Safe Cash, a state-of-the-art digital payment technology provider, has raised US$1.12 million from leading fintech and business investors, including Bialla Ventures and InfoSpace founder Naveen Jain, to continue the development of its trading platform which is set to be launched later this year.
The Safe Cash platform is designed to help escalate bitcoin mainstream adoption by allowing the masses to take cash to a bank and purchase digital tokens. It’s goal is to leverage the privacy and universal acceptance of cash while maintaining the digital portability of cryptocurrencies like bitcoin.
“Trillions of dollars are transacted in cash globally each year, representing 85 percent of all global consumer transactions. Instead of asking how to make a digital token like bitcoin more globally accepted, we’ve taken the universally accepted currency of cash and made it digital,” said Safe Cash founder Chris Kitze.
The company will disclose its banking partners in the fourth quarter of this year, shortly before the official launch of its platform. The Safe Cash platform will utilize digital wallets with end-to-end encryptions which will be available on iOS and Android platforms, and its partner banks.
“While this is a boon to consumers, it is first and foremost a fully compliant, legal banking product,” said Kitze. “Safe Cash is a secured digital payment system that enables banks to do things they can’t do now. Consumers and merchants will greatly benefit from person-to-person e-commerce, store of value without digital asset fluctuation risk, and eventually, cross-border payments and remittance,”
One disadvantage or limitation of the Safe Cash platform is its reliability on banks and its traditional financial systems.
Last week, leading Danish bitcoin exchange CCDEK teamed up with the decentralized fintech exchange OpenLedger, allowing users to convert bitcoin to fiat-based Smart Coins, which are convertible to cash via Paypal and Ripple gateways.
While the OpenLedger platform is built on the industrial-grade decentralized financial smart contract platform BitShares, the Safe Cash platform will rely on banks, complete with their inherent capabilities and limitations. Since the banks are the financial institutions responsible for storing U.S. dollars and providing redeemable tokens, the banks’ inefficiencies or delayed services could affect the overall performance of the Safe Cash platform.