Listen to this articleSTACK is a universally accessible new personal finance platform, built on the idea that using your money should be free. STACK is an alternative to traditional banking that allows you to store your money safely, access it instantly and transact with it anywhere, in any currency, right from your smartphone. Below is our interview with Miro Pavletic, CEO & Co-founder of STACK:
Q: Tell us a bit about how the STK idea started and what it aims to achieve?
A: STK evolved as a natural evolution of STACK, to address the gap between the cryptocurrency industry and the 22 trillion dollar marketplace.
The STK token bridges the gap by providing a platform to enable instant, seamless transactions at point of sale, using cryptocurrency, through the STACK app.
Our vision is to provide a platform where you can use your money in any country and in any currency, with no fees. STK and STACK are the perfect partners to provide the ultimate access to your money.
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Q: Mobile tap-to-pay usage has seen a large increase annually over the last 5 years, how does STK aim to establish market share within the industry?
A: As I mentioned, there is 22 trillion dollars per year being spent in the marketplace right now, and yet cryptocurrency accounts for almost none of that. STK is unique as the only cryptocurrency that will, through its partnership with STACK, have access to a global payment rail allowing mobile tap-to-pay at more than 33 million merchants across the world. Additionally, the STACK app provides a series of other benefits like Financial IQ, real-time rewards and automated savings features which means you’ll be able to use your cryptocurrency accounts for more than just day-to-day transactions.
Q: Who are your main competitors and how does STK differentiate from them?
A: The STK token and its implementation through the STACK app makes us a much bigger solution than just a new token or single utility, which makes it hard to define our competitive category. We’re operating in both the cryptocurrency and traditional financial services markets, and there aren’t a lot of companies who are looking at financial services as widely as we are.
If we look exclusively at the cryptocurrency industry, there has been an emerging focus on enabling cryptocurrency at point of sale. Our advantage is our partnership with STACK, which has a confirmed agreement with a global payment rail, and working tap-to-pay functionality within the app. STACK is in private Beta and scheduled to launch later this year, so we’re much further along than anyone operating without that kind of traditional financial infrastructure, which takes a lot of time to build. Our partnership with STACK also means that users will have the option to use local currency or crypto, instead of separate solutions for both.
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Q: Do users need to be familiar with cryptocurrency or do you plan to integrate audiences who may not have come into contact with it?
A: Part of our mission is to introduce cryptocurrency to a wider market and our platform will allow us to do that in an environment already familiar to anyone with a traditional bank account. Our goal is to provide a universally accessible solution for global access to your money, in any currency.
Q: When do you foresee a minimum viable product (MVP) release for the use of the STK token?
A: The STACK app is already in private Beta, scheduled to launch later this year in Canada, followed by a U.S. roll out in early 2018 and international expansion later next year. We expect to have instant cryptocurrency transactions available by early summer.
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Q: How does STK plan to evolve from traditional payment rails into cryptocurrency to FIAT transactions?
A: One of the biggest challenges facing cryptocurrency adoption is the lack of merchant acceptance and the inability to make real-time transactions. STK resolves this by acting as a middleman between the existing payment rails and customers’ private crypto wallets. Our token provides access to a State Channel between a crypto wallet and a 3rd party liquidity provider. By using State Channels, we can provide an instantaneous guarantee of payment to the merchant. Crypto wallet holders are also able to keep full control over their private keys, including the ability to trade their assets at any time. Essentially, using the STACK app will feel like you’re paying the merchant directly from your crypto-wallet.
Q: Is there a reward for early adopters and for participants within the token sale?
A: Absolutely! Our presale is underway right now with a 20% discount. We also have a bounty program running, and a referral program which will start on the first day of our public sale.
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