Singapore-based Streamity is looking to raise US$20 million in a token sale to fund the development of a decentralized cryptocurrency exchange. The startup claims it intends to solve the issue of high commissions and high fees that are plaguing the cryptocurrency trading market.
The Streamity project focuses on establishing a cryptocurrency exchange and a broad range of related services including an information and news portal with market data and the latest announcements, an investment portal with an ICO calendar, blog articles, investment statistics and a forum for traders, and an educational center for resources and insights.
The cryptocurrency exchange, called StreamDesk, is set to allow users to exchange cryptocurrencies for fiat currencies or other cryptocurrencies in a peer-to-peer manner. Converting any of the cryptocurrencies listed on the platform will be carried out instantly, efficiently and securely. Using smart contracts, the platform will be fully automated, ensuring the security of transactions and minimal fees.
Streamity claims a first prototype of the StreamDesk trading platform was released in August 2017.
In addition to StreamDesk and the cryptocurrency news and information portal, Streamity says it will hold meetups and conferences, and organize training courses. Several partnerships are set to be concluded as well in order to boost adoption.
“Streamity aims to transform the cryptocurrency exchange ecosystem and redefined the already lost glory of lightning speed transaction at the lowest cost cryptocurrency once had,” the company claims.
“We believe in the decentralization of cryptocurrencies and the absence of control over cryptocurrencies by any central authorities. People must manage their finances without any interference of third parties. The Streamity project embodies the idea of really honest cryptocurrency exchange between individuals.”
Streamity will be competing against other peer-to-peer cryptocurrency exchange services such as Local Bitcoins, Changelly and Qvolta, but in contrast to its competitors, the company says it is “the first peer-to-peer platform ready to protect transactions with smart contracts” which blocks then releases the funds once payment is received.
The launch of StreamDesk is scheduled for later this month, followed by the Streamity education and information portal in Q2 2018 and the release of a mobile app in Q2 2019.
Streamity is looking to raise US$20 million through the sale of a total of 186 million Streamity Tokens (STM). The startup says 65% of the funding raised will go towards product development and reserve capital for future profit, and 25% will be spent on active marketing.
STM, an ERC-20 token, will be used for all payments for services on the platform and transactions within the Streamity network. The startup plans to have its cryptocurrency listed on all major exchanges.
STM tokens are available for sale for BTC, LTC ETH, ETC, USD and EUR. These will be transferred to users’ accounts after the second stage of the ICO, which will begin on May 16th. The minimum transaction amount is 0.1 ETH. All tokens not sold during the ICO will be kept in the reserve of the Streamity project founders.