ESR Wallet is a UAE based startup that looks to provide the first universal wallet, complete with banking services, as well as providing 20% interest yearly on cryptocurrency deposits.
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The UAE company, with a US-based office in Miami, Florida, has already raised more than $1 million through a pre-sale they had carried out, but has opened participation to a more public crowdsale, which started December 18th.
The team looks to achieve $8 million through their fundraising, which project developer Alexey Korn thinks is achievable:
“We are sure that it will be much easier to reach the sale goal of $8M, as long as we show our investors the huge scale of our work, and all the problems that we have solved during last 2 months.”
While there are competitors with similar goals and ambitions, none have come as close as ESR Wallet to actually achieving a holistic banking platform for all. Projects that have raised millions of dollars have still not delivered finished platforms months after their token sales.
The team behind ESR wallet, however, is already working hard at finishing major aspects of their teams platform before their token sale even begins.
“Bringing a cryptocurrency bank into realization is both a technically and legally difficult task, due to the legal complexity of connecting traditional bank accounts to cryptocurrency exchanges. Unlike the founders of many similar projects, our team is highly experienced in the fields of finance and licensing. Our company, ES Reliable Investments, has been operating its own ATM network in the USA for years”, says Konstantin Beynars, technical director of the company.
Basic functionality is already working for their platform, with the token sale just beginning. KYC and AML compliance have already been implemented, with ESR’s currency exchange not far behind. Soon, users will be able to use both fiat and crypto to replenish their accounts, send and receive payments on and off the platform, as well as participate in digital currency exchange.
ESR tokens for the platform start at $7.50, but will soon raise to $10 following the release of the first ESR plastic cards.
“The price and liquidity of the Token after the sale is what most investors are interested in. In addition to the distribution of 30 percent of the company’s profits to all Token holders, the ESR Token will be used inside the ESR Wallet system to pay commissions. Thus, the use of our Wallet without ESR Tokens will be impossible. Considering that we have collected more than 15,000 pre-orders for ESR cards, our investors do not have to worry about the demand for Tokens on the exchanges after the token sale.” – Oleg Gerasimov, strategic management.
With 15,000 pre-orders already lined up, there is plenty of demand for the token. Combined with the 30% profits distributed to token holders as dividend, token value should appreciate as more users adopt the platform.