Welcome to Joshua Tate, CEO & Co-Founder at ForumPay. Thank you for accepting an interview from FinTechnews.org.
Let me start with an easy question. I read from your web-site the following:
FT. What are the main problems ForumPay is solving? What advantages does ForumPay offer buyers and sellers that use digital payments?
JT. ForumPay solves the general acceptability problem with crypto. One of the major challenges facing cryptocurrency adoption is that, despite the name, it is not yet a currency. There are 6 defining characteristics of currency – durability, portability, uniformity, limited supply, divisibility and acceptability. Crypto is arguably superior to traditional currencies in five of those characteristics, yet still lacks general acceptability. You simply cannot yet use crypto as a part of your daily consumer behavior like you can with cash or credit/debit cards. ForumPay solves that problem by providing an instant conversion of crypto from the consumer into the preferred traditional fiat currency for the merchant at the time of sale.
For buyers and sellers, ForumPay provides many distinct advantages – enabling crypto fungibility with any other currency, without conversion or exchange risk and with superior efficiency and security to other payment methods are principal among them. The collateral benefit to the entire crypto industry is that by ForumPay enabling crypto payments in daily transactions, crypto volatility is naturally diminished resulting in higher values.
FT. How can merchants benefit from ForumPay’s blockchain system?
JT. A new survey by Moscow-based cybersecurity firm Kaspersky Lab introduced on June 17th revealed that 19% of people globally have purchased cryptocurrency. The survey, titled “The Kaspersky Cryptocurrency Report 2019,” was carried out in October and November 2018.” Another survery by Finder reveals that nearly 15% of Americans own cryptocurrencies – nearly double the amount from 2018. Due to its global application, there is no reason to think that number will not continue to grow exponentially. ForumPay allows for merchants to gain a competitive advantage by giving them access to the fastest growing consumer base on the planet. Other benefits of using ForumPay include:
- Generate new sales from growing customer base of crypto enthusiasts
- Simple integration options into your existing payments environment
- Full KYC/AML compliance
- No exchange risk
- No risk of identity theft/breach of consumer data
- No chargebacks
- Competitive fees
- No exchange loading
- No cross border expense
- Wallet agnostic
- Multiple crypto options
FT. What makes ForumPay any better than other blockchain-based solutions?
JT. There are very few true blockchain-based solutions. Of them, ForumPay is the only solution that provides instant and transparent conversion, spot pricing with best execution and no exchange loading for the merchant or the consumer. We own and operate our own exchange that also connects to exchanges globally to ensure best execution and without dependency on third party exchanges.
Also, many companies in this industry have failed to reach widespread adoption because their payment solution requires a specific cryptocurrency or a specific wallet. ForumPay has improved the user experience significantly as its solution is agnostic to either of the two. You can pay directly from the wallet of your choice in the cryptocurrency of your choice – no dedicated apps are needed in the process.
FT. What’s in the pipeline for ForumPay?
JT. ForumPay is integrating with merchants across Europe, Latin America and Africa and we expect to enter the US and Asian markets in the coming months. Many well-known and established payments ecosystems are integrating ForumPay to roll out to their existing merchants.