This is a guest author post, provided by the team at STK, for information about STK and STACK visit https://www.getstack.ca
From Vision to ICO
Our vision from day one was to build a new and revolutionary set of financial services; bringing the freedom and autonomy of cryptocurrencies together with the speed and convenience of existing payment solutions, regardless of country or currency. The days leading up to the ICO were a whirlwind. STK received tremendous support from around the world; people from more than 50 countries registered for our Token Generation Event (TGE). Our presale and private sale were oversubscribed as we reached our $17m hardcap and replaced the public sale with a community airdrop as a way of saying thank you to the engaged and committed support in the community. The demand for STK during ICO confirms the global desire for instant cryptocurrency payments at points of sale.
The Beginning of Strategic Partnerships
In the following months of the ICO, both STACK and STK formed strong strategic partnerships launching the STACK Production Pilot. We set out on an international roadshow with stops at conferences such as: Blockchain Vietnam, Deconomy Distributed Economy in Seoul and Blockchain Futurist in Toronto to showcase our product on a global stage.
STK and STACK started partnering with like-minded and recognized industry leaders to develop the best product and experience for our future users and existing communities. STK officially started listing on HuobiPro, COBINHOOD and KuCoin. The DAIStablecoin was integrated into the STK platform as the first additional coin option (DAI is one of the most widely used and well-known stablecoin on the market). The STACK partnership with payment giant, MasterCard, enables ease and top-level security in transactions. The partnership with VICE was a no-brainer as it is the publication of choice of millennials. 88% of Millennials said they will buy crypto because they think it is a good investment; linking directly to STACK and STK’s tribe.
STACK App in Development
The STACK App in production meant big news for STK, because it was the pipeline that built a bridge between crypto and traditional payments. While the App was in development, we then integrated the STK platform into STACK; the ‘STK Crypto Beta’. Integrating STK into STACK speeds up the transaction time from blockchain. When the checkout terminal ‘asks’ the blockchain to pay for your purchase, it will ‘speak’ to the payment channel, removing the need to wait for volatile settle times on a blockchain. This speeds up the process from several minutes at the terminal to align with the consumer’s expectation which is two to three seconds. Our payment channel demo explains how we managed to achieve an instantaneous settlement through off-chain transactions.
Free your money with the STK App and Card
STACK App Launch
August 20, 2018 was a monumental day at our office, located in the Distillery District in Toronto. It wasn’t just a milestone for our company to release the product to market, to us it also signified the beginning of our disruption of the financial industry. The STACK App launch meant offering the public a refreshing banking alternative and one step closer to the mass adoption of cryptocurrency. The STACK App reached over 10,000 installs within its first week and the card was so popular that we ran out of cards temporarily! The success of the launch was a result of the hard work of our amazing team, which grew into a bigger space just before launch, and the support of our community that shares our vision!
Where We Are Now
The STACK app is at over 30,000 installs so the momentum shows no signs of slowing down. Our founders, Miro Pavletic and Ranjit Sarai have been actively speaking on panels alongside executives of Deloitte, Capital One and MasterCard at conferences in Toronto and internationally.
Our team is working every day to spread the word about STACK and improving the app to deliver the best product and customer experience to existing and new members. One initiative to spread the word is ‘STACK on Campus’ where the team set out on a Southwestern Ontario tour to five campuses to recruit ambassadors and promote the App. Our most recent partnership with Twitch was a unique way for us to reward members interested in gaming.
The STK team has been busy researching, redesigning the platform, participating in numerous hackathons and working through the external audit to get STK ready to be released to more beta users. Our blockchain developers mentored the University of Toronto Blockfest, participated in Hack the North, #shyftHack and ETH San Francisco, where our developers built a completely end to end solution for a user to receive Fiat Loans from collateralized cryptocurrency without a central party, called Lending Party. STK won the top three sponsor prizes: MakerDAO, Bloom and Wyre prizes for LendingParty!
While we are grateful for our successes, no journey is complete without roadblocks. One that caused a burning question within our community was the US Beta being postponed. The decision to postpone was due to regulatory uncertainties, which are uncontrollable factors. STACK and STK are fully compliant but concerns over AML and KYC is a roadblock that the industry faces.
STK and STACK will continue to develop strategic partnerships, continue to refine the technology and keep our communities updated on our news and progress. Despite the roadblocks in the industry, STK is still aiming to penetrate the US market. The timing is dependent on uncontrollable factors but we will continue to search for the right partners. The STACK team has some exciting new partnerships in negotiations to provide our members with exciting rewards and a new and improved financial experience.
STK and STACK will continue to work on our vision which has remained consistent from day one. We will continue to bridge between the two different and seemingly incompatible financial systems, Fiat and Cryptocurrency, by utilizing the best of both to provide value to our members.
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