Despite tremendous technological advancements on a global scale, the legacy banking system largely continues to operate in a very traditional manner. In today’s day and age, as we are exponentially becoming a globalized economy, these traditional methods are impacting businesses as well as individuals across multiple sectors, particularly because of the fact that the need for quick, transparent, and cheap cross-border payment solutions is gradually increasing. With multiple layers of hierarchy and a highly centralized method of operations, legacy systems are not being able to keep up with the growing demands and trends of the modern financial setup.
At Payment Porte, we have addressed these issues by leveraging the power of blockchain technology and implementing through a robust back-end infrastructure. Payment Porte is a cross-border digital payments platform aimed to build enterprise-grade payment/virtual asset transfer solutions. Our aim is to offer a much more seamless experience to enterprises as well as individuals, as compared to legacy banking systems and payment processors when it comes to digital transactions.
The Payment Porte platform is powered by its native token named the PORTE Token. It facilitates all kinds of activities and use-cases within the Payment Porte platform and beyond. In this blog post, we will provide a brief understanding of why should you buy, hold, and use the PORTE Utility Token.
- You can use the PORTE Utility Token to make instant cross-border transactions while having the opportunity to swap it with USD or any other fiat currency as per your convenience. This is arguably the most important attribute of the PORTE token, as it solves the existing pain points in legacy banking related to long settlement times and high transaction fees.
- At Payment Porte, we have set up a burning mechanism similar to Bitcoin. We follow the deflationary token economy, as a part of which, all end-to-end transactions using the tokens are Burned upon settlement, thus reducing the circulating supply and creating more scarcity and potential value.
- All PORTE Token holders have the opportunity to swap their tokens for other native coins on the Stellar network like USDC, XLM, VESL, thus providing enough flexibility and choice of usage for specific use-cases.
- As far as our enterprise-related use-case is concerned, one of the largest deterrents of the mainstream adoption of digital currencies is the perceived market volatility. To address this, we enable enterprises using the PORTE token for treasuries, trading and transactions to curb this market volatility by exchanging the PORTE tokens for stable coins that are pegged 1:1 with the USD.
- As Payment Porte inches closer to its wide-scale launch, all PORTE Token holders will be eligible for a rich payback reward program for transactions and ongoing promotions, accrued in points then redeemable in Vessel gold-backed tokens.
The Payment Porte platform is now in its final stages of development and will launch on a large scale along with several complementary products and services. As we continue to ride our vision of creating a seamless and easy-to-use cross border payment solution for multiple use-cases and applications, we welcome you to join the community, start engaging and stand a chance to reap all the benefits that the PORTE Utility Token has to offer.
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