Graft, a global, open sourced payment gateway blockchain network designed for Point-of-Sale, has announced that it will launch an Initial Coin Offering program to raise funds for the growth of its blockchain-based payments business. The ICO is scheduled to begin on the 18th of January, 2018.
The company aims to bring a solution to some of the problems that existing cryptocurrencies face at the point of sale, including long wait times and high transaction costs. The demand for cryptocurrencies has grown dramatically in recent years which has manifested in the increase in the prices of cryptocurrencies like bitcoin, ethereum, litecoin and other altcoins.
With cryptocurrency, confirmation incorporates the stages of authorization, authentication, clearing, and settlement; the same stages that are involved in credit card payments. When these are all taken into consideration in a traditional credit card payment, cryptocurrencies can have a significantly faster settlement. However, although using cryptocurrencies is faster for a merchant, the customer has to wait for confirmation rather than tap a credit card. Additionally, bitcoin fees are currently high. The fact that consumers pay the transaction fees as opposed to merchants in credit card payments is another factor that discourages the mass adoption of bitcoin.
Graft is looking to solve the problems of transaction costs and settlement times with a merchant-centric, agile blockchain. GRAFT offers a payment blockchain that is compatible with major existing payment technologies. This allows merchants to accept both fiat and cryptocurrency payments, enjoy instant settlement, and have access to their funds in their preferred currency. This ease of use for both consumers and merchants is hoped to ensure that cryptocurrencies deliver on their promise of being a more efficient medium of exchange.