No stated intent was finalized at press time, though Ten31 chief executive Matthias von Hauff said, “we have added yet another ideal partner to our network. Not only do we benefit from their excellent technologies, but we also secure a spearhead in the Asian region in the long term.”
And Anquan CEO Max Kantella said blockchain’s increasing prominence made it ripe for possibilities for them to “explore how unlocking the potential of DLT technologies could accelerate digital transformation and revolutionize finance for everybody.”
The partnership will likely lead to Ten31 helping Anquan customers with digital custody services.
The idea behind the settlements is to give customers easier access to their funds, no matter what their banking affiliation is.
MoneyTap, launched in 2019 on iOS and Android, allows users to use QR codes or phone numbers to perform money transfers.
The use of MoneyTap, according to SBI, is intended to reduce the costs of taking money from an ATM. By using a common web platform, the cost is the same no matter what a customer uses to take the money out.
The coin will be purchased by posting comments. Then, it can be used to buy exclusive badges and digital stickers and to reply to Reddit comments with gifs. The idea is different from a video game in-world currency because Reddit is utilizing the Ethereum network to put out the coin.
Some commenters have noted the possibility of eventually shifting the coin to a general exchange token, for trading or actual purchases, rather than a means to engage on the website.
Critics hope Reddit will be ready for those trying to ‘game’ the system through the way the coins are awarded (for things like posting quality comments). And some won’t think it’s a fair trade that Reddit is giving itself 20 percent of the tokens being distributed.