Zephyr (ZEPH) is a tradable rewards token for Bitspark’s cash to crypto network. The Zephyr token is awarded to Bitspark customers who do economically beneficial actions for the company’s network and from each successful transaction, Bitspark dedicates 25% of the service fee to buy backs from the Zephyr Market as per their announcements.
ICO start date: 2017-10-06
Zephyr Project Review
For those who invest or trade Zephyr directly from the market, they are incentivised by Bitspark’s buy back strategy which in turn will provide liquidity as well as potential for positive price pressure.
Bitspark provides a cash to crypto service via their web platform and mobile app. Zephyr is an important component to Bitspark’s expansion in the APAC region and globally as the company uses the token as a rewards mechanism. If a customer refers someone else to join the network, whether it’s creating an account or joining the Cash Point network, they are rewarded with Zephyr.
Read more about the Bitspark’s current growth and future plans in the latest company Roadmap.
Bitspark was founded in 2014 and was the first in the world to do cash-in, cash-out blockchain remittances. Since then, the company has introduced two products: Bitspark, a money transfer platform for businesses and, Sendy, a blockchain remittance app for individuals. Both products are functional across seven countries including Hong Kong, Malaysia, Philippines, Indonesia, Vietnam, Pakistan, Nigeria and Ghana and provides cheaper, faster remittances to more destinations.
In October 2017, Bitspark ended their ICO for Zephyr. The money raised will go directly into funding Bitspark’s mission of making crypto available to everyone, by launching stablecoins for each of the world’s 180+ local currencies. The mission will leverage Bitspark’s Cash Point locations spanning from 500K+ shops world wide to become the cash-in, cash-out points for buying and selling cryptocurrencies.
The company has gained wide recognition through the financial technology industry. Bitspark has won international competitions for its product and services and have participated in incubation and accelerator programs world wide. Most notable programs have been Accenture Fintech Lab and SixThirty. Bitspark in 2017 also secured funding from America’s third largest insurance company Reinsurance Group of America (RGA) before the Zephyr ICO.
Zephyr is a utility token that runs on bitshares blockchain (UIA). There is no smart contracts behind it. The purpose of that token is reward system for customers. It can be traded against any other existing coin on the BitShares (on DEX).
Platform and Mobile App
Bitspark recently announced its move from Bitcoin to Bitshares blockchain to facilitate its remittances. Reasons for the change included lower and predictable transaction costs, access to exotic currencies and removal of counter-party risks that Bitshares can bring. The company’s services across the DEX, mobile app and Cash Point network are all enabled by the Bitshares blockchain.
Wallets and Exchanges
Bitspark started the Zephyr Token sale period on 1st of September, 2017. The token sale eventually raised just over $1M USD.