U.S. Markets closed

Crypto-to-Gift-Cards Exchange Platform Zeex ICO Starts April

Zeex makes cryptocurrencies spendable by exchanging them for gift cards and retail vouchers. The Zeex presale and public sale initial coin offering (ICO) events will allow users to own the ZIX token, which will power the giftcard marketplace

TEL AVIV, Israel, April 3, 2018 /PRNewswire/ --

Crypto-to-gift-cards exchange platform Zeex is now making its ZIX token available to investors through token sale events starting this April.

The ICO is currently in its private presale phase which runs through April. The public sale starts afterwards and will conclude at the end of June or until the hard cap of $50 million is reached. 500 million ZIX or 40 percent of the total supply of 1.25 billion tokens will be available during the ICO. Tokens are priced at 50,000 ZIX for 1 ETH.

Zeex solves the problem of liquidity of crypto assets by making them readily spendable for consumers. Merchants still avoid directly supporting cryptocurrencies as payment method due to high volatility. Many, however, would want to support crypto payments given the advantages of cryptocurrencies and the rising number of asset holders. Zeex addresses this by allowing crypto asset holders to easily convert their cryptocurrencies and tokens to corporate currencies in the form of gift cards and retail vouchers.

Users can simply deposit crypto tokens such as Bitcoin and Ether on the Zeex app which are then converted into gift cards of their choosing. Corporate currencies allow users to buy directly from businesses without the need for fiat or credit cards. Zeex already has access to 350 brands through its sister company Zeek including top names like Amazon, PlayStation, Footlocker, and Starbucks.

The ZIX token performs several functions on the platform. It grants holders access to Zeex, eliminating the need for users to provide personally identifiable information to use the exchange. It also functions as a damage deposit to cover buyer and seller risks until transactions are fulfilled. Ultimately, ZIX can be exchanged for gift cards.

Zeex also makes available discounted gift cards on the platform. ZIX holders can put down their tokens as collateral to be given priority to these discounted assets.

The platform is also decentralized, meaning no other intermediaries are involved in transactions. Users further save on commissions and exchange and transaction fees that typically come along with converting crypto assets to fiat or when using credit cards to purchase gift cards.

In addition, the Zeex protocol offers privacy and security for users. The service allows users to remain private and not divulge any personal or payment information when purchasing gift cards. The data of the currency being purchased is also secured using the purchaser's keys through Ethereum's ECIES encryption scheme. The data is still stored immutably in the blockchain but is concealed from public view.

The project currently has an available alpha product and is already on the blockchain. Once the ICO ends, the marketplace is set to go live giving investors the ability to use their ZIX tokens and the platform immediately.

About Zeex

Zeex is the blockchain-based counterpart of its sister company and seed investor Zeek. Founded in 2014, Zeek established itself as a key player in the $600-billion corporate currency industry. By 2017, it has sold more than 1 million gift cards of top tier retailers including Amazon, Adidas, Nike, and Sainsbury.

Zeex now hopes to bring further disruption to the market using blockchain to provide liquidity to cryptocurrency holders and allow businesses to engage the emerging market of crypto-rich individuals and businesses.

The Zeex team is led by fintech and blockchain experts including CEO Guy Melamed and CTO Ziv Isaiah. Involved in the advisory board are Zeek CEO Daniel Zelkind and Bancor co-founder Eyal Hertzog.

For more information visit http://www.zeex.me

David Gaston