Cryptocurrencies are increasingly taking the world by storm. But amidst the cryptocurrency revolution, widespread adoption has been slowed by technical barriers, notably the lack of smartphones and a reliable internet connection. Close to half of the global population don’t own a smartphone, especially people living in rural or economically-neglected areas.
To spur crypto adoption, Apollo Fintech has developed Knox World Pay- an SMS-based crypto service set to launch in Q4 2020. The platform eliminates all barriers to cryptocurrency and fosters mass adoption, making it possible for individuals to deposit funds through Apollo’s agent network. Here’s a look at Knox World Pay features that will bank the unbanked and fosters mass adoption of cryptocurrencies
Key Features of Knox World Pay
The advancements of technology and digitalization have changed the financial sectors significantly. Currently, most of the population relies on their smartphones for banking operations, which traditionally required bank visits. In recent times, cryptocurrencies have become quite popular and are viewed as a powerful payment settlement medium. The main benefit of using mobile payment is the complete accessibility to underdeveloped regions.
Therefore mobile payments play a significant role in bridging the gap between the unbanked and banked world. As mentioned earlier, some world-class features are available on Knox, making it a provider of world-shaping solutions. These features set standards for what global cryptocurrencies exchange should offer. They include:
Millions of unbanked individuals are empowered
Individuals living in rural or economically neglected areas have a way of creating wealth by participating in global P2P blockchain and cryptocurrency economies. Through Apollo’s proprietary agent network, individuals can buy, sell, and invest in bitcoin and major cryptocurrencies.
It is an SMS based cryptocurrency service
Access to smartphones, computers, or the internet is no longer a requirement for acquisition, withdrawal, and payment of bitcoin and other cryptocurrencies thanks to Knox World Pay. Therefore, primary mobile users can use existing SMS text messaging systems to conduct friction-free transactions.
Depositing and withdrawals are at unparalleled speed
Through regional bank partnerships, users can now deposit and withdraw funds at unequaled speed. Sending bitcoin and cryptocurrencies takes up to only 2 seconds using SMS. Knox world pay makes it possible for clients to send and receive bitcoins and other cryptocurrencies in less than 5 seconds via SMS.
Customer service boasts of 24/7 assistance
The developers of Knox world pay, Apollo Fintech, holds ‘ask me anything’ sessions to answer questions from the community on various topics. Therefore, with Knox World Pay a system has been created that allows the onboarding of agents who take deposits of cryptocurrencies.
In parts of the world, for example, in Africa, an average person has no way to get access to cryptocurrencies. Bearing in mind that many people are unbanked Knox world pay steps in and ensures the availability of digital currencies transactions via SMS
Apollo’s platform Knox bank will provide a golden opportunity for exchanges to have secure bank accounts for clients. The platform will also facilitate both consumer and commercial accounts. It will be possible for anyone to create a tax-free account within a few minutes to take advantage of tax benefits.
Knox World Pay developers have made user-friendliness the main focus to ensure usability and speed is a part of their accomplishments. They achieve this by developing products with better features than their competitors. The developers also make it possible to utilize blockchain and cryptocurrencies in ways through which users will see the immediate value.
Aside from providing solutions to real-world problems, Knox world pay has some essential updates on it:
Knox will feature popular coins.
Apollo aims to have up to 150 trading pairs by the end of the year 2020. According to the Director Of Business Development Steve Mcculah, it is expected that by the end of the year 2020, there will be at least 100 coins and tokens.
Knox will have leveraged trading.
Knox platform now provides leverage allowing its customers to use their trading skills to make money. Leverage refers to additional loans given to customers based on their existing collateral. Knox is not left behind in this sector since leveraged trading is in high demand today because it is another way to earn profit by borrowing from the platform.
KYC will unlock more platform features
The process of ‘know your customer’ is what is used by businesses for the identification of the client’s identities before and during the time they start doing business with them. KYC has been in use to ensure customers are not involved in practices like bribery, corruption, and money laundering. To sign up for any of these platforms and the exchange does not require KYC. KYC will only unlock apparent features under regulation like withdrawal of fiat over a specific limit and some convenient and fun things attained by verification of user identity.
Knox’s world pay is growing to become a service that will foster mass adoption by making access to cryptocurrencies and banking solutions easier for the general digital population. Even in places most disadvantaged like the sub-Saharan parts of Africa, it will be possible to invest, receive, and pay in digital currencies. Knox advantageous sides make this global payment system the first to remove all practical barriers. This system service will make digital currencies more prevalent and accessible to the masses.