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.
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.
PROBLEM AND MARKET SCENARIO
The financial crisis of 2008-2009 led the general public to lose faith in the global banking system. This distrust was one of the prime motivations in the birth of Bitcoin, a cryptocurrency developed by a person or a group of people named Satoshi Nakamoto. The loss of trust in the banks led to the emergence of a peer-to-peer “trustless” electronic cash system based on a technology called blockchain.
THE INTERMEDIARY WILL FADE AWAY
The fundamental value proposition of the blockchain is that it eliminates the need for trust — a commodity without which exchanges of value (transactions) cannot happen. This means that individuals and businesses can do away with a whole bunch of intermediaries whom they pay for managing trust. Bitcoin is just one application of the new technology (blockchain). The advent of cryptocurrencies has led to a worldwide boom where new innovations are being brought onboard, structured through pioneering crypto Tokens, to disrupt existing traditional industries.
SURGE IN CASHLESS PAYMENTS
Global non-cash transaction volumes grew 11.2% during 2014-2015 to reach USD 433.1 billion, the highest growth of the past decade. Debit card and credit card transfers were the leading instruments in 2015, while check usage continues to decline globally. Debit card accounted for the highest share (46.7%) of the global non-cash transactions followed by credit cards with 19.5% in 2015. The RBR (Retail Banking Research) study shows that the share of credit transfers has also increased. They tend to be used for high-value payments, such as salaries and business-tobusiness payments, and account for 89% of the value of cashless payments. The impressive growth of cashless transactions will continue, with cards increasingly being used for low-value payments, supported by the spread of contactless cards and EFTPOS terminals. Meanwhile, growth in credit transfers is being aided by the implementation of systems enabling real-time transfers. For example, in November 2016, the European Payments Council announced the launch of the SEPA Instant Credit Transfer scheme.
Entry.Bank is a digital bank with traditional banking services provided using blockchain technology. Entry.Bank will provide traditional banking services of deposit and payment to its users. Users can deposit blockchain assets in their Entry.Bank accounts and make easy
payments to individuals, merchants or any other entity. Transactions flowing through ENTRY Token as the main currency of the platform will have a network effect and add financial value to the Token. Entry.Bank also facilitates payments through physical as well as virtual cards. The users can make easy payments to individuals and merchants using the funds stored in ENTRY wallet. Through card issuance partnerships with global payment networks, Entry.Bank will aim that its cards can be accepted by millions of merchants as well as POS terminals, the adoption of which is growing exponentially with existing 3 Million ATMs which enable withdrawing cash worldwide. The debit cards will bridge the gap between the fiat and crypto worlds by increasing the Token flow in the real world by quick currency conversions at the point of payment. This will promote the financial freedom of the users to make easy, quick and secure payments.