To respond to the growing demand for multiservice solutions for cryptocurrencies, the Singapore startup Blockchain Capital Pte. Ltd. has developed a solution that would enable users to keep cryptocurrencies in wallets, follow the cryptocurrency portfolio in real time through a light mobile app, and to carry out smartphone payments in sales outlets and make electronic money transfers.
A distinct feature that would characterize the SGPay blockchain service based on the Ethereum blockchain is a possibility to store multiple cryptocurrencies. As altcoins are growing in popularity, the developer team decided to support a wider range of cryptocurrencies. A possibility to store several cryptocurrencies on one platform will also make it possible to diversify the assets and lower the risks related to the volatility of cryptocurrencies: altcoins are traditionally out of phase with the bitcoin, and if the bitcoin price goes down, the altcoin market demonstrates growth.
The SGPay platform will make it possible to store not only cryptocurrencies but fiat currencies as well and make payments, switching from crypto to fiat and back at the owner’s discretion. Debit and credit cards can also be stored on the platform.
The project aims to expand in the growing market of mobile payments in South-East Asia. In 2018, the team of SGPay contemplates increasing the user base from 500,000 customers in Singapore to 50 million users in the Asia-Pacific region by 2020.
According to Euromonitor International, the volume of mobile payments in South-East Asia will grow up to $30 billion by 2021, increasing more than twofold in comparison with 2017.
Unlike many other projects, SGPay started developing its blockchain platform before the ICO. The launch of the prototype of the service is scheduled for the first half of 2018. In the second half of 2018, the launch of the mobile payments service is expected to follow, and in the beginning of 2019, the service will integrate the support of NFC technologies and QR encryption.
The SGPay is being created by a team of experienced production engineers and financiers who have a history of working with finance, technological and blockchain companies in Singapore. They are also supported by a team of advisers who have had prior experience in other projects.
In February, the SGPay team plans to starts the token pre-sale that would take place between 1 and 14 February 2018. During the pre-sale, they plan to sell 2 million tokens. In total, not more than 10 million SGPay tokens are planned to be issued. During the pre-sale, the tokens will cost $0.4 or 20% cheaper than during the main ICO. The main crowdsale will take place between 1 and 31 March 2018 and tokens would cost US$0.5 then.
The project would have a relatively small market cap of US$4.8m based on full funding. This gives some protection to contributors and also increases the potential upside of the project depending on the execution by the team.
More information about the project.