TraXion aims to be a better bank in a blockchain-driven environment, enabling its community to load, send, save, spend, lend, borrow, and more using a secure, simplified yet compliant application. It is an environment where for-profit meets non-profit sectors and develops a synergy towards corruption-free social impact activities.
There are start-ups trying to focus on a niche and would not take advantage of economies of scale, which is one of the main advantages enjoyed by traditional financial institutions that may not be as technologically advanced. TraXion plans to offer traditional financial products in a blockchain-driven environment, eventually becoming the crypto-economy for payments, peer-to-peer lending, remittances, savings, insurance, investments, and philanthropy.
TraXion has launched several products and services to prepare itself for this exciting event of involving the crowd in its mission. TraXion plans to have significant infrastructure in place prior to the initial coin offering (ICO). To date, TraXion has built four (4) of the six elements in the proposed economies of scale:
Payment Platform, Wallet, Personal Finance Platform and Fundraising Platform. These four platforms will soon be on TraxionChain – connecting people to effectively transact payments, lower the cost of peer-to-peer lending and remittance, transparently account for philanthropic activities of non-profit organizations and enable insurance and investments processed more efficiently using smart contracts.
TraXion is building a crypto-economy to last, therefore, the focus will be on the scale, elimination of middlemen, and decentralizing legacy systems. To achieve these goals, TraXion will offer white-label platforms across the globe and connect them in a distributed, permissioned and secured blockchain. It will be used by banks, operators and agencies in key jurisdictions to process in different fiat currencies and facilitate cross-border transactions without the need for counterparties while also enabling all players donate to causes this blockchain trusts.
TraXion aims to fill the gap between the existing financial system and emerging non-user-friendly technologies by presenting a secure and simple way to use payments and banking architecture that aims to lower financial inclusion barriers and provide financial services to the banked and unbanked. Through the planned integration with MasterCard Service Provider, we will build the wallet that enables our user to store or transfer money to any card in the world. The sender and the receiver transact in the local currency and needs no awareness of cryptocurrencies or blockchain technology behind.
To achieve these objectives, an initial coin offering (ICO) will be conducted. The offering will be a virtual currency tokens known as a TraXion Token or TXN. Funds raised will be utilized by the TraXion team for further developments of the platform, scaling the business, and added benefits in the projects to come to provide utmost value to all of its participants in the system. A portion of the profits will go as grants to chosen charities in the blockchain that are performing well through scoring and donor votes.