Secure, efficient and user friendly crypto banking, payments and e-commerce solution are being made possible by Nauticus through blockchain technology. Nauticus Exchange will be a one stop shop offering 300 cryptocurrencies and 16 fiat. It will be the users’ delight as they would be able to buy whatever crypto they desire using their own nation’s money. The fees involved for sending and receiving payments internationally like PayPAL and Western Union Combined will be much lower. The platform has already been joined by 200,000 users.
What a delightful experience it was for MarketMongers to have TechTalks with Bryan Ng, CEO of Nauticus Blockchain, who is launching a new crypto and fiat currency exchange and lots more.
Rama: Introduce Nauticus including what problems it is going to solve.
Bryan Ng: We think cryptocurrency is far too complicated for the average person and for mainstream adoption and we want to help change that. Exchanges are bafflingly complex to ordinary people and most don’t offer fiat currencies. In addition you often need to sign up to half a dozen different exchanges to buy all the altcoins you want. So Nauticus Exchange aims to make ‘buying Bitcoin as easy as ordering a pizza’. It’ll be a one stop shop with 100 crypto and seven fiat – expanding to 300 coins and 16 fiat currencies within a year. The exchange will also enable fast and cheap international transfers. It opens in August.
Rama:Why did the team launch an ICO ?
Bryan Ng: We had the option of launching the exchange using private funding, but we talked about it and decided that launching an ICO is the perfect way to build up a community of users and to publicise the exchange. Nauticus also isn’t just going to be an exchange – we have six solutions in total including opening a green blockchain mine, an eCommerce platform (we have partners in China and Hong Kong already), a merchant payments system, one and done KYC verification and an ICO Gateway to help out startups and protect investors.
Rama: How Nauticus is going to use Blockchain technology for ethical global banking and eCommerce?
Bryan Ng:The exciting thing about blockchain technology is that it reduces the reliance on middlemen and enables users to trust each other. A big company like Amazon or eBay takes more than 10 percent of the sale price in fees by acting as a middleman for eCommerce transactions. We can offer the same level of trust and protection against fraud as they do using blockchain technology with much lower fees. We also think supply chain tracking using blockchain offers users the chance to opt for more ethcial and sustainable products. In terms of payments, for merchants it also eliminates the dreaded ‘chargeback’ because the credit card companies are no longer involved.
Rama: Tell us about Nauticus Exchange and its goal.
Bryan Ng:We are developing a true ‘one stop shop’ exchange, launching with 100 crypto and seven fiat. It’ll be the only exchange users ever need. Importantly, we’re going to offer a very simple interface that allows newcomers to crypto the ability to buy coins without any technical knowledge, but we’re also developing an interface aimed at sophisticated users with some of the most advanced trading features currently available. We’re going to bake in a payments service into the exchange, which will become the foundation for our global eCommerce marketplace. We already have almost half a million registered users – all of whom were given 100 free NTS coins they can use to get 50% discount on trading fees on the exchange. This gives them a big incentive to use it.
Rama: Let us know in detail about your plans listed below eCOMMERCE platform in 2020.
Bryan Ng: We’re developing a global eCommerce site using blockchain which will have the safety of eBay or Amazon but with ultra-low fees. There will be a blockchain based rating system for users, merchants and businesses – and those with better scores will be rewarded with lower fees. This cuts down on staffing costs for us, as we won’t need to be involved in every transaction.
Standard fees will be no more than 3 percent, but as little as 0.1 per cent for high volume/high-trust users. We have already announced strategic alliances with Chinese blockchain eCommerce platform Jufuchain/Badou Mall and the Hong Kong blockchain eCommerce platform Galaxy eSolutions.
Merchants’ payment platform in 2021
Our exchange will also offer payments which will be transformed over time into an easy-to-use, low-cost solution for businesses and organizations of all sizes, allowing merchants to accept the currency of their choosing (crypto or fiat). Businesses can implement these payment methods at point of sale using contactless payment options, or on their existing digital shopfronts. They can also set up online stores on the Nauticus Marketplace to take advantage of even lower transaction fees ñ as little as 1 percent.
Global know your customer verification (KYC) in 2022.
Know Your Customer (KYC) is a way for businesses, institutions and governments to verify the identity of customers. We will offer ‘one and done’ KYC verification integrated into the Nauticus Wallet mobile app. Our system enables users to go through the verification process once and then control the release of that information to various organizations that require it. Blockchain technology means the process cannot be manipulated or hacked. Our service will reduce the need for users to go through endless sign up and verification processes with each new business, and the consequent risk of identity theft that comes from having many different copies of their personal and sensitive information stored in disparate locations.
Rama: Explain Beta wallet with it’s unique features.
Bryan Ng: We have designed an iOS and Android app that gives users access to the exchange to buy and sell crypto, but is also able to be used for NFC payments, or to transfer money around the world. We have released a beta verison app for feedback, to help us refine the concept, and we’ve been very pleased at the response. On the Google Play store the app currently has a 4.7 star rating.
Rama: How does Nauticus token function within the platform and why it is required?
Bryan Ng: Unlike a lot of other tokens that have no clear use case, the Nauticus Coin is integral to our platform. It provides a 50% discount on trading fees in the exchange, and will underpin our eCommerce and merchant payments solutions. We’ve modelled our coin on the Binance Coin, which as you know, has been incredibly popular.
Rama: How does Nauticus Exchange going to impact cryptomarket?
Bryan Ng:We like to think of the Nauticus Exchange as the next step in crypto. Until now crypto exchanges have been very difficult and complicated, and we intend to bring crypto to the masses. Only a very small proportion of the public currently own crypto so there is a huge untapped market out there.
Rama: What are the things that an ICO should fulfil in order to attract investors?
Bryan Ng:I think a good ICO needs to build a community of supporters, and we have been delighted to be able to manage this. We have nearly 11,000 members in our Telegram group, around 30,000 facebook fans and 13,00 followers on Twitter. Good ICO’s also need to inspire trust, so we have been very focused on being transparent as possible. We are registered with AUSTRAC (the Australian Government regulator) as an independent remittance dealer and as a digital currency exchange.