Platform helping small businesses accept cryptocurrency transactions

crypto, cryptocurrency

An Australian company has recently introduced a platform that will enable small businesses to easily accept cryptocurrency for a variety of transactions, from buying a cup of coffee to purchasing a home.

The Digital Currency Reserve (TDCR) aims to see cryptocurrency used widely throughout the world for everyday transactions the same way as credit cards while giving businesses and consumers the same privacy laws and consumer protections provided by traditional financial services.

“Our goal is to expand cryptocurrency access to more businesses, stores and services, allowing TDCR members to avoid having to convert back into fiat currency,” TDCR founder John Fenga commented.

TDCR aims to connect customers, businesses and utilities on the same network to enable people to make purchases in cryptocurrency without having to convert their crypto into “fiat currency” such as the Australian dollar, which can take minutes or days. It also allows consumers and businesses to convert their crypto to fiat at any time, even at the point of purchase.

“With built-in merchant solutions, business owners can transact with consumers and suppliers in cryptocurrency without unnecessary conversions,” Fenga said. “This way, for consumers wanting to buy a coffee with their bitcoin, a cafe can accept it for its actual cost and not an inflated amount. TDCR makes using cryptocurrency as easy as using your VISA or Mastercard.”

TDCR touts itself as having the technology that is a hybrid of both centralised and decentralised networks, similar to current banking systems, which it says will make it easier for governments to adopt compared to existing cryptocurrency technology platforms.

“Our goal for future releases is to enable our members to buy a property with crypto, finance it with crypto, and service it with crypto, all inside the TDCR ecosystem,” Fenga said. “We want to provide our members with bank-like tools and services, because the platform was based on banking technology.”

He added, “There are more than 300 million cryptocurrency investors around the world yet only about 18,000 establishments – globally – accept the currency as payment. In Australia alone, about one million people have some form of cryptocurrency but can’t use it for day-to-day transactions.”

TDCR also says the platform is enabled to regulate and monitor all transactions and report any suspicious activity, just like a bank.

“TDCR can monitor these duplicated “coins” because it is the issuer, acquirer, and processor throughout the entire transaction,” Fenga explained.

TDCR is currently trying to raise up to $5 million in capital to complete its build and with plans to launch a pilot by the end of the year.