Prior to their presale of cryptocurrency tokens, Ziftr was known as an internet browser add-on that assisted in finding the lowest prices across the web for whatever items users were looking to purchase. Earlier this year, they decided to expand their business by launching their own altcoin called ziftrCOIN.
Due to its position in the retail market, the company believes they can leverage their authority to both their shoppers and retailers to try to convince them to accept their currency as payment.
To kick-start their plan, they decided to hold a presale while also planning to give 100 coins to one million interested parties as a promotional venture. According to their website, people who buy ziftrCOIN in the presale can then redeem them with Ziftr for a minimum of $1 right away; a tall promise for an altcoin.
Cryptsy and Melotic, two Bitcoin exchanges, agreed with Ziftr to list their coin’s trades on their site after the presale ends.
Cryptsy is a popular Bitcoin and altcoin exchange based in the United States. With 270,000 registered users and a volumes for 300,000 trades daily, they are no small market competitor. However, Cryptsy does have a history of accepting a very large amount of altcoin trades — even those that end up being shady in the end.
“The partnership with ziftrPAY is an exciting, new foray into a market that we have been wanting to get into for a while,” said Paul Vernon, CEO of Cryptsy.
Melotic, on the other hand, is a Hong Kong-based exchange that ”curates a selection of digital assets” and works with companies to incorporate those digital assets into their businesses. Prior to the addition of ziftrCOIN, Melotic only allowed nine different coin trades including Litecoin, Dogecoin, Ripple and Stellar.
“We’re incredibly excited to work with Ziftr and add ziftrCOIN to our platform,” said Jack Wang, CEO of Melotic. “Not only have Bob and his team developed a unique business model that has tremendous potential to drive cryptocurrency adoption, they’ve invented an innovative new coin in the process.”
Ziftr plans to have four functions: ziftrCOIN, ziftrWALLET, ziftrSHOP and ziftrPAY. The coin is a coupon users keep in their wallet alongside their bitcoins, litecoins, dogecoin and even credit cards. Later, the shop will be an online marketplace where people can spend their money with either credit cards or crypto-currencies.
There are a lot of promises coming from Ziftr, but only time can tell if ZiftrCOIN will be a success. The team claims they can bring crypto-currency to the masses, but it’s a song sang by many other currencies looking to sell coins during their presale. As many have seen before through IPOs, coins don’t always keep their promises.
Image courtesy of Ziftr and Wikipedia
What do you think of Ziftr and its new coin? Will it deliver on its promises? Comment below and let us know!
Clay Gillespie a writer and reporter for many different platforms across the tech industry. He holds a B.S. in Journalism and Public Relations from Ball State University, and freelances for different clients in technology and cryptocurrency. For more information, visit his personal website, claygillespie.com.
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