to serve as a transitionary platform to a bankless society as cryptocurrencies are ushered into the modern era and is starting to onboard institutions and large marketplaces.
Traxion announced this week that they will be launching an ICO to run a crypto-economy of various financial services that can decentralize bank operations in the future. The Traxion platform uses the latest IBM Hyperledger Fabric technology to create a permission-based distributed ledger. This new technology allows for easy, frictionless yet enterprise-grade solutions for industries that need to comply with data protection regulations.
The Traxion ecosystem consists of three interfaces which are the TraxionWallet, TraxionChain and TraxionContract. TraxionWallet provides white labeled “bank-in-a-wallet” solution using blockchain-driven environment, enabling its community to load, send, save, spend, lend, borrow, and more using a secured, simplified yet compliant application. And it is also for business organizations in transitioning financial assets into a digitized currency at zero cost. TraxionChain creates a secure inter-business blockchain solutions for enterprises requiring result-tracking, and TraxionContract applies the smart contract technology for increased integrity and workflow, and diminish corruption. The startup focuses on building a digital financial infrastructure for everyday users. A blockchain-driven environment changes how people do business by enforcing data integrity, accountability, transparency, and trust.
The company has also signed up with the Seamanpreneurs Consumers Cooperative, an organization that promotes financial literacy and business activities among its Filipino seafarers community that totals up to 1 million. TraXion will provide the SeaPay Wallet which is exclusively developed for the benefit of the cooperative. It gives its users simplified yet secured access to financial services. SeaPay Wallet will promote financial inclusion and financial literacy.
In addition to the signed partnership, during a recent interview, the company spokesperson for Traxion was quoted as saying, “After hitting or surpassing many of our company milestones, we are ready to launch an ICO that everyone would like to participate and join in its token ecosystem”. He went on to say, “After the ICO, the plan is to move to various countries within Southeast Asia and replicate the partnerships made in the Philippines. Emerging countries with high population of unbanked would be prioritized, then the rest of the world.”
The Traxion ICO Pre-Sale is set to open on April 15, 2018 with 250,000,000 tokens being offered for crowdsale. From this amount, 25M tokens will be available on pre-sale. The Traxion Token (TXN) will be issued on the blockchain operated by a smart contract.