#HuobiTalk with STACK — Digital Wallet for Instant Transactions in Any Fiat/Crypto Currency
STACK is a digital banking platform that aims to build a banking option for millennials. STACK’s mandate is to let users access to their money anywhere with any currency. Right now, it is a full banking platform with a debit card attached to it that applies even for cryptocurrency. Nicholas Dinh, COO of STACK and Teddy Yip, Head of Strategy of STACK sat down with Huobi Talk to discuss STACK products, the STACK team and their view of Blockchain and cryptocurrency as a payment mode in the future.
STACK Wallet App — Instant Transactions with Crypto or Fiat for Daily Use
Users can easily swipe on the STACK wallet app to access different currencies. When users would like to use transact with merchants in real life, their cryptocurrency in the STACK wallet may be instantaneously changed to fiat using real-time rates for a seamless purchase experience.
STACK has built a full banking stack so that users can load their funds from different sources (e.g. from their payroll or cryptocurrency wallets) and are able to pay bills and get cash from ATM, or transact peer-to-peer. The STACK wallet app will be live this fall, with 200 users beta-testing currently. Looking to beta-test the cryptocurrency platform now.
Using “Payment Channels” to Keep Transactions Fast and Cheap
Nicholas Dinh explained that STACK uses “Payment channels” to ensure the timeliness of the crypto-fiat exchange. The exchanges between currencies are done within less than a second for seamless customer experience.
“Payment channels” bundles the transactions based on the period where the transaction is made. Once the period has elapsed, all the transactions that happened within this period will be put on the Blockchain as a block, instead of having separate transactions, keeping transaction costs down.
STACK Partners with Mastercard to Process Payments in Real-time
The wallet app back-end is the result of a partnership with Mastercard, that helps to process the payments in real time. In the interim, STACK will assume the exchange rate risks of all the trades made within the Block period.
How Does STACK Intend to Spur Adoption of Cryptocurrency as a Medium of Exchange?
STACK thinks that cryptocurrency should not remain as a store of value or speculative purpose. It has to be liquid and so that people may use it and realize the true transacting value of it since they use it daily.
They aim to produce tools to acquire users, such as Financial IQ that allows you to compare your spending to your peers, or to even share about your purchases. STACK does admit that the cost of acquiring customers in the payments space is very high traditionally.
Staying Ahead of the Competition
STACK thinks its advantages over competitors is the team’s experience in the payments world, with prior experience in Mastercard. Right now, STACK has 22 people with 10 coming on board, all in Toronto, Canada.
Nicholas Dinh thinks that there is enough space in the debit card system for many competitors and the financial card scene is very localized. People have preferred companies in different places in the world, so STACK reckons that with the current foothold they have in North America, they have that competitive advantage.
The Future of Blockchain
Nicholas Dinh shared that transaction costs can be lowered using the Blockchain, to the point that micropayments will be possible. IoT is also a natural fit for Blockchain, for devices to communicate and transact with each other.
While Teddy Yip opined that Blockchain allows transactions to be safe, transparent and decentralized and that when these properties are harnessed right, it will benefit the users. He also thinks the properties of Blockchain fits well with Big Data as the information harnessed from ledgers may be deployed in a valuable fashion.
From now till Sunday, 22 July, 8pm (GMT+8), watch and share Huobi Talk Insider interview with Nicolas Dinh, COO and Teddy Yip, Head of Strategy at STACK and stand to share the prize pool of up to 135,036 STK worth over 3,900 USDT*!
Check out the description on the interview feature video to participate and for more details: https://www.youtube.com/watch?v=bCwIIlIRbwk