Merit Announces $1 Million Funding for Invite-Only Cryptocurrency
Word has it that Merit has emerged from stealth with a million dollars self-funding. At the same time, general announcements have been made in relation to the Merit currency (MRT) and wallet.
The cryptocurrency world is a fascinating one where traders involved have more control of their assets with very little fees to pay. The only concern, that several individuals are trying to resolve, is its usefulness, as it has been proclaimed as difficult to serve as a payment method. Of the several attempts, here we have Merit.
Merit, a currency and wallet startup, has been created to help evolve cryptocurrencies into that of traditional payment methods. Ultimately, their goal is to allow each and every individual to successfully split bills at a restaurant or make clothing purchases, just like having services like PayPal.
Founder and CEO of Merit, Adil Wali strongly believes that cryptocurrencies are slowly becoming centralized and are leaning towards a “winner-take-all Wall Street mentality”. Wali believes Merit eliminates the notion of centralization altogether, and solely focuses on creating something that is easy-to-use and is applicable on a daily basis.
A factor worth mentioning here is that of daily use, as Merit cryptos can be sent via different channels of communication, including via texts, WhatsApp and e-mail. Most importantly, Merit supposedly works by removing any possible barrier that prevents entry to blockchain investments. Their twist of promoting Merit as an “invite-only” crypto is to award Merit holders with every friend, family or colleague invites that are sent out.
Of all the features of Merit, the creation of a “vault” for users is what gives them the competitive advantage. A user can supposedly create a vault for himself or his or her entire family, where only family members have access through a “password-reset” that is based off of rate limits. This feature has been embedded mainly to avoid anyone from hacking accounts. In addition, traceability is greatly focused here, as users no longer need to worry over lost coins through unknown addresses.
Wali’s personal investment of $1 million was done to bring a stable value to Merit, as opposed to depending largely on investors. Furthermore, he decided to limit the news regarding Merit, until the project is sound and ready to be open to the public. This is definitely a strategic approach on Wali’s part, as most crypto launches only make promises. Merit is currently only accessible via invitations only. Will it make eventually make it to top exchanges?