Cryptocurrency is growing in popularity, especially among millennials. Many cryptocurrency enthusiasts and investors try to quickly cash out on their investments during a significant price drop, and many struggle to do this before getting a chance to see the return on your investment. For many backers, the immediate reaction is to try and cash out before the value drops any further. However, this process is time consuming, requires multiple steps, and large fees, until the transaction can actually go through.
Paris-based startup, Tempo, is seeking to change this by creating a payment network that simplifies the exchange process from cryptocurrency to fiat money. Using Tempo’s mobile app and multiple agent locations, cashing out is becomes faster and more easily accessible.
To find out about the popularity of cryptocurrency and the new app, Digital Journal spoke with Anthony Barker, CTO of Tempo.
Digital Journal: How big is the consumer interest in cryptocurrency becoming?
Anthony Barker: Huge; over 10 million active wallets in 2017 according to CoinTelegraph
DJ: How volatile is the market?
Barker: Bitcoin and other actively traded digital assets remain volatile. However, Tempo’s stable coin, the EURT is backed by on hand cash, 1 EURT = 1 EUR and is a secure digital asset that facilitates quickly trading in & out of other digital assets. This is particularly useful during high market fluctuations. Furthermore, the EURT is easily cashed out at Tempo’s worldwide service locations in nearly 100 countries.
DJ: What types of risks does this present to investors?
Barker: Tempo’s EURT presents less risk than other crypto currencies as the EURT is pegged to the EUR, 1 EURT = 1 EUR and is backed by onhand cash.
DJ: What was the idea behind Tempo?
Barker: To create the fastest, easiest and most secure bridge between crypto and cash. Historically Tempo started in the small payments space, sending funds quickly, securely and economically to friends and loved ones to nearly 100 destination countries.
DJ: How does the technology work?
Barker: Tempo uses its global remittance network and existing infrastructure for fast and easy crypto to fiat account and cash conversions.
Tempo’s crypto currency exchange leverages the decentralized exchange, or Stellar SDEX, and other Stellar SDEX for fast and secure execution. Our unique, first-in-kind dark pool exchange will provide institutional traders and large investors better pricing and faster liquidity. Tempo’s existing EURT stable coin will be augmented by additional stable coins for main markets to include Japan and China, with stable coins pegged to their national currencies one-to-one.
DJ: What are the advantages?
Barker: It’s three products in one app that includes cash in or cash out at convenient worldwide locations; payments easily convertible between crypto to debit card; and dark pool cryptocurrency exchange connected to Stellar
DJ: Who is Tempo aimed at?
Barker: Traditionally Tempo has serviced the immigrant market seeking to send funds home to their friend and loved ones at a great price. Tempo is evolving, in taking advantage of our worldwide payment network, to offer the fastest, easiest and most secure bridge between crypto and cash. Thanks to the Stellar blockchain, Tempo is able to significantly reduce remittance costs and pass these savings onto our valued customers.
