Bitspark’s ZEPH Token Gets Listed on Dubai’s RightBTC Centralized Exchange: Will Ripple Be Displaced?
The world of cryptocurrencies is constantly being improved to integrate financial payment systems with distributed ledgers. So far, Ripple has been quite successful on this front together with rivals like Japan’s Bitspark.
Bitspark which also operates on the International payments niche recently announced a reward incentive for its clients. The firm said that participants will be allocated Zephyr (ZEPH), the platform’s token, for each global transaction based on fiat currency. This token was only available at the Bitshares coin exchange until a few days ago when RightBTC, a centralized exchange located in Dubai, listed the coin!
Maxine Ryan, one of the co-founders and current COO of Bitspark, was quoted saying that the target market was mainly the unbanked society who may benefit from international transfers but cannot at the moment. His optimistic sentiments were backed by those of the firm’s CEO, George Harrap, who believes the ZEPH token reward for platform users is an additional avenue of making money.
Founded back in 2014, Bitspark has embarked on the development of solutions to high premiums on international transfers by leveraging blockchain & crypto tech. One of its notable accomplishments is facilitating the pioneer “cash in, cash out” transfer of funds by use of Satoshi’s digital currency (BTC) during its first year of operation. Today, the firm has expanded to provide ATM services in a couple developing economies but mostly in Hong Kong.
Bitspark network users have an easy time when it comes to international transfers. This is because the ecosystem is designed to handle all conversions hence no need for fiat to crypto switching. The company launched its Initial Coin Offering back in 2017 and has been using the funds to develop its platform. ZEPH crypto coins that were sold to investors are bought back by Bitspark monthly, this is the same approach taken by Binance with the BNB cryptocurrency.
ZEPH Eyes XRP Position in International Payments
The philosophy and approach taken by Bitspark in creating its distributed ledger is relatively similar to XRP’s direction. However, the company’s executives stated that there are a few major differences between these two technologies.
Ripple’s xRapid protocol is designed for institutions hence side lining retailers who may be interested in deriving value from the XRP ecosystem. The firm’s strategy and model appears to be more skewed towards financial institutions hence the history of partnering with banks globally.
On the other hand, Bitspark can accommodate both financial institutions and retailers. This is one of the areas that gives the project a competitive advantage in developing economies where most individuals are unbanked. Mr. Ryan, Bitspark’s CEO, through an email to Crypto Briefing said that;
“Let’s not forget that Ripple only serves individuals that are connected to the formal financial system and cash still matters in most developing economies,” he added “In emerging and frontier markets, which are neglected by financial institutions, individuals would not be able to use their solution on a day-to-day basis.”
Zephyr is West wind according to Greek mythology. Therefore, Bitspark’s idea is to bring a wind of change through integrating more people with international payments that leverage DLTs while rewarding them for using the network.