Rate3 wants to solve some pressing problems in the current cross-border payment space through the release of a new payment token, $RTE, that facilitates all transactions between all players in the ecommerce space.
It will tackle the card fraud, which remains the main concern for online retailers, costing online retail merchants billions of dollars. The online card fraud is expected to rise to USD 31.7 billion by 2020.
The exclusion from the financial systems is another area it wants to address, especially in Southeast Asia (SEA): 73% of the 600 million SEA residents have no formal access to financial institutions.
Rate3 (RTE) will be built on the Stellar network, leveraging its low transaction costs, fast transaction speeds and decentralised distributed exchange over common blockchain platforms like Bitcoin and Etherum.
Every payment transaction facilitated by Rate3 network will be properly stored on the blockchain ledger and no one can tamper with these transaction ledgers.
Rate3 will also enable cashback process to be seamless, instant and verified. Rate3 will launch its token sale in March 2018.
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