SpacePay has reached a new milestone in its development after raising $1 million in presale funding with tokens priced at $0.003181. The platform aims to address a persistent challenge in the crypto space, which is to make digital currencies practical for everyday transactions at local businesses.
By focusing on lower fees, faster settlements, and compatibility with existing payment equipment, SpacePay might create a viable path for wider crypto adoption in retail settings.
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SpacePay hits $1M in presale funding
SpacePay focuses on creating a system that could allow businesses to accept crypto payments through their existing terminals while paying just 0.5% in processing fees. This funding milestone comes after earlier private investment of $750,000 that helped build the initial payment infrastructure.
The platform’s core features address common obstacles that have limited crypto payment adoption. These include compatibility with over 325 different crypto wallets, integration with standard Android-based payment terminals, and protection from market volatility for merchants.
By delivering local currency to businesses instantly, SpacePay attempts to remove the settlement delays typical in both traditional and crypto payment systems.
Current adoption challenges remain substantial despite the promising features. Merchant awareness of crypto payment options is still limited, with many businesses hesitant to adopt new systems without proven track records.
Consumer habits also present hurdles, as most crypto owners have grown accustomed to holding their assets rather than spending them.
How merchants might benefit from SpacePay’s payment solution
Traditional payment processing creates several limitations for businesses. Card fees typically range from 2.5-3.5% of each transaction, cutting directly into profit margins. Settlement delays trap weekend sales until midweek, affecting cash flow and inventory management.
These issues affect businesses of all sizes but impact small merchants most severely due to their limited negotiating power with payment processors.
SpacePay’s 0.5% fee structure could potentially change the economics for merchants in various industries. A restaurant processing $20,000 weekly in card payments currently loses $600 to traditional fees.
This same volume would cost just $100 with SpacePay, possibly saving $500 weekly or $26,000 annually. For businesses operating on 3-5% margins, this fee reduction might substantially improve profitability.
When compared with existing alternatives, SpacePay’s approach offers potential advantages over both traditional and crypto payment options.
Technical foundation behind SpacePay’s approach
SpacePay’s system architecture relies on connecting existing payment terminals to crypto wallets through QR code technology. The platform adds digital currency capabilities to standard Android-based payment equipment through a software update rather than requiring new hardware.
This integration method allows merchants to maintain their familiar payment screens while gaining access to crypto payment options.
The technology uses smart contracts to handle transaction verification and settlement. When a customer scans a payment QR code, these contracts check wallet balances, confirm transaction details, and process the payment in a single operation.
Merchant protection includes real-time price locking mechanisms. The system calculates the exact cryptocurrency amount needed to deliver the merchant’s requested price in local currency, accounting for potential market movements during the transaction. This protection shields businesses from volatility that might otherwise affect their earnings.
The platform converts all cryptocurrencies to the merchant’s local currency automatically. This broad support aims to reach a wider customer base without forcing users to download special apps or create new accounts.
Development progress includes several completed milestones. The core payment processing system has undergone Smart Contract Audits to verify security and reliability.
The platform has received regulatory clearance for operation in unsanctioned nations, potentially opening global markets. The technical roadmap focuses on expanding merchant tools, improving reporting features, and preparing for exchange listings.
SpacePay plans new additions alongside presale
SpacePay’s planned feature rollout includes several upcoming additions that could affect platform growth. The merchant dashboard will likely gain expanded reporting capabilities, helping businesses track sales patterns and manage inventory.
Integration with popular accounting software might simplify financial management for stores using the system. These practical tools focus on making the platform useful for everyday business operations rather than emphasizing cryptocurrency technology.
The current presale offers tokens at $0.003181 with a supply distribution designed for balanced growth. From the total 34 billion tokens, 20% goes to public sale, 17% to user rewards, 10% to development, 18% each to marketing and partnerships, 12% to a reserve fund, and 5% to the founding team.
This aims to support both platform development and community benefits as adoption grows.
For those considering participation, the SpacePay presale accepts various payment methods including USDT, AVAX, BASE, MATIC, ETH, BNB, and bank cards through the official website.
JOIN THE SPACEPAY (SPY) PRESALE NOW
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