ESR Wallet: Universal Multicurrency Wallet for CryptoCurrency & Fiat (ICO Upcoming)
Latest posts by Dean (see all)
- IQeon decentralized gaming platform: can gaming broaden blockchain’s appeal? - February 21, 2018
- FarmaTrust review: using blockchain to fight fake medicines - February 20, 2018
- FarmaTrust tackling fake medicine in Mongolia with government partnership - February 18, 2018
ESR Wallet is a new product, currently under development, which will provide a kind of Paypal alternative but with the addition of cryptocurrency payments as well as regular fiat currency.
Digital wallets are at the heart of the experience of using CryptoCurrency, and at the same time they are potentially a bridge to more mainstream users who are familiar with similar services from Apple Pay to Paypal and much more.
ESR is looking to create a ‘universal digital wallet’ which bridges this gap, providing services for US Dollars and Euros as well as a range of the most popular cryptocurrencies (BTC, BCH, ETH, ZEC, DASH, LTC).
The payment provider behind this new project (simply called ESR WALLET) is a licensed issuer of electronic money, regulated by the Gibraltar financial service commission.
ESR Wallet Services
A wide range of services that users will be familiar with, from both cryptocurrency wallets and mainstream digital wallets, are in the works for this new product. They include:
- The ability to deposit and store a balance in either fiat or crypto, and make payments to anywhere in the world. Payments to other ESR users will not incur any fees.
- The creation of virtual or physical plastic VISA / Mastercard for your account, allowing you to spend your savings anywhere.
- Instant currency conversion through the web or mobile app.
- A payment processor service for merchants to use for accepting payments. There are also plans for this to include an optional escrow agent service to provide a trusted third party, giving shoppers greater confidence in using cryptocurrency for shopping at unfamiliar stores.
- A cashback system supported by a network of merchants.
- Microloan services, allowing users to apply for small loans denominated in any supported cryptocurrency.
- Interest payments on cryptocurrency balances.
- Free cash withdrawals through the company’s network of ATMs (currently 300, all in the US, but with plans to expand)
The ICO and ESR Token
The basic wallet functionality has already been developed, along with integration into the VISA / MASTERCARD network. The company also has established strategic partnerships bringing instant access to over 700,000 active users who can be introduced to the new wallet for minimal cost.
In order to fund the development of the full range of services, an Ethereum based ESR token will be created and sold in an ICO crowdsale via smart contract (instructions provided on their website).
In total 10 million tokens will be created, 90% of which will be made available for sale to the public. The remaining 10% will be split between the founders and a pool for bonuses. Bonuses are paid for early participation in the sale, and go up as high as 25% for anyone participating during the first day of the sale.
The price per token is fixed at $10 USD, with price discovery for the network as a whole being accomplished by burning (permanently losing) any of the ICO tokens which are not sold.
Holders of this token will be eligible to receive quarterly profit share payments, distributed automatically through smart contract.
In addition to enjoying this 30% share of the service’s profits, supporters who purchase at least 10 tokens during the ICO will also enjoy enhanced interest payments on cryptocurrency deposits (20%) and within 60 days of the end of the sale will be able to claim a free personalised multicurrency debit card delivered to their home.
More information about ESR Wallet services and the ICO crowdsale can be found here: esrwallet.io