Today in order to transfer value into Bitcoin or other stored value cryptocurrencies Private individual needs to open at least one or several accounts with crypto currency exchanges or payment institution providing such services and transfer the initial value in FIAT currency via Bank transfer facilities or pay high commissions for the PaymentCard payment options.
Additionally in past several months, as the cryptocurrency trading becomes more and more popular among the general public, the KYC acceptance times with regulated exchanges become longer and it can take up to 30 days to get accepted due to high number of application in the processing state.
Below is the process flow for the typical private individual who wishes to start cryptocurrency trading, this process in most cases takes up to 30 days to complete:
EXCH.ONE token technology solves the issue with the time-consuming AML/KYC checks in the participating exchanges, as the information included with the monetary value at the time of the token purchase also includes all necessary documents (ID, Proof of address, Selfie), and this info is proof-real is it being collected during the Token purchase by the client himself, in person at the CashRegister in exchange bureau’s counter or from existing, previously approved account in participating Payment institution.
After the collection of the necessary AML/KYC information all, of this info is being screened against the OFAC, UN and other related sanction lists, along with PEP screening employed by the EXCH.ONE token engine.
The token becomes available for transfer only after all these checks are complete and fully satisfy regulatory requirements. This process takes seconds to complete. After the receipt of the token client can freely exchange its value either into the other FIAT currency or into any Cryptocurrency which the EXCH.ONE token is listed against. In other words, after obtaining EXCH.ONE token, it owner can exchange it into BITCOIN, ETHERIUM, or any other stored value ALT coins listed on the EuroExchange Crypto exchange platform or any other participating CryptoExchange platforms.
The transfer to Token and its settlement in CryptoExchanges takes seconds due to blockchain value transfer settlement principles