in the San Francisco bay area, 100 people, is testing a debit card, the card to allow them to use COINS and Ripple, a virtual currency to pay, in the future, they can also use a common currency and integral to pay. The user is a pilot project of participants, the project supported by the firm called Shift of Payments Y Combinator start-up operation. The company efforts to consumer digital currency, encryption, digital currency and integral becomes easy like consumer legal tender.
Shift company is by Meg Nakamura, Eugene Otto and Greg Kidd. They have to pay, in the field of telecommunications and regulatory background enable them to form up an ideal team. Although connect digital currency and integral to the offline world such as the “normal” debit card is very complicated, but is something for the team.
Nakamura, a graduate of Princeton university, when he worked in a consulting firm called the Promontory Kidd met partners, and the company main services to financial enterprises, to provide compliance, strategic, and these enterprises risk management problem. Kidd was also gives several bay area start-up companies to provide advisory services, including Twitter and Square. He is as a senior analyst at work for the federal reserve. The two partners have previously worked in 3 taps company together. You may have heard that before, the company is doing the data aggregation. Due to the excessive use of the third party service classification website Craigslist data, they are in lawsuits. In the company, they know now partner Otto – a veteran social games and entrepreneurs. In three taps company still at risk when (they are still at the stage of early litigation), Nakamura said they can to develop some new things. She explained: “we are always interested in the market, 3 taps the patch of the search market, is another piece of cake and the efficient market news and payments.”
message applications has been growing, such as Whatsapp, Facebook Messenger is occupying the market. But the payments are full of opportunities. Nakamura said: “due to the rise of the currency, the payment has been growing. Our ability of real-time processing and do not need a third party certification is very interested in, so we also want to go to a desperate payments.”
Shift Payments at first only Nakamura and Kidd in the two companies invested in a project team project. Until November 2013, they are all developing allows the user to consumption they Ripple (original OpenCoin, now Cryptocurrency) balance the prototype of the card. After the prototype has been applied to the Y Combinator, and accepted by the user.
now, the start-up companies are trying to enlarge the using range of payment card based on the early prototype. At present, the pilot Coinbase and Ripple account is, let the testers through their virtual currency account pay for goods and services.
the plan is going to project in the future will be integral and the usual bank account binding with Shift Payment card.
with legal tender, digital currency and integral of Ripple can be used as a settlement agreement.
through the corresponding mobile phone applications, users are free to switch their capital account, and track the transactions. Due to a large international card network support, the card can be used offline, online and multinational.
the Shift is also a secret payment processor is used to help it authorized digital currency trading. Similar to the traditional trade, which involves the process of authorization, and settlement at the end of the day. A user using the currency for payment under the authorization of the Shift to help, then at the end of the day, the money will be transferred out of his Coinbase account.
although pay test is still in progress, but it is definitely not a simple process. Partners are not allowed to Shift binding early more than 10 CARDS, let alone a target of 100 CARDS.
Nakamura said, once a funding prototype card development bank partner or even out of the partnership. She said: “we don’t have a bank of America soon realized, willing to take risks to support our project. They are too nervous, afraid of his own reputation. In contrast, the rest of the world bank is more bold.”
however, she believes, will eventually and us Banks Shift for cooperation. She said: “this is need some time, bank of America is focused on the technology, and the huge potential infinite interest. They are closely monitoring the regulatory direction changes.”
although market support for the card encryption digital currency like Ripple and COINS, but it also shows its limitless potential. Nakamura said: “now that the currency’s value is only $8 billion, but we’re talking about a 6 times as integral annual growth areas. We think that this is an unprecedented opportunity.”
founder of Hard Yakafund foundation of some investment to make the company won a strong development momentum.