One of the main challenges with adoption of cryptocurrency has been the lack of acceptance at mainstream marketplaces. Amazon has long maintained their silence about cryptocurrency, and this has allowed specialty services such as Purse.io to flourish. In a recent survey, only 13% of Amazon customers want to buy bitcoin on Amazon. eBay originally refused to allow bitcoin listings on their website. Now there is a dedicated category for virtual currencies, but eBay strictly requires credit cards for payment.
While it is possible to earn cryptocurrency from places like Gitcoin, Bitwage or even through PersonalTokens.io, it has been challenging to more easily spend hard earned cryptos at online marketplaces. ABBC Foundation plans to change all of this with their Coin Shopping Mall. The app is in pilot testing and ABBC is planning for a launch by the end of Q2. With the app, it will be possible to search all the stores at once for a desired product. Once the user is ready to purchase, they can check out using bitcoin, ethereum or an in-app token issued by ABBC. Bitcoin LN will be supported at launch.
ABBC Foundation plans to launch this technology globally starting with Asia and expanding to North America, Europe and Africa. In a recent interview, ABBC Foundation Founder & CEO, Jason Daniel Paul Philip went over the vision for his company and application.
Our business model is not limited to any specific countries. This is the same reason why the coin market is growing. Even with our shopping mall, it will gather items from all the top shopping malls around the world and users will be able to view conveniently in one platform
Liquidity in any kind of a marketplace is a concern. When asked about how it would be handled, Philip responded:
To solve this problem, we conducted numerous tests, and eventually developed artificial intelligence programs for price changes, and to reduce transaction time, we were able to apply ultra-high-volume cash flow technology through one second payment and one second sale.
When asked about the ability to handle large volumes of users, Philip had this to say:
We are fully prepared to face a larger scale of users on our platform. We are also preparing for a full-scale business in U.S and have started the establishment of company through a law firm.
The company also plans to invest in the United States with an R&D laboratory with a focus on improving the security and privacy of blockchain transactions. There are plans to even manage retail store transactions using the technology. Philip explains:
There will be no restrictions on the number and location of shopping malls. It can be paid at any online shopping mall as well as offline shopping mall. Just think of the mobile wallet of Samsung Electronics’ Galaxy S10. Now people will be able store coins in their personal safe electronic wallets, not on the exchange, and carry them around as part of them and pay wherever crypto is accepted as payment. The blockchain technology will be further developed [until] the day when all coin holders in the world will download our wallets onto their cell phones and use them like cash.