PROcommerce: The Cryptocurrency Exchange for Consumer Products
This not financial advice. I am not a financial advisor. #DYOR. I do own some PROC and might buy more, time will tell, but I was not paid to write the article nor, at the time of publication, was I affiliated with the company.
PROcommerce currently has a branding problem. On their website PROcommerce focuses too much on its currency, ProCurrency (“PRO”), and how it will reward customers for using it. PROcommerce should not be “rewarding” customers for using cryptocurrency, just make using cryptocurrency rewarding in and of itself. Nor should it be educating customers or offering courses on cryptocurrency. PROcommerce’s most valuable asset is not its currency. Anyone can create a currency, the main question is what the currency backed by (oil, gold) or used for (pay taxes)?
The most valuable asset PROcommerce has is the exchange it is building with its “PRO Rewards” mobile application for IOS and android. This is what PRO is used on and what will subsequently give it value. The company should follow the business model of other exchanges such as Binance, Huobi and Kucoin. The most important piece of information that has not been discussed about PROcommerce is SinglePoint’s (the parent company or PROcommerce’s partner not entirely clear) acquisition of Bitcoin Beyond, “a premier platform that enables retail merchants to accept bitcoin payments using their existing web-enabled point-of-sale device.” This enables PROcommerce to be the Cryptoexchange for Consumer Products.
For example, run an advertisement stating “store your Bitcoin, Ethereum, or Litecoin on the PRO Rewards app wallet and you can buy your favorite consumer products at all of your favorite stores”. In addition, state that if a consumer uses the exchange token/currency, PRO, he/she gets additional discounts and a % back in PRO. Further, businesses that accept PRO can use it to pay advertising fees. As stated above PRO should be following an exchange currency/token model. The ability to burn, create, and change the use case of the token allows for significant value creation through financial engineering.
Given the recent acquisition by SinglePoint, I think ProCommerce is heading in the right direction but the branding and marketing of the product needs to change. Some of the criticism surrounding the product is well-deserved and needs to be cleaned up by the company. However, if PROCommerce cleans up their marketing, advertising and branding, their first mover advantage, working product and national tv campaign with Kevin Harrington should be enough to clean-up bigly. Market the exchange and PRO will take care of itself.
In other words, Kevin Harrington’s tweet should have read “PRO Rewards is the Cryptocurrency Exchange for Consumer Products”.
