Saifu, a Simple and Secure Cryptocurrency Solution

Guest Author | March 7, 2018 | 8:45 am
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Saifu, a Simple and Secure Cryptocurrency Solution

Guest Author | March 7, 2018 | 8:45 am

There’s a paradigm shift underway. The steady growth in popularity and value of cryptocurrencies in the past few years is forcing people to rethink the concept of money. At this point, it seems certain that cryptocurrencies will play a major role in how we store and exchange value in the future. We are on the cusp of a digital revolution not unlike the explosion of the internet retailers of the last two decades.

In 2017, the major cryptocurrencies exploded in value – Bitcoin is worth ten times what it was one year ago, Ether is 66 times more valuable, Ripple is worth almost 200 times more. Obviously, this level of growth has attracted a lot of interest. Everyone wants an investment with that sort of value. However, for most people cryptocurrencies can be difficult to buy, hard to keep safe and impossible to use for many day-to-day financial transactions.

Currently, a user can buy Bitcoin from an exchange like Coinbase or Binance using their credit card, for a fee. But then the user has a difficult decision: what do they do with their Bitcoin? They can leave it on the exchange, but a number of major exchanges have been hacked, gone insolvent, or simply disappeared with their customers’ money. They can transfer the Bitcoin to an online wallet, but this also presents a lot of security risks. The transfer could be monitored by hackers, who would then have access to the Bitcoin. Alternatively, the user could transfer their Bitcoin to a hardware wallet. This is the most secure solution but also presents security risks. The Bitcoin is now sitting on a computer. What if it fails, or is stolen? And what can the user do with those Bitcoin? Transfer them back to an exchange and sell them, then transfer the funds back to their account? That’s an unwieldy process with fees at every step.

These safety concerns and the lack of integration between fiat and cryptocurrencies have given potential users the impression that cryptocurrencies are only for the technologically inclined. Many businesses would consider the benefits of accepting cryptocurrencies, but this perception makes them reluctant.

Cryptocurrencies cannot remain the exclusive domain of the techies. Saifu is a startup out of Europe that wants to make cryptocurrencies easy to buy, sell and spend, all with bank-grade security and regulation.

Fiat and Cryptocurrencies on One Secure Platform

Saifu’s goal is to make cryptocurrencies accessible to the average consumer in a secure and simple platform. After a simple onboarding procedure that satisfies Know Your Client (KYC) regulations, a Saifu user will have access to a single account capable of holding both cryptocurrencies and fiat currencies. They’ll be issued a Mastercard linked to this account, and can use the Saifu mobile app to check balances, send payments, and exchange fiat and cryptocurrencies.

These are IBAN accounts, designed to remove the complexity surrounding the crypto-economy, without compromising the security of either currency. To ensure this, the platform will provide a multi-layered, bank-grade security system, with the key purpose of providing customers with security for all their deposits.

The founders of the firm are Alexander Legoshin and Evgeny Vigovskly. Legoshin is an entrepreneur, investor and former board member at Rigas Gaze. Vigovsky was the global head of Kaspersky Lab’s DDoS protection, where he worked for over 12 years. They have both introduced high-tech products and services to the global market. Using their experience in fintech, information security, blockchain technology, product management and software development, they have spearheaded the creation and development of the Saifu platform.

Established in 2016, Saifu has already developed a range of personal services for consumers, and are operating in a closed beta. The firm will introduce additional services for businesses and financial institutions, as well as expanding their range of services to consumers. Registration for the open beta version is available now at Saifu.ai.

Saifu Features

For businesses, Saifu provides a product that helps to store and use fiat and cryptocurrencies for their daily operations. Saifu enables them to easily establish payroll programs in both cryptocurrency and fiat currency and facilitates cryptocurrency acquisition and payments for both online and offline business. Saifu will soon issue branded prepaid debit cards that are linked to the business’s Saifu accounts, making a fiat or cryptocurrency transaction as easy as it would be using a traditional bank as an intermediary.

For individuals, Saifu will provide a simple and secure platform that lets them buy, sell, and spend cryptocurrencies seamlessly. Users can rest easy knowing their cryptocurrencies are safe from hackers, protected by Thales nShield hardware security modules. Their fiat currencies will be similarly protected in IBAN accounts, connected to the Society for Worldwide Interbank Financial Telecommunication (SWIFT) and integrated with the Single Euro Payment Area (SEPA). They’ll be issued Saifu Mastercard prepaid debit cards that can be used anywhere Mastercard is accepted, and Saifu intends to later add NFC functionality so users can pay with their phone via Apple Pay, Android Pay, or Samsung Pay. Fiat purchases can be instantly funded with the user’s cryptocurrencies.

The Future of Saifu

Saifu hopes to unveil the above features in their open beta, available Q2 ’18, but they have big plans for the future. Saifu will continue development of their trading bot for cryptocurrencies, using Artificial Intelligence (AI) and big data. Saifu will apply for principal licenses from both Visa and MasterCard, achieving their goal of becoming an authorized payment institution with an Electronic Money Institution license.

Saifu is in the midst of their ICO, which opened on February 19, and is set to end on April 30, 2018. The Saifu token (SFU) will be used to pay for all transaction fees on the Saifu website and app, and token holders will be eligible for cashback and other bonuses. They’re currently offered at a price of 0.0001 BTC. The tokens are ERC20 compliant and Saifu expects they will be traded on the three exchanges from the start, in addition to the Saifu platform. The soft cap is set at $10,000,000 and the hard cap at $49,000,000. Much of the ICO funding will go to expanding to new jurisdictions and additional licenses, which have high liquidity requirements. Additional funding will pay for marketing, infrastructure, and R&D.

Saifu promises an easy and secure way for consumers to buy, sell, and use their cryptocurrencies, and offers useful crypto services for businesses. With these features, Saifu has the potential to become a household name across the globe.

Learn more about Saifu at – http://saifu.ai/ 

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