Boomstarter.Network, Eastern Europe’s largest platform helping sell pre-orders for tech and business startups, announces accepting payments with cryptocurrencies.
It solves the problem of long waiting times for payments to be received by startups on crowdfunding platforms and brings access to crowdfunding for entrepreneurs from any country in the world.
Until now, leading global crowdfunding platforms have been only allowing payments in traditional, centrally issued currencies. They are processed by banks and payment systems in a matter of days or weeks. This leads to delays, often disrupting the startup’s product roadmap, disappointing the buyers, and forcing entrepreneurs to spend time, effort and money to compensate for the delay. In contrast, transactions on the Ethereum network take a few minutes on average.
Even buyers on crowdfunding platforms are often faced with the issue of making payments for pre-orders. If the buyer and the platform are located in different countries, banks may reject payments and require additional authorisation and paperwork. These geographical restrictions can be removed with cryptocurrencies.
For Boomstarter.Network, introducing cryptocurrencies heralds a transition to a new service based on blockchain technology that the fintech company is now developing. It will offer to crowdfund to entrepreneurs globally.
CEO of Boomstarter.Network, Maria Dokshina said:
“We see that the first startups going crypto on our platform have chosen to accept bitcoin and ether. From Q2 2019, we will transition to cryptocurrency payments only. This means that entrepreneurs from any geography will be able to start pre-selling their future products. Now biggest crowdfunding platforms simply do not allow startups outside of a very limited number of developed countries.”
For those buyers who are not yet into crypto, Boomstarter.Network offers mining tools letting backers generate the most popular digital money with ordinary home computers.
“This is called cloud mining, which is very safe and simple. If the startup builds a community of supporters, then all together these people can generate significant amounts of cryptocurrency for this startup,” Ms Dokshina explains.