Friday, 24 Jan 2020

STACK introduces instant cryptocurrency payments at point of sale with the STK token

TORONTO: STACK has partnered with STK Global Payments to add cryptocurrency payments to its digital wallet app through the implementation of the STK token.

STACK, the first financial technology company to announce contactless cryptocurrency transactions, has a working prototype and a roadmap to deliver its cryptocurrency solution globally by the end of 2018.

Built on the Ethereum blockchain as an ERC20 token, the STK token will enable users to transact with cryptocurrency in mainstream markets and at brick-and-mortar stores without the cumbersome exchange process typical of most cryptocurrencies. STK will be available through the STACK digital wallet, currently in private beta and scheduled to launch in Canada later this year, followed by a U.S. expansion in early 2018.

"We're working towards a universally accessible alternative to traditional banking that allows you to store your money safely, access it instantly and transact with it anywhere, in any currency, including cryptocurrency," said Miro Pavletic, co-founder and CEO of STACK. "The STK token will simplify the blockchain process so that you can use cryptocurrency as easily as you would a debit card or cash."

A current lack of merchant acceptance of cryptocurrencies at points of sale and online means that consumers are required to exchange cryptocurrencies into local currency in order to make everyday purchases. And settlement times for bitcoin and ether are too long for real-time transactions. STK tokens will allow users to access an immediate exchange so that cryptocurrency can be used for daily transactions online and in-store.

"STK aims to break down the cryptocurrency usability barrier and make crypto as familiar to use as traditional payments, all with no fees and no confirmation delays," said Ethan Wilding, co-founder of Ledger Labs, and a founding team member of Ethereum. "To do this they are leading the way by implementing a cutting-edge Ethereum blockchain technique called State Channels; this technique will become the standard for many types of cryptocurrency payments."

Lamar Taylor, Creative Director for The Weeknd is a strategic advisor to STACK. "Innovation inspires everything I do," said Taylor. "The original and unconventional approach STACK is taking to revolutionize banking through technology and innovation speaks to the new millennial consumer in their own voice. This will no doubt make traditional banking systems obsolete. I support STACK as a change agent for the future of banking."

(PRN | 2 years ago)