Wilmington, DE — Monetran LLC, a Delaware based internet fintech company, has announced that a contract has been signed with Gbolahan Onadeko, an award-winning developer of Stellar applications, to create an app which will enable Monetran to make swift, economical transactions through the Internet. The company intends to enter the $600 billion global remittance market with the aid of the app, which will be built on the lightning fast Stellar network. The Monetran app is expected to be fully operational by mid-March.
The app will contain a long list of capabilities intended to ensure an excellent user experience. Among the items that the app will enable are the ability to purchase Monetran’s native token, Moneda, with fiat currency or cryptocurrency, the ability to purchase tokens with a credit card, debit card, or by AcH transfer, the ability to make transfers via any phone or computerized device, and the ability to make conversions of cryptocurrency to fiat and vice versa. In addition, the app will extract transaction fees and deposit them directly into a company account.
One of the most important items that the app will enable is the ability of customers to make transactions using federated IDs. Federated IDs are akin to email addresses and they take the place of the long, cryptographic keys which make systems work.
“One of the reasons that no cryptocurrency has achieved mass adoption by the public is the complexity of making transactions. Being able to substitute federated IDs will go a long way toward making things simpler and easier for customers,” Monetran CEO Don Bielak said. “Instead of a key such as GBXQHX7EYT5RB2GVKDLTLW5GUBAO2HPJ2PFZMKR7R5YPFXWPODU2ZGRI, a user can substitute a federated ID which would look something like bob*mars.com. This will make sending money as easy as sending an email.”
Federated IDs were developed by Stellar and are exclusive to companies operating on the Stellar network.
Monetran is currently engaged in an SEC Regulation Crowdfunding campaign. Shares in the company plus further information on the campaign can be found here. The official company website, containing the company whitepaper and other information, can be accessed here.
According to information supplied by the company, “Monetran will be involved in various types of internet commerce using their token, Moneda. Plans call for an immediate entry into the international remittance market, which is worth $600 billion on estimate. Longer term goals include partnerships with major retailers such as Amazon and Walmart.”
Contact:
Don Bielak
dbielak@monetran.com
