Flying Money, found online at FlyingMoney.io, aims to digitize financial assets using blockchain technology. Find out how it works today in our review.
What is Flying Money?
Flying Money is a blockchain-based platform for creating and trading digital fiat-backed tokens. Flying Money currency tokens, which are named things like USDf and EURf, will be used to settle trades, transfer funds, and diversify cryptocurrency portfolios. They’re designed as a type of “stablecoin” that holds its value when other cryptocurrencies fall.
Flying Money’s whitepaper explains that there’s been one major problem with cryptocurrency investing: volatility. Flying Money wants to reduce volatility by anchoring a digital currency to an equivalent bank deposit.
Obviously, we’ve heard a concept like this before: this is exactly how the controversial “Tethers” work. Today, many cryptocurrency exchanges rely on USD Tethers, or USDT, as a digitized version of the US Dollar. Every 1 USDT is purportedly backed by 1 USD in a real bank. However, the company has refused all audit requests to date – leading some to believe a catastrophic bank run is around the corner.
Flying Money mentions Tether in its whitepaper, saying:
“The only real competitor currently operating in this token currency market is Tether. It has a market capitalization of approximately $1.2 billion dollars and turns over in excess of $1.9 billion dollars daily.”
Since the Flying Money whitepaper was published, the market cap of Tethers has risen as high as $2 billion.
How Does Flying Money Work?
Flying Money will introduce fiat-backed cryptocurrencies. These cryptocurrencies are built to be transferable 1:1 with real fiat currencies held in real, verified bank accounts.
Flying Money’s first goal is to introduce a tokenized version of USD called USDf. That currency will be followed by EURf, JPYf, AUDf, GBPf, and CADf.
Together, these currencies are called Flying Money Currencies, abbreviated as “FML” currencies.
All currency tokens will be backed 100% by an equivalent amount of fiat currency held in a bank account. Users will be able to buy and sell Flying Money currency tokens on digital markets worldwide. Or, they can redeem tokens on the Flying Money payment gateway.
Yes, Flying Money will have its own payment gateway. That gateway will allow users and businesses to accept cryptocurrencies as payments for goods and services in 42 million online and in-store locations.
Users can make payments via a mobile app. Users can also exchange currencies directly from their mobile wallet, bypassing costly banking exchange rates. If you want to send AUD to your friend in exchange for USD, for example, then Flying Money claims you’ll be able to do it at a cheaper price than traditional banking methods.
It’s important to note that Flying Money already has an auditing system in place: Flying Money has appointed Ernst & Young as its auditors to undertake monthly audits on proof of reserves. Flying Money’s records will also be reviewed to ensure tokens in circulation match the total amount as a bank deposit. This ensures each currency is backed 100% by a matching fiat bank deposit.
Tether, the major competitor to Flying Money, makes no such claim. In the event of insolvency, Tether makes no guarantee regarding the ability for customers to convert their USDT 100% back to USD. It’s not totally clear if Flying Money allows this. However, they seem to be more transparent with their auditing procedures.
In addition to currency tokens like USDf, Flying Money will have its own utility token called FML. This token can be used to purchase currency tokens, or to pay transaction fees on the payment gateway.
Flying Money Currency Token Benefits
Some of the benefits of FML tokens include:
The ICO will issue a total of 50 million tokens (soft cap) and a maximum of 65 million tokens (hard cap).
The Flying Money payment gateway charges transaction fees when customers buy or redeem currency tokens. Transaction fees can be paid in FML, BTC, ETH, or cash. Proceeds from these transaction fees are used to buy back and destroy FML tokens, thereby reducing supply.
As the volume of currency tokens increases, there will be increased transaction fees. This will lead to increased demand for FML tokens to be purchased and destroyed.
90% Discount When Paying Transaction Fees With FML:
You’ll reduce your transaction fee by 90% when paid using FML tokens.
Issued on Global Exchanges:
Flying Money will issue its tokens across global cryptocurrency exchanges.
The World’s First ERC20 Tokens:
The ERC20 token will be a world first for JPY, GBP, AUD, and CAD.
Flying Money’s reserves will be audited monthly by the world’s largest accounting firm, Ernst & Young.
Who’s Behind Flying Money?
Flying Money’s management team has created, operated, and sold IT and financial companies with balance sheets over $2 billion. The team also has real leadership experience in blockchain, banking, payments, and IT.
The company aims to generate positive cash flow from its first day of operations.
Key members of the team include Carl Vizvary (CEO), Russell James Hatton (Managing Director), Ravi Prakash (CTO), and Sean Birchley (COO).
Flying Money incorporated in Hong Kong in September 2017.
The Flying Money FML ICO
Flying Money is holding a pre-ICO from January 31 to March 29, 2018, during which you can buy FML tokens at a price of $0.50. The main ICO is being held from March 30 to May 18, during which tokens are priced from $0.67 to $1.
There’s a total supply of 65 million Flying Money tokens (FML). They’re ERC20 tokens built on the Ethereum blockchain.
10 million tokens are allocated to the pre-ICO, with 37 million to the main ICO. The remaining tokens are going to founders and developers (10 million), advisors and partners (5.5 million), and bounties (2.5 million).
Flying Money FML ICO Conclusion
Flying Money aims to introduce a series of ERC20 tokens, including Tether-like FML currency tokens with named like USDf and JPYf. These currencies will be backed 1:1 with real currency reserves. Those reserves will be audited by Ernst & Young, the world’s largest accounting firm.
Flying Money will also have its own native currency called FML. That currency can be used to pay transaction fees on the platform. They can also be used to buy and sell USDf and other tokens.
To learn more about Flying Money and how it could disrupt Tether, its only competitor, visit online today at FlyingMoney.io.