Cryptocurrency company TransCrypt has launched its beta payments platform to the public.
“Today, TransCrypt reaches the biggest milestone in the company’s history so far with the launch of its app,” said Nick Machulis, CEO of TransCrypt, according to Mobile Payments Today. “We’re set on a vision to provide access to the crypto market to as many people all over the world, and we’re proud in seeing that finally happen.”
According to the company website, TransCrypt is a single window for all financial transactions, whether it be with cryptocurrency, purchase of tokens and altcoins, or payment for services. The platform’s built-in conversion can automatically exchange an amount into the currency requested, and the site’s own blockchain and the Tizer cryptocurrency allows transactions to be completed instantaneously and practically free of charge.
Now customers can download and use the TransCrypt Android app from the Google Play Store to send and receive payments in cryptocurrency via messaging platform Telegram.
Here's how it works: Each user needs to create an instant wallet within the app, which can be recognized if shared with a friend. The app will recognize the wallet address anywhere within the previous ten messages of a chat.
Completed transactions incur zero added conversion costs on the bitcoin network. The built-in conversion system automatically calculates exchanges.
“We have exciting plans that will uncover our payments solution to people on various messaging platforms,” added Machulis.
TransCrypt also announced that Jon Matonis, founder of Bitcoin Foundation, and David Drake, founder of global asset management business LDJ Capital, have joined the company as advisors during TransCrypt’s next phase of its growth.
“We are delighted to welcome David Drake onto our Advisory Board. His deep understanding of distributed ledger technologies will be beneficial to TransCrypt and will assist us in attaining our strategic goals,” said Machulis.