VVToken was founded to provide a platform offering payment security and mobile affordability that utilizes the security and reliability of the blockchain while delivering an asset appreciation of the user’s balance.
CryptoBible had an interview with CEO Dr. RJ Gosselin to learn more about this exciting project.
ELEVATOR PITCH: PLEASE DESCRIBE WHAT VVTOKEN IS AND WHY SHOULD PEOPLE BE EXCITED ABOUT THE PROJECT.
VVToken is introducing two technology-based products under our CyberBank™ brand that will revolutionize electronic connectivity between fiat and cyber currencies: a prepaid debit card targeted to low-to-middle income users, and a feature-rich Black Card that enables holders to smoothly switch between fiat and cryptocurrencies and potentially benefit from currency fluctuations.
CyberBank™ cards allow the holder to exchange local fiat currency for the cryptocurrency, and will automatically link to the VVTokens CyberBank™ Platform, a mobile app linking electronic management features with the user’s smartphone. The CyberBank™ platform will give the opportunity to the user obtain services in our C*Commerce™crypto-based electronic marketplace.
VVToken aims to raise up to USD$22 million in a token sale to deploy a platform offering payment security and mobile affordability that utilizes the security and reliability of the blockchain while delivering financial appreciation to the cardholder. VVToken also intends to continue to leverage our platform to create new and innovative methods to send and receive money through digital, mobile, and retail channels to meet the financial needs of both businesses and consumers.
CAN YOU EXPLAIN THE DIFFERENT PRODUCTS VVTOKEN PLANS ON LAUNCHING?
VToken has identified two groups of people who are likely to benefit from our products: low-to-middle-income individuals who have historically been unbanked or underbanked, and high-net-worth individuals who have historically desired to take advantage of portfolio flexibility.
GROUP 1 – Lower Income Individuals
The unbanked and underbanked group of people is essentially composed of lower-income people who lack the financial resources to establish a bank relationship, transients, and immigrants who may not have the necessary documentation to establish a bank relationship, and younger consumers who have not yet established a sufficient credit history to avail themselves of the services banks make available to their more-qualified customers. Overall, these groups represent about forty percent of the world population. In the United States, there are approximately nine million unbanked households, with an additional twenty-four million households underbanked.
Underbanked is defined as a household that had a checking or savings account but also obtained financial products and services outside of the banking system. Significant portions of this segment of the population are self-employed or 11 transiently employed. When these individuals are engaged to provide their services, the person of the firm often pays the unbanked person in cash. The process is unsafe, exposing both the vendor and the service provider to significant financial transfer and possession risks.
Developing Countries: the Brazilian Market Example: In Brazil, individuals in this situation are often saddled with lower credit scores due to a lack of transactional history.
Without sufficient resources to establish a banking relationship and build a better credit history, they often cannot even qualify for low amounts of credit to obtain simple services such as obtaining a post-pay cell phone from a national carrier. Thereby resigned into an unbanked or underbanked economy, they are unable to process online purchases or bill payments. These individuals must, therefore, travel with large amounts of cash to several vendors in order to obtain and pay for services. This commonly involves multiple instances of traveling to specific stores, such as a supermarket or convenience store, with the cash and the bill.
After obtaining the VVToken CyberBank™ Platinum Debit Card, these individuals will be able to make a single trip to their local partner, deposit cash received into their VVToken CyberBank™ Platform and then take full advantage of all of the electronic financial services provided by the VVToken CyberBank™ system. Making purchases online, paying bills electronically, topping up cell phone minutes and transferring funds to other VVToken CyberBank™ users are all features that will be available to the user. The user will be able to use the C*Commerce™ platform, a marketplace where the user can exchange the VVTokens to services.
GROUP 2 – High-Net-Worth Individuals
Individuals with significant assets face an entirely different set of issues. They want the freedom to move resources internationally without overly-restrictive regulations and expensive intermediaries. Presently, there exist several levels of challenges to the process of transferring financial assets from one fiat currency to another, let alone into a variety of cryptocurrencies. From time to time, these issues can be exacerbated by governmental instability, natural disasters, or civil unrest. Any of these elements can restrict liquidity and limit the flexibility of significant resources.
The VVToken CyberBank™ and the VVToken CyberBank™ Black Card will offer high-net-worth individuals the opportunity to leverage the VVToken Blockchain, providing global liquidity and near instantaneous transfers of deposited resources between numerous fiat currencies, as well as into a wide variety of global cryptocurrencies with multi-billion dollar market caps such as Bitcoin, Ethereum and Ripple, to name a few.
AND WHERE DO YOU PLAN ON LAUNCHING THEM?
Initial launch is going to occur in the United States. This will be rapidly followed by a subsequent launch in Brazil, given our strong ties and extensive relationships over the past 15 years with major banks in that nation. We are planning further expansion into Mexico, as well as other Latin American and South American countries, as well as actively considering the next phases thereafter.
WHAT WILL THE VVTOKEN BE USED FOR? HOW CAN INVESTORS PROFIT OFF OF IT?
The VVtoken will allow the holder to benefit from the C*Commerce™ transactions of the cards, as well as the benefits of the Smart Invest™ algorithm.
The term C*Commerce™ stands for Electronic Commerce using only cryptocurrencies. Our solution will integrate service providers (telephony, car rental, hotels, and restaurants) that will accept VVTokens in exchange for their services, which will be debited from the user’s Cyberbank™ account.
With the CyberBank™ Black card, the crypto-currency element is not abstracted. Users will have a multicurrency wallet that will accept diverse cryptocurrencies (BitCoin, Ethereum, Litecoin, etc). Users can choose to use the Smart Invest™ module to leverage their capital. They must use VVTokens to buy access to this feature; the access value will be a percentage of the amount that will be allocated through Smart Invest™
WHAT IF THE USER DOESN’T WANT A CARD?
Some users may not want to have a card issued. They will also be able to use the CyberBank™ and C*Commerce™ platforms. The user will be able to leverage their VVTokens through the Smart Invest™ and redeem their services in the C*Commerce™ using coupon codes
ARE THERE ANY MAJOR PARTNERSHIPS FORMED OR LINED UP?
We have great partnerships with a series of international funds that are focused upon leveraging cryptocurrencies. These are based in the US, as well as in South America and Latin America. Of course, we have existing partnerships that are developing and growing with both MasterCard and Visa, and we’ll be making decisions about which card brand to release into each market.
PLEASE TELL US ABOUT YOUR BACKGROUND AND A LITTLE BIT ABOUT THE TEAM
RJ GOSSELIN (CEO) – I have been involved in helping clients to develop and implement strategies to meet their goals of increased sales for over 30 years, expanding market share and solidifying business success. I have consulted to a wide variety of clients from entrepreneurial ventures and small-medium enterprises to Fortune 500 companies. Prior to joining VVtoken, I served as the Chief Executive Officer of the Catalyst Group International, managing a group of companies that applies my global marketing experience and business intelligence to strategic projects on five continents. I hold a PhD in Leadership & Organization, and have extensive international experience.
LUCAS SODRE (CTO) – My background is as an integration API Specialist. I have architected omnichannels and Point of Sale (POS) software for several banks, and also have extensive experience as both a Blockchain engineer of Ethereum Smart Contracts and private blockchains with Multichain. I have architected integration between POS and blockchain in a revolutionary point reward system. Educationally, I graduated from the University of Sao Paulo and the University of Toronto with a Bachelor’s degree in Computer Science; upon graduation I was honored with an Outstanding Scholarly Achievement Award for earning one of the highest grades on campus.
WHAT MADE YOU WANT TO START THIS PROJECT?
It is driven by a desire to help people take advantage of new breakthroughs in technology that can make their lives easier and safer. Our implementation of blockchain strategies combined with the ability to deliver prepaid debit cards allows us to provide a unique suite of services to the unbanked and underbanked population. We’re excited about a significant expansion in to more an more countries. The blockchain
IS THERE ANYTHING YOU LIKE TO ADD OR CONCLUDE WITH?
I encourage people to join our Telegram chat – the link is https://t.me/VVTokenChat
Also to follow us on Twitter (@vvtoken)