The company STK announced that they have plans to develop a new token.
The token will be built using the Ethereum blockchain and will be labeled as an ERC20 token. It will allow those who use it to make transactions with cryptocurrency in mainstream markets as if it were a credit card or something similar.
The token will supposedly be available through a digital finance service provider known as STACK. STACK is a company that as created to replace more traditional forms of banking and allows for the use of cryptocurrency.
Miro Pavletic, the director of STK Global Payments stated that “we’re working towards a universally accessible alternative to traditional banking tat allows you to store your money safely, access it instantly and transact with it anywhere, in any currency, including cryptocurrency. Cryptocurrency is an emerging and exciting market, but it’s got a high barrier to entry. Through this partnership with STACK, we’re trying to simplify the blockchain process so that you can use your STK tokens as easily as you would a debit card or cash.”
Currently, the only problem that impedes this is the stores and their ability to take and process the coins. The hopes for the ability to use the currency as stations such as POS, is blocked by the confirmation times for such transactions. The various cryptocurrencies would need to have a real-time exchange before it could be used for day to day transactions.
Ethan Wilding, co-founder of Ledger Labs, and a founding team member of Ethereum stated that “STK his to break down the cryptocurrency usability barrier and make crypto as familiar to use as traditional payments, all with no fees and no confirmation delays. To do this they are leading the way by implementing a cutting-edge Ethereum blockchain technique called State Channels; this technique will become the standard for many types of cryptocurrency payments.”