LAS VEGAS — Safe Cash Payment Technologies, Inc. today announced a partnership with CleverCoin to implement the revolutionary Safe.Cash platform and offer digital cash in countries operating under the EU banking system.
The partnership, which is fully compliant with European banking regulations, allows Safe.Cash to provide new instant payment functionality for consumers. Transactions will be facilitated using CleverCoin’s API to integrate with Lemon Way’s mobile payment solutions. Funds for issued Safe.Cash Euros are stored with Lemon Way’s banking partners.
“The Safe.Cash option has unlocked the era of digital cash,” said Christian de Kok, CEO of CleverCoin. “We are thrilled to offer a simple and secure solution to our clients, consumers, and merchants.”
Beginning Q1 of 2016, clients and consumers will be able to convert Euros into digital cash. Safe.Cash preserves the privacy and universal acceptance of cash Euros, while adding the security and digital portability of cryptocurrency. International merchants outside the EU who qualify by providing acceptable credentials (KYC – Know Your Customer) can transact directly with customers inside the EU, streamlining payment processes.
“Safe.Cash is fully committed to serving the mainstream banking world. Our platform is designed to solve crucial pain points and remove unnecessary friction from the existing system,” added Safe.Cash founder Chris Kitze. “Eventually, we aim to power banks around the globe, supporting euros, U.S. dollars, and all other fiat currencies, as well as asset-backed and loyalty products.”
Safe.Cash is 100% collateralized, meaning that each and every Safe.Cash token is backed by equivalent cash in the bank. The company partners with banks and utilizes digital wallets with end-to-end encryption, which will be available on iOS, Android, and other mobile platforms. Following a legal and straightforward fact-pattern, the cash resides in the bank while consumers are able to spend the tokens just as they would cash, swapping them for local currency at partner banks whenever they desire. Safe.Cash provides instant and guaranteed funds with no repudiation.
The new digital Euro will introduce an easy way to convert Euros to other digital currencies available in Europe.