Crypto Industry, its challenges, and how does BDAM aim to resolve them?
The crypto and blockchain industry is recording growth at an unprecedented pace on a global scale. The use of digital currencies, together with market changes, is creating a revolution that is rapidly transforming the financial sector. 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. Moreover, cryptocurrencies are no longer just speculative assets but are being adopted as daily used finance and source of remittances across the world. 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.
However, despite the thriving market cap, this industry is still struggling when it comes to mass adoption: 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.
Also, the exchanges where cryptocurrency is being traded are facing issues such as High trading fee, security vulnerabilities (several hacking incidents in recent months and years causing loss billions of dollars of loss), Noncompliance with regulatory authorities or 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 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. It offers free account creation and allows the buying and selling of cryptocurrencies by integrating user accounts with its BDAM Pay and BDAM Debit Card, and in doing providing the much-needed liquidity issue associated with the cryptocurrencies. Anyone can transfer funds from a bank account across the world: at minimal costs without any limit, no matter from where the transaction has been generated — given that the account holder has successfully passed the KYC and AML Check. As a result, the BDAM Platform not only enables 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.
Furthermore, to enhance the liquidity of the tokens and increase its acceptability, the BDAM Project offers BDAM Pay, which acts as a decentralized payment gateway. It offers dedicated Point of sale solutions for eCommerce stores and merchants. Moreover, it also acts as a multi-coin wallet whereby users can store, hold, send, receive, or make payments with cryptocurrencies both for peer to peer transactional activities and making payments across a variety of associated merchants and retail points.
We believe that through the provision of a secure and seamless trading platform, a dedicated payment gateway, Crypto Supported Debit cards, and the BDAM dApp store, BDAM 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 our white paper today.