SunContract Launches SEPA Fiat Gateway
The new SEPA Fiat gateway is a Single Euro Payments Area (SEPA) Deposit, a new feature on the SunContract platform that will facilitate the direct conversion of fiat money to SNC tokens, without the need to go through cryptocurrency exchanges.
The new SEPA feature on the SunContract platform was announced by the company’s CEO Mr. Gregor Novak.
Novak said with the new functionality customers will be able to purchase electricity using SNC tokens without having to go through a crypto exchange. This will be done directly on the platform thanks to its recently integrated SEPA fiat gateway which will enable the conversion of euros to SNC tokens for day to day transactions. He adds that the newly integrated platform is a milestone that will go a long way in encouraging adoption of the platform and as a result, expansion into foreign countries
The SNC Tokens
SNC tokens are the required currency used by peers on the platform to purchase renewable electricity. Before this announcement it was mandatory that the tokens were purchased directly on a crypto exchange, and then transferred onto the platform for peer to peer transactions.
From now on users on the platform can deposit EUR using SEPA protocol directly onto the platform. During each electricity-purchasing transaction, some of the euro balance on a user's account will then be converted automatically into the exact amount of SNC tokens required to settle that transaction. This is no small feat and will go a long way towards protecting users on the platform from well-known crypto market volatility experienced by all projects in the blockchain industry.
The deposits will be based on SEPA protocol – meaning: transactions could take 2-3 days depending on one's banking institution.
SunContract believes that the fiat gateway will go a long way in encouraging adoption of the peer-to-peer energy trading of electricity, not only in Slovenia where the project is being implemented for a start, but also globally.
Payment in SNC will be transferred directly to the owner of the power plant that supplied the energy or services. Liquidity for conversions will be guaranteed with SNC tokens available on the market. Fiat gateway service will extend to your country as soon as SunContract platform comes to your country.