Spending cryptocurrency in its original form is hard. Before spending their funds, cryptocurrency owners must exchange their assets into fiat through financial institutions. This deviates from the main idea of cryptocurrency – a decentralized means of payment.
FLOGmall.io, a crypto startup from Estonia founded by Maksim Teleshev, tackles this problem with an idea of a closed cryptocurrency ecommerce system.
FLOGmall team build an online store with a cryptocurrency at its core. Their innovative approach aims to help crypto holders to sell or purchase products or services using their favorite cryptocurrency, all in one place. Users of the platform transact in hundreds of altcoins in exchange for goods and services without ever leaving the platform.
The idea came from a frustration with current state of cryptocurrency. The founders saw that it was almost impossible to spend cryptocurrency without converting it into fiat. Banks, exchanges, commissions and taxes all stand in the way when we convert crypto into a fiat currency. “You lose half of your own money. It destroys the whole idea of decentralization, and “circle” inside crypto industry is not closed” their website explains.
As a solution they proposed is a new type of cryptocurrency holders – users who do not buy cryptocurrency but earn it. They created the FROGmall ecosystem and Mallcoin (MLC) tokens. Users can use MLCs as a payment method with advantages such as cashbacks and special discounts.
As its users do not need to exchange cryptocurrency for fiat, FLOGmall “closes the circle” so that cryptocurrency stays within the crypto market and avoids liquidity.
The FLOGmall platform tries to restore the cryptocurrency’s function as a universally accepted decentralized payment tool. The alpha version of FLOGmall platform is already available here and accepting a wide variety of cryptocurrencies.
Sign up for our newsletter
and don't miss out great opportunities to monotize on your bitcoin