Kryptonect Plans ‘Amazon of the Blockchain’

Cryptocurrency marketplace and ecosystem startup Kryptonect says it plans to launch the “Amazon of the blockchain,” with a marketplace that lets consumers purchase “tangible products” anonymously.

Set to launch on the Binance Smart Chain at the end of January, Kryptonect says its chief components are an eCommerce marketplace and a freelance marketplace. The London-based company claims it is a pioneer in combing the “most advantageous components of blockchain” with the rise of eCommerce.

“Firstly, many of the issues faced by the internet-connected consumers who are excluded from E-commerce can be solved by moving away from traditional forms of online mediums of exchange towards cryptocurrencies,” Kryptonect said in a press release Monday (Jan. 24).

“Even though cryptocurrency technology hasn’t been explored yet in a serious way” by small and medium-sized eCommerce firms, “the acceleration has already started and Kryptonect is at the forefront of this revolution,” per the release.

Meanwhile, the company said the work-from-home trend has set up a potential boom for peer-to-peer (P2P) freelance, which will “require more efficient infrastructure than what is currently available.” Kryptonect suggests it can create that infrastructure “with the integration of a smooth, easy-to-use blockchain component.”

The company says its value is in the anonymity it offers. Users can connect their wallet to being buying and selling, making confidential, untraceable transactions.

“This does not sacrifice the possibility for data analytics but leaves it at the user’s consent. Anonymous package delivery solutions have also been put in place,” the company said.

Kryptonect says its team — led by a founder and lead developer identified only as “Kam” — are hoping to raise funds over the next week in a series of initial DEX offering rounds.

Read more: To Win Real-Time Payments Fight, Crypto Must Beat Mainstream FIs, Woo Regulators

Earlier this month, PYMNTS looked at the way eCommerce has — and hasn’t — changed in an interview with Jim McCarthy of i2c, who argued that the time is “ripe for new ways to move money where it’s more of a push than a pull.” With blockchain, there’s a potential for a huge disruption for the way people pay and are paid, he said.

“B2B payments, correspondent banking, any place you saw friction — historically, where the world was wired a certain way — are being flattened by cryptocurrency,” said McCarthy.