Spice money is a payments company with diverse ambitions. Spice has recently announced plans to expand its business beyond payments. And also, make use of its own blockchain to offer other services such as shareholder trading, eKYC, AML facilitation, KYC processing, and more. This move will also help Spice become a larger player in the global financial system.
What do experts predict on Spice Money?
Experts predict that as economic development progresses around the world. There’s an increasing need for other kinds of financial bases besides traditional banking systems. They believe that these new kinds of infrastructure will be necessary for people to take part in the global economy. That too both as customers and merchants. The blockchain technology that Spice money is using for its own cryptocurrency, Spice Coin (SPICE). It will also allow people to use a lower-cost currency in their day-to-day transactions. And of course, transactions that already exist in other platforms expect the migration to the new platform.
“We’re pretty confident we can find a way to make this work,” said Chris Dixon, a partner at investment firm Andreessen Horowitz, which has put $25 million into Spice. “There’s an enormous amount of opportunity here.”
As far as is the concern of payment processing, the company has over 468 financial institutions on board with their payment solution. These are from countries such as the United States and Singapore to India, Hong Kong, and Australia.
The cryptocurrency for the platform is also an ERC20 token based on the Ethereum network. Spice money, Spicecoin has a market cap of about USD 506 million according to coinmarketcap.com as of August 12, 2018. The USD value was $22 million when the coins listing on exchanges in December 2017. At present, the total number of coins in circulation is approximately 795,000,000™ SPICE tokens. The tokens will have a standard twelve-month lifetime. Other than if they’re transferred or destroyed within 30 days after creation as stated in its whitepaper. The token is a utility token and has a market cap of $526 million in August 12, 2018, according to CoinMarketCap. Users may buy SPICE tokens through the use of Bitcoin, Ethereum, and Litecoin. According to the exchange which allows them to buy tokens with USDT [Tether], BTC, ETH, and LTC. As a result, they are also likely to have listings on other exchanges in the future.
The exchange rate for 1 Token is 0.00094322 BTC at present (August 14). The price was $0.02 at its high on January 5 and $4 at its lowest during the recent bear market in December 2017. SPICE is also listed on several other exchanges such as Tidex, IDEX, BigONE, and CryptoBridge.
What has Spice money been working on?
Spice money has been working to improve its user base by adding more money institutions. In the last few months, the Company has entered into a planned union with companies. Companies such as Microsoft where it is one of 100 blockchain-based startups. They were selected to take part in Microsoft’s Accelerator program. This provides resources and services to startups throughout their growth cycle. It will be interesting to see how the Company continues to plan according to its roadmap. That too after achieving its milestones user acquisition and volume processing.
While some may argue that nothing has changed since June when a similar report appeared on Btcmanager.com. It is worth noting that the Company has signed an MOU with the Malaysian government. And also, we are yet to see the impact of that partnership. Besides, other similar payments companies like Ripple have been able to scale up their business over the last few years. The executive team and advisory board at SPICE look quite promising and are capable of pulling off a similar feat.
The main reasons for investing in SPICE MONEY are its growing list of financial institutions on board. And its unique blockchain-based payments platform that makes use of decree currency instead of tokens. But, investors should note that the Company is currently operating in a niche market and not in its final stage of growth. It has a long way to go before it can take on competition from other global players like PayPal and Visa.
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