MoneyTrac Technology, or MTrac, aims to “bank the unbankable” by offering a full-service banking solution. Find out more about the platform today in our review.
What is MoneyTrac Technology?
MoneyTrac Technology, Inc., also known as MTrac, describes itself as a “new age technology holding company” that offers a full-service solution for alternative banking and electronic financial marketplaces.
Key products offered by the company include its payment platform, blockchain, crypto-commodity exchange, compliance solution, POS system, e-wallet, mobile application, and digital payment solution. MoneyTrac Technology also offers services like business development, sales and marketing, and digital and print advertising.
The company’s services are catered specifically to businesses and companies in “high-cost” industries “and other industries perceived as alternative”.
The overall goal of the company is the “bank the unbankable”. That’s why the company is targeting its services at those in “high cost” industries: companies in certain industries are “unbankable” because traditional banks do not work with these companies. Think of marijuana companies – they can’t store their money in national banks, nor can they use traditional payment methods like VISA.
MoneyTrac Technology is a San Diego-based corporation. The company recently filed a “Notice of Exempt Offering of Securities” with the SEC in preparation for its token sale.
How Does MoneyTrac Technology Work?
MoneyTrac Technology aims to bring the benefits of blockchain and cryptocurrencies to companies in high-risk, unbankable industries.
Aside from the legal marijuana industry, it’s not clear which other industries are considered “unbankable”. It’s important to note that MTrac doesn’t specifically mention the marijuana industry anywhere on its page – so they might be targeting businesses outside of the space as well.
In any case, MTrac offers a number of products and services. The company also introduces something called the MTrac Token. That token has a separate website. The main MTrac company website is MoneyTracTechnology.com, while the token can be found online at MTrac-Token.com.
In any case, here are some of the services offered by MoneyTrac Technology:
The MTrac team has “several years of progressive experience in business development and management”, which is why they’re “equipped with the knowledge and expertise required to guide business owners through the myriad of challenges and hurdles they encounter with starting and operating a business that can achieve profitability,” explains the official website.
Sales & Marketing:
MTrac can help clients develop sales and marketing campaigns, build a call center, and increase profitability for new and existing businesses.
MTrac can help users cultivate strategic partnerships across the banking and financial services sectors.
Fintech and Payment Solutions:
MTrac provides electronic payment processing and transactions, including an e-wallet, a phone app, and electronic payment capabilities.
MTrac has established key partnerships, allowing clients to connect “with a robust range of solutions and services that extend far beyond what most other companies can offer.”
MTrac has joint-ventured with a cryptocurrency exchange called In-State Crypto Currency Exchange, or ICCE. The company is currently working in collaboration with ICCE to launch a secure, fast, and robust cryptocurrency exchange.
How Do MTrac Tokens Work?
MTrac is issuing a digital currency called MTrac Tokens. The company is issuing a “public initial blockchain offering”, or PIBO to release its tokens.
Each token provides a 1/2 common share purchase warrant for MoneyTrac Technology Inc. MTrac token holders are eligible to participate in a dividend program that is expected to launch within 24 months.
These tokens are securities. MTrac has registered with the United States Securities and Exchange Commission with a “Notice of Exempt Offering of Securities” for its corporation. You can view that form on SEC.gov here.
MTrac aims to offer token holders the opportunity “to gain increased liquidity opportunities through the company’s distribution of profits”. The goal is to start paying dividends within 24 months.
MoneyTrac Technology Inc. plans to release 140 million tokens during the token sale out of a total supply of 150 million (10 million tokens are going to the reserve fund).
The tokens are expected to be sold at a price between $0.05 and $0.20, although the cheaper prices (below $0.20) are only available to accredited investors during the early investment rounds. The main token sale will sell tokens at a price of $0.20.
Who’s Behind MoneyTrac Technology?
MoneyTrac Technology is led by Vanessa Luna (CEO) and David A. Flores (COO). The company was founded in San Diego, California in 2015 under the name MoneyTrac Technology Inc.
MoneyTrac Technology ICO (MTRAC Token) Conclusion
MoneyTrac Technology aims to help companies in “high risk” and “high cost” industries enjoy the benefits of blockchain-based payment processing and cryptocurrencies.
As of March 2018, there’s limited information about MoneyTrac Technology or its MTrac Token available online. The website features basic information about the products and services offered by the company, but that’s about it. Overall, MoneyTrac Technology is focused on providing blockchain-based banking services and payment processing to companies in certain industries – including industries that cannot operate under traditional banking infrastructure.
MTrac Token has filed a Form D (Notice of Exempt Offering of Securities) with the SEC in preparation for its MTrac Token sale. The tokens will represent 1/2 common shares in the company.
To learn more about MoneyTrac Technology, visit online at MoneyTracTechnology.com.