Platio.io Crypto-Friendly Banking Review
Blockchain technology holds the potential to dramatically transform the international banking system as it stands today, but there are a number of issues with the current cryptocurrency paradigm that are preventing widespread adoption. Platio is a new hybridized banking system that aims to bridge the gap between the cryptocurrency and fiat ecosystems, delivering traditional financial system features to the growing blockchain industry.
The Platio project, which is set to launch an initial coin offering in November 2019, is focused on making it possible for users to pay and be paid in either cryptocurrencies or fiat currencies. The core goal of Platio is the creation of a platform that provides traditional banking assurances such as secure asset management and smart escrow with the low costs, speed, flexibility of cryptocurrencies.
What is Platio?
Platio addresses the primary obstacles that stand between the blockchain revolution and widespread adoption. Cryptocurrencies allow users to “become their own bank,” delivering near-instantaneous transaction speeds and low transaction costs. Working with cryptocurrency, however, forces users to take responsibility for the security of their cryptocurrency holdings, risking the loss of private wallet keys, exchange hacks, and counterparty risks.
Platio delivers a range of services that provide cryptocurrency users with the confidence they expect from traditional banking services, establishing a single platform that allows users to keep cryptocurrency, fiat currency, and stocks in one place. Platio also allows users to spend cryptocurrencies via card, as well as via traditional banking methods such as SWIFT or SEPA transfers.
In addition to bridging the gap between crypto and fiat payments, Platio also allows users to make “trustless” deals using smart escrow functionality that eliminates counterparty risk. Platio aims to create a platform that allows users to receive cryptocurrency or fiat via invoicing services, as well as allow business to pay in fiat or crypto. To achieve this, Platio offers seven key features:
- Exchange & Brokerage: Platio provides a single platform that allows users to trade cryptocurrencies, tokens, fiat currencies, and blue chip stocks.
- Asset Protection: The Platio platform incorporates an “Asset Guard” feature that protects users from the volatility of the cryptocurrency market, providing auto exchange services and standy transfer functionality.
- Platio Payment Cards: Platio’s payment cards, available in either virtual or physical format, allow users to top up prepaid debit cards with cryptocurrency and spend it as fiat currency.
- Free Internal Transfers: Platio users are able to transfer crypto, fiat, and stocks between accounts free of charge.
- Payments & Remittances: The Platio platform allows users to use a wide range of payment instruments, including bank wires, card-to-card payments, and mass payouts for business organizations.
- Invoicing & Processing: Platio allows both individuals and businesses to pay and get paid in cryptocurrency or fiat currency with either Platio invoicing or a merchant processing API.
- Smart Escrow: Platio protects high risk and high value monetary transactions and deals with a smart escrow system that ensures payments are only made after the terms and conditions of deals are met, complete with a conflict resolution mechanism.
How Platio Works
There are a number of blockchain platforms that attempt to solve the issues that stand between cryptocurrency and widespread adoption, but Platio boasts a number of unique elements — notably, Platio already possesses both UK and EU crypto and fiat licenses, providing them with the ability to deliver crypto-to-fiat payment services.
Platio also addresses one of the biggest issues present within current blockchain-based payment solutions — scalability. Platforms that rely on the Ethereum or Bitcoin blockchains are severely restricted in transaction speed, typically processing between 7 and 15 transactions per second. In order to compete with incumbent payment networks such as VISA, next-generation payment systems and blockchain platforms must deliver thousands of transactions per second.
The Platio platform is built on EOS blockchain technology, which can execute over 10,000 transactions per second. All assets managed by the Platio platform are traded and transmitted as tokenized assets on a custom EOS sidechain, providing a method to trade non-blockchain assets - such as stocks-on-chain. Platio’s Asset Management Engine uses smart contracts that control pre-issued tokens on the Platio EOS sidechain, making tokenized assets available to all Platio users.
The Platio Team
The Platio team is led by Vlad Bunin, a banking industry veteran that boasts almost two decades of experience with international banking platforms, insurance, and airline industries. Bunin is supported by CEO Dima Okhrimchuck, who brings 10 years of executive leadership experience to the Platio team.
Platio is driven by a range of experienced blockchain technologists and engineers, finance, accounting, and software engineering experts that provide the project with a significant source of knowledge to draw from in delivering roadmap goals.
Platio has recently partnered international blockchain-based payment giant Ripple, establishing a vendor agreement that will see Platio integrate Ripple’s xVia technology in order to execute international remittances.
The integration of xVia technology will likely allow the Platio platform to deliver extremely low-cost international fiat remittances at much faster speeds than traditional SWIFT or SEPA transactions, providing users with a more efficient blockchain-based remittance alternative.
The Platio ICO
The Platio ecosystem is built around the PGas token, an ERC20 token that is used for all commissions and fees. Platio will issue 397,500,000 PGAS tokens, 258,375,000 of which will be available during the Platio token sale at a rate of 0.20 EUR each.
The Platio token pre-sale launches on November 12, 2018, and will run until November 25. During the pre-sale, investors are offered a 15% bonus on tokens purchased from November 12 to 19, and a 10% bonus from November 19 to 25. The Platio token sale launches directly afterwards, running from November 26 until December 9. The Platio token sale will offer an 8% bonus from November 26 to 28, and a 5% bonus from November 28 to Dedember 2, with all subsequent token purchases receiving no bonus.
The Platio token sale will operate with a hard cap of 34.5 million EUR, with a soft cap of 5 million EUR. Should the soft cap not be achieved, all funds will be returned to investors at the end of the token sale.
In total, 65% of all issued tokens will be available for purchase during the crowd sale, while 25% will be reserved for founding members and the Platio team. A further 8% will be reserved for advisors, with 2% held in reserve for bounties.
Will Platio Be Available in Australia?
Platio currently holds the necessary licensing to remain compliant with EU cybersecurity and money transmission regulations, meeting the ISO/IEC 27000 family of standards, General Data Processing Regulation, and meeting The Payment Card Industry Data Security Standard (PCI DSS). Obtaining PCI DSS standardization is not a legislative requirement in Australia, but it’s likely that support for debit cards issued by Platio in Australia will be delayed until the platform has adopted sufficient regulatory compliance practices to move ahead with card issuance in the country.
Other Platio platform services, however, are highly likely to be available to Australian users subsequent to launch given the strict adherence to international regulatory requirements adopted by Platio — the platform conforms to EU eIDAS standards, ISO 20022, SEPA regulations, and NIST, IEC, COBIT, FINRA, and ISACA regulations and standards.
The Platio roadmap outlines an entrance into Asian markets in Q1 2020, making it likely that an entrance into the Australian market would occur in the same time frame.
Ultimately, Platio promises a range of features that have been promised — but not delivered — by a range of new blockchain ventures over the last year, specifically crypto debit cards. The fact that Platio possesses a strong licensing foundation and regulatory approach alongside a concrete technological architecture and experienced team, however, makes it a highly promising platform that could potentially bridge the gap between the crypto and fiat ecosystems.