Spendcoin Whitepaper

“At Spend, we believe the best approach in creating a highly efficient global commerce system is to
digitize the currencies we use to make it wildly accessible to billions of banked and
unbanked individuals worldwide”

The financial services industry is notoriously opaque. Today, if you need to
perform a commerce transaction or exchange money with a loved one back
home, there has to be a trusted third party like a central bank or government.
None of these intermediaries can provide real-time and accurate traceability
of financial transactions. That’s the reality of the last 150 years of this
financial system.

As a current rule of fact, a bank account is the first point of entry in a
formal financial system. Currently there are over 2 billion unbanked
individuals worldwide!

Given the abysmal pace of innovation in the traditional banking and financial
services industry, achieving Universal Financial Access (UFA) by 2020
seems like a dream.

The industry has a mammoth task ahead of itself. We need to ensure
financial inclusion of 2 billion unbanked adults worldwide, out of which 10
million are from US households. Significant portions of this population are
immigrants and of ethnic communities.

“You don’t drown by falling down in the water, you drown by staying there”
The time is ripe to digitize our global commerce and financial system by
eliminating the dire need of intermediaries and interlocutors that choke by
taking an outdated remittance system that is known for high processing
fees throughout the transaction process.

“Digitizing payments even for agricultural goods could cut the number of unbanked by about 125
million, including up to 16 million in Nigeria revealed The World Economic Forum.”
Spend.com and the Spend ecosystem of products aims to solve these issues
globally.

Spendcoin Website
Spendcoin Whitepaper

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