Worldcore: Bringing Banking to the Blockchain
Worldcore is an established online money transfer service, which has recently announced plans to expand its operation to create an online, blockchain-powered peer-to-peer lending platform. To this end, they have announced an ICO, which is currently scheduled to begin on October 14, 2017.
Worldcore first made a splash last year, when they were awarded the “Best Fintech Newcomer” title by Business News Europe, and also entered into a partnership with the well-known bitcoin payment gateway, BitPay. Now, Worldcore can offer cryptocurrency-based withdrawals to its global customer base.
In some senses, Worldcore is a traditional FinTech business that has clearly seen the potential and promise of the cryptocurrency and blockchain world. Worldcore started out essentially as a money transfer business, and this new pivot will allow them to enter the rapidly growing cryptocurrency-based money transfer business.
By offering payments and consumer spending options, including a prepaid debit card, they are well poised to undercut banks and money transfer competitors. Worldcore has also established a well-regarded reputation for its verification systems. Instead of making use of traditional passwords, account holders at Worldcore are able to access all of their accounts by using simply using facial and voice-based recognition. At the same time, the company’s blockchain solution will eventually offer a payment gateway similar to Ripple.
Longer-term, Worldcore’s cryptocurrency products are planned to feature a P2P lending platform which will be blockchain-powered and regulated, a cash transfer system based on the blockchain, allowing for speedy conversions from cryptos to cash. Most interestingly, the platform will also include the ability for users to transfer their cryptocurrencies into a Swiss bank.
The Worldcore platform will also allow for payroll services, including employee wages, affiliate payouts, and payments to partners or subcontractors, all within the Worldcore platform. This mass payment platform will eventually provide mass payments to any payment cards or bank accounts connected to the service.
The payment accounts offered by Worldcore offer essentially all the features of traditional current bank accounts, including client onboarding, and advanced security and functionality. The accounts opened by customers can be funded with multiple currencies, which can allow consumers to accept bank transfers without the need to open a bank account. Unlike many bank accounts, this multi-currency account can be operated remotely and offers 0 percent commissions for bank transfer funding.
Worldcore can truly function as an alternative to traditional bank accounts. Some of the major advantages that Worldcore is set to offer include no transaction limits, no monthly maintenance fees, no setup fees, and an entirely online application process with same-day approval.
The Worldcore ICO is scheduled to begin on October 14, 2017, with a total WRC supply of one billion tokens. WRC tokens will initially be offered at a price of $0.10. These tokens are then backed by a smart contract, distributing a portion of annual revenue to holders. Unlike the vast majority of companies currently undergoing ICOs, Worldcore is not building up its business from nothing. Notably, Worldcore’s annual transaction volume for 2017 has already exceeded €100 million ($118.5 million) and is expected to surpass €150 million ($177.7 million) before the end of the year.
The ICO pre-sale began on October 2 for larger investors, with a minimum purchase of 500,000 tokens. The public ICO, however, boasts a very low minimum purchase level of only $10. At present, the fundraising goal is $100 million, with funds raised during the ICO to be used for development and promote the platform’s blockchain project.