Spend aims to bridge the gap between cryptocurrencies and traditional finance by launching the Spend Wallet to help make spending cryptocurrencies seamless. Currently, Spend supports 16 cryptocurrencies, 27 fiat currencies, and 1 stablecoin.
Internally, Spend has created a Digital Asset On-Boarding Framework designed to evaluate additional cryptocurrencies we plan to add to our ecosystem of products. While we examine high market cap and liquid projects to fit this criteria, we don’t want to take away from new, innovative projects that help the overall crypto space.
As of today, we are proud to announce the Spend Listing Program (SLP), designed to give coin projects a fast track lane to be added into the product line. We will make this program as transparent as possible for ease of understanding of what it takes to be listed on the Spend Wallet and the benefits it entails.
Spend Listing Program Guidelines
The Spend Listing Program will allow new cryptocurrencies to be listed within the Spend Wallet. Projects will be vetted by Spend’s internal team to ensure the highest level of due diligence has been performed on the coin and it’s founders. Once listed on the Spend Platform, these projects will automatically receive free membership to the Spend Enterprise Association (SEA). As a part of the SEA, opportunities for grants, payable by the Spend Foundation for exciting and helpful technology projects, as well as support from Spend become available, alongside the following:
1. Availability to spend the coin via the Spend Wallet/Spend Card at over 40 million locations worldwide
2. Buy & Sell the coin with a linked bank account via ACH/Wire/SEPA/EFT
3. Access to our Spend Exchange Module that allows the coin to be exchanged to any other supported fiat currency or cryptocurrency
4. Access to 27 fiat currency pairs
5. Instant liquidity access from the Spend network
6. Available eGift cards from premium brands for purchase
1. Legal Opinion regarding the type of token (utility, membership, security token)
2. Successfully Completing & Passing Spend’s Digital Asset Framework
3. Due Diligence of on-boarding documentation
4. Security Deposit Lock Up of 1M Spendcoins*
Our 4-step requirement creates a seamless listing experience as well as transparency in the process. We do not charge any fees to be listed and handle all of the technical and operating costs associated with the implementation of said blockchain project.
*The Security Deposit of 1,000,000 Spendcoins (SPND) can vary depending on the outcome of the risk matrix assessment. The typical range of the security deposit is between 750,000 to 1,500,000 SPND. This security deposit exists to protect the users of Spend in the event there are any issues relating to said new project’s coin. The lock up is applicable for a period of 12 months, whereafter 25% will be released month over month until all SPND from lock up is dispersed (16 month process in totality). The security deposit of SPND is locked in a timelock, trustless smart contract to ensure the tokens are released as agreed. There are no fees associated with this process. All SPND used for the Security Deposit must be purchased from a third-party provider and may not be purchased from Spend, its employees, founders, or advisors.
For companies interested in this program, please visit www.spend.com/listing.