Basepay, found online at Basepay.io, aims to introduce tap-to-pay payments with crypto. Find out how it works today in our review.
What Is Basepay?
Basepay lets you spend money online in 40 million locations worldwide. Like any ordinary credit card or debit card, you can tap your phone on a point-of-sale system while using cryptocurrencies to make a payment.
Basepay’s technology is based on virtual cards that connect to Apple Pay and Google Pay. This allows users to spend their cryptocurrencies wherever Apple Pay and Google Pay are accepted.
In addition to offering a tap-to-pay payment platform, Basepay will create a P2P crypto-based lending system. Basepay was founded in 2015 as a lending platform for small businesses. Since 2015, the company has helped thousands of small business owners secure over $10 million in total funding. Now, Basepay seeks to combine their real-world loan experience with blockchain technology to create a peer to peer, trustless lending network.
A token sale for Basepay tokens is underway throughout May 2018.
How Does Basepay Work?
Basepay will have two core services, including virtual cards that let you tap-to-pay with crypto as well as a P2P trustless lending network.
Basepay will have zero fee cards. The company’s virtual cards will use the Stellar Consensus Protocol to provide fast, free, and secure transactions. You can load your virtual card with all types of crypto funds, then spend those funds in the real world at any retailers that accept Apple Pay or Google Pay. Your cards can be spent at online and offline retailers.
Tap-to-pay cards are supported at 40 million retail locations worldwide. That means you can use your Basepay virtual cards at 40 million brick-and-mortar retailers. You can also use your cards at any online retailer that accepts credit cards.
If you get a loan through the Basepay P2P lending system, then that money can be loaded onto your Basepay virtual card for immediate spending and access.
P2P Lending System
Basepay will also have a peer-to-peer lending system where all loans are backed by digital assets as collateral. This allows Basepay to instantly approve your loan without a credit score. You post your cryptocurrency funds as collateral, then access fiat currency in exchange for locking your crypto with the Basepay platform. You can spend your funds instantly using your Basepay virtual card or use the funds however you wish.
At the same time, lenders can use this lending system to make money. You can earn interest by posting fiat currency as collateral.
All borrowing and lending activities take place through the single Basepay mobile app.
Basepay’s lending system and virtual cards are designed to be interoperable. Users can freely exchange assets across the Basepay protocol (which, again, uses the Stellar Consensus Protocol). It’s a global, instant, and free transaction system with no central authority.
Transactions can be processed and settled over the virtual card network.
Basepay also aims to deliver fast speeds, with transactions taking place in 3 to 5 seconds. All transactions are encrypted end-to-end and secured using NFC technology.
All lending on the Basepay platform takes place over smart contracts. These contracts are established with two different transactions, signed with two more transactions, then funded with a fifth transaction. The funds are locked within the smart contract for a specific lock-up period, then unlocked at a future point when the loan is repaid.
The end result is a fee-less digital payment application.
Basepay aims to offer all of the following benefits:
- Leverage your assets, including cryptocurrencies and fiat currencies on which you want to earn interest
- Access short-term (even daily) loans
- Distributed risk across a crowd lending pool
- Loans are secured by cryptocurrencies
- No need for banks and paperwork
- Earn daily interest of 0.5% through the lending system (or pay 0.5% interest per day to borrow money)
- Flexible 1 to 90 day lending terms
- Instant approval – as long as you have cryptocurrency to post as collateral, you’ll qualify for a loan, with no paperwork or credit check required
- Borrow up to 70% of the value of the cryptocurrency you post as collateral (based on the 45 day median value of that cryptocurrency)
- Retain ownership of your cryptocurrencies while still accessing their value
“Basepay will leverage the Stellar Platform to promote financial inclusion worldwide through an ecosystem of consumer-facing financial technologies:virtual cards, merchant POS interface, digital asset trading, crypto loans and a digitized wallet.”
Not a paid ad but DYOR for ICO. https://t.co/jQOCaGsHdi
— Stellar Lumens (@StellarLumens) May 12, 2018
Who’s Behind Basepay?
Basepay’s core team is based in the United States. Key members of the team include Anthony Brunetti (Executive Director), John J. White (Compliance Lead), Prakash Sharma (Systems Admin), and Bryan Brunetti (Systems Architect).
Basepay is registered as an LLC in the state of Wyoming (under the name Basepay LLC).
Prior to founding Basepay, CEO Anthony Brunetti worked in digital marketing for 15 years. He was the Senior Vice President of Digital Marketing and the Managing Partner at 10IA, Inc., a New York-based marketing company. According to Anthony’s LinkedIn page, he continues to hold that position.
You can get in touch with Basepay by email at [email protected]
It's time for real world crypto adoption. #crypto #cryptocurrency #blockchain #ICO #ETH #BTC #Airdrop #BCH #EOS #LTC #XRP #Ripple #ethereum #tokensale #Stellar #XLM #StellarLumens #Basepay ❤️ @StellarOrg pic.twitter.com/DrgcQ7zmyi
— Basepay.io (@BasepayApp) May 9, 2018
Basepay aims to change the way we access the value of cryptocurrencies using two core technologies, including virtual crypto payment cards and a peer-to-peer lending system. You can post cryptocurrency as collateral through the lending system, access 70% of the value of that cryptocurrency, then load your loan onto a virtual card. There are no fees, and you can pay back the money over a 1 to 90 day period while paying interest rates of 0.5% per day.
Basepay will offer lending free from banks and paperwork. Cryptocurrency holders can post their cryptocurrency as collateral without the need for a credit check, a centralized organization, or any other verification. If you have cryptocurrency, you can access its value.
To learn more about Basepay and how it works, visit online today at Basepay.io.