India’s first KYC compliant crypto token redemption
What is the news :
- Redeemption, India’s first KYC-compliant crypto token, has soft-launched in New Delhi.
- It’s a unique crypto token with which people can earn money rather than time by investing in it.Lastly, it is India’s first crypto token, which users can redeem for fiat money right before its listing on the bourse.
About Redeemption :
- Redeemption is a relatively new Web 3.0 Technology base, patent-filed crypto token that is built on the Binance Smart Chain (BSC) protocol.
- It boasts unique offering models and is developed with the intention of accelerating economic growth and catalyzing the development of promising, tech-oriented startups and SMEs.
- The two main components of the Redeemption symbol are Reward and Redeem.
- There are therefore 2 relevant modules in the Redeemption Mobile App framework.Reward@Store is a store that offers a variety of exciting, promising, tech-oriented mobile applications.
- In Redeem@Market, many leading eCom portals partnering with the company are highlighted, with highlights of key eCom portals.
- Since the mobile app provider will pay for Redeemption crypto tokens, users don’t have to pay.
- The tokens, on the other hand, are awarded to users by the mobile app maker.The only thing that people need to do is to hold the Redeemption crypto token in their crypto wallet.Upon Redeem@Market, customers can redeem these tokens for cash discount on every online shopping they do on any eCom portal.
- innovative mobile app providers see a lot of use & buzz for their app, despite the sponsorship price, which is relatively low compared to the typical customer acquisition price.
- As more people join the Redeemption scheme, more number of mobile apps will be adapted to earn sponsored tokens.
- With increasing adaption, the market of the disruptive mobile app firms on Reward@Store will also grow.The market for eCom portals on Redeem@Store will also increase with increasing token rededuction.
- And, the players will be able to encash redeem the tokens they hold at a higher value later on.
- The price of Redeemption is determined by a pre-defined algorithm, according to which the price of the token will increase by 10 Indian Paisa on every 100K (1 Lakh) reward.Early April22, users will be able to install the Redeemption Mobile App on Google Play Store and the iOS App Store and begin earning tokens.In May 22, the corporation intends to launch Redeem@Market and launch a pre-ICO public sale of the Redeemption Token, as part of the Science and Technology Park’s website and promotional video.
What is crypto tokens:
- Crypto tokens are digital assets that are built on another cryptocurrency’s blockchain. A blockchain is a digital ledger that stores information in blocks that are linked. This information can be transaction records or full-fledged programs that operate on the blockchain, which are called smart contracts.
What is KYC Complaint :
- KYC Compliant means any Person who has satisfied all requests for information from the Lenders for “know-your-customer” and other anti-terrorism, anti-money laundering and similar rules and regulations and related policies and who would not result in any Lender being non-compliant with any such rules and regulations and related policies were such Person to enter into a banking relationship with such Lender.
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