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ARK has partnered with Ø Crypto Union to provide new opportunities to ARK holders. Our newest partnership will bring access to crypto-backed ‘credits’, allowing users to borrow fiat money by using ARK as collateral. This will also grant access to Ø credit and debit cards giving users instant access to holdings.
Ø Crypto Union aims to become the world’s first decentralized bank by leveraging the limitless potential created by blockchain technology. It is a versatile project that is composed of three main services: “Ø Pay”, “Ø Invest” and “Ø Lift”.
Ø Pay will be the main feature that ARK users will be able to test and make use of.
What is ØPay?
ØPay Mobile App
Ø Pay allows you to leverage your investments using crypto-backed credit from a fully licensed financial institution, with accreditations pending in Malta. Pay for anything anywhere via a custom credit card and maximize the utility of your cryptocurrencies without worrying about free. By depositing your ARK coins as collateral into the secure vault, you can instantly use your new line of credit while keeping the benefits of staking your coins.
Ø Crypto Union is currently in the process of obtaining the ELMI/EMI (Electronic Money Institution) and the MTF (Multilateral Trading Facility) licenses from the Malta government.
What does this mean for ARK holders?
As part of our partnership, we are assisting with the integration of ARK into Ø’s platform so ARK users can directly benefit from this payment gateway. ARK will be among the first communities to be exposed to full financial capability and direct payment methods including asset-backed loans.
Additionally, the Ø Crypto Union team will be selecting several ARK community members to become ‘Beta Testers’ of their platform, with ARK integration and testing set to begin in September. In return, testers will get a membership in Ø Crypto Union free of charge!
Beta testing of credit and debit cards will start in October, and this will open the door to instant fiat access in various denominations such as EUR to start, with GBP and USD launching at a later time.
How does it work?
The Ø Pay system has been designed to keep things as simple as possible. As an ARK holder, you will be able to deposit your tokens into the ØPay platform and immediately get 40% of your ARK’s value in fiat as a line of credit, collateralized by your ARK holdings. You can then start spending that fiat without actually selling your ARK. The ARK acts as collateral, so if you cannot repay the line of credit, it can be used as a liquidation method. More details are forthcoming, but voting for delegates on your behalf will be possible, along with the ability for you to receive a portion of the forging rewards.
What is Ø Invest?
Ø Invest will grant you access to an internal exchange platform (ØDEX) which provides 100% liquidity through Ø exchange, as well as investment opportunities in the form of tokenized exotic financial products, such as Ø DA, a stable asset-backed token and Ø CB, a token backed by crypto loans.
What is Ø Lift?
Ø Lift promotes tailor-made services, including asset management, tax optimization, and others. Ø Crypto Union has an in-house team of renowned legal and financial specialists. This team, together with the community, will deliver massive value to members.
We are excited to partner with Ø Crypto Union to expand the ARK Ecosystem and provide new and innovative ways for our users to utilize and leverage their ARK tokens. Stay tuned to our blog for more details as we get closer to the September testing phase and the subsequent launch of ARK based services by the Ø Crypto Union team!
To learn more about Ø Crypto Union visit https://ocryptounion.io or read their position paper at https://ocryptounion.io/wp-content/uploads/2017/09/The-Big-Bang-of-Banking.pdf .
We will be hosting an AMA (Ask Me Anything) with Ø’s team on the 28th of August to answer any questions regarding their platform and integration in early September. Please follow our Social Media channels for the announcement.
ARK and GXE (ØCU) tokens are respectively listed on Binance and Mercatox
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Article First Published here