BDAM —Resolving the acceptability issues for the cryptocurrency industry
The crypto and blockchain industry is recording growth at an unprecedented pace on a global scale. The rise of blockchain, tokenization, and decentralized technology has unleashed a new breed of apps, sites, and services not only within the fintech space but across all major industries including but not limited to banking, supply chain industry, medical industry, etc. While in the developed countries, crypto projects such as Bitcoin are considered commodities, in economically stricken countries like Venezuela and Iran, these virtual currencies are being used as a mean of payment and store of value.
Acceptability is still a major issue:
However, despite the thriving market cap, this industry is still struggling when it comes to mass adoption. The major reason being the buying process involves a large number of intermediaries, which results in massive third party fees and causes delays of up to days. Similarly, liquidating your crypto assets is also a time-taking process that may result in a beneficiary getting an amount lesser than what it was when sent at the time of transaction because of fee and third-party deductions. Another issue is the utility and acceptance of the respective coins or tokens across merchants and retail stores.
Moreover, the exchanges where cryptocurrency is being traded have also their own set of issues. Take, for example, the issue of high trading fees, security vulnerabilities (several hacking incidents in recent months and years causing loss billions of dollars of loss), uncertain nature of operations in terms of legal compliance, no multi-language support, and poor customer support.
Introducing BDAM — A complete financial ecosystem striving to bridge the gap between the crypto and the existing financial world.
BDAM is a project of the BDAM foundation that aims to provide a complete decentralized ecosystem, and by doing so, resolve issues faced by the crypto industry. In this vision, the foundation offers a state-of-the-art hybrid digital-asset exchange, i.e., BDAMX, a decentralized payment gateway, i.e., BDAM Pay, a decentralized application store, i.e., BDAM dApp Store, and a native blockchain deployed token, i.e., BDAM Coin.
BDAMX Exchange, the key product of this ecosystem, serves as an innovative crypto-asset platform that uses hybrid technical architecture for combining the best features of both centralized and decentralized exchanges. The Beta Version of the exchange is already live while the Mobile version would be live by 1st week of 2020.
The Alpha Version of the BDAMX Exchange would simplify the buying and selling process of cryptocurrencies by integrating user accounts with BDAM Debit Card. A user would simply be able to purchase by using his credit or debit card. So no hassle of doing wire transfers or buying from peer to peer local exchanges where a certain degree of risk always there. Furthermore, with BDAM Pay, which acts as a payment gateway and a multi-coin wallet, users would also be able to spend their tokens across a big network of merchants and eCommerce stores. Moreover, the BDAM Platform would also feature a dedicated remittance engine that will not only enable the mass adoption of crypto assets but also allow efficient remittance: a sector where third-party intermediaries often charge significant fees, while such transaction is being done.
With the provision of a secure and seamless trading platform, a dedicated payment gateway, Crypto Supported Debit cards, and the BDAM dApp store, the BDAM Project is poised to create a complete ecosystem as per the roadmap. The team believes that this will not only resolve the current issues faced by the crypto industry but also enhance the process of crypto adoption and would serve as the bridge between crypto and fiat money. It will further support potential startups by offering them a platform to deploy their business while creating much-needed liquidity and helping them to grow and be the industry leader of tomorrow.
To know about the project more, please visit our website http://www.bdamcoin.com/ and read the BDAM white paper today.