Be Treasury to use blockchain platform for cross border payments
Be Treasury is a blockchain platform which in early 2019 received seed round financing to develop an ecosystem for financial applications. BeTreasury will use the investments to build blockchain platforms for cross border financial service solutions using Blockchain. It will introduce its stablecoin BUSD.
Using BeTreasury’s online banking system, withdrawals will reach users’ accounts in real time, and funds can also be transferred to other users in the system free of charge. At the same time, the BeTreasury’s online banking system also supports ATM cash withdrawals and transactions undertaken in both physical and online stores. BeTreasury’s global currency account may potentially assist commercial tenants collect money from users in more than 200 countries.
Powered by blockchain technology, BUSD aims to provide both individuals and institutions with a new method for transaction value. Both the issuer and market participant can take advantage of the consensus mechanisms inherent to blockchain to realize fully transparent cross-region, cross-asset or cross-application P2P trades in real time. Given the nature of the tokens’ value stability, stablecoins have become popular as other crypto tokens tend to see wild fluctuation in value. This new mode of payment will meet the ever-increasing demands placed on the blockchain medium of exchange, including payments and receipts, consumer activity in all commercial environments as well as and cross-border payments made to users.
BUSD is a central part of BeTreasury’s mission to create a decentralized ecosystem for the world of finance driven by the blockchain. BUSD is a cryptocurrency which has 1:1 parity to the US dollar. The fact that BUSD is fully backed by the US dollar provides users with comparatively stable purchasing power. BUSD’s support system offers three layers of security architecture for users: the mobile wallet (DApp), BUSD server, blockchain and smart contract.
To enrich the application scenarios of BUSD, BeTreasury also introduced the BUSD client wallet and bank card, and the bank card uses legal tender as the circulation medium. Meanwhile, BUSD leverages intermediary fees over the traditional SWIFT bank transfer system used by most enterprises on cross-border payment. It can realize point-to-point payments on the basis of simplifying the process, ensuring considerable savings for commercial tenants. The BUSD payment fee is only 0.5% compared to around 3% for the traditional cross-border mode of payment.
Currently, BeTreasury has bank accounts in Singapore and Europe, and has applied for a US bank account and European EMI license. Moreover, BeTreasury endeavors to complete the online circulation of more than 100 digital currency circulation platforms in 2019, carry out payment tests with cooperating commercial tenants and seek deeper cooperation with them, and issue additional stable currencies such as BEUR and BLPY.
BeTreasury is currently seeking a new round of financing, which will be used for team expansion, market circulation, marketing, technology research & development and daily BUSD operation. It is believed that BeTreasury is ready for its future planning and preparation driven by innovations of cross-border financial service Blue Ocean and blockchain technology.