Why NYNJA is launching its Coin offering to enable freelancers worldwide
There are nearly 2,000 cryptocurrencies on the market. When NYNJA announced it would be launching its own offering, NYNJA Coin, many asked why?
“Most cryptocurrencies basically are for speculation, just to make money, but we never had that intention,” explains CEO and Co-Founder JR Guerrieri. “We are a smaller company, if we are going to do that it needs to be for utility,”
Utility ties directly with the purpose of NYNJA: to enable freelance workers and the businesses that hire them. The NYNJA app is powering communications with text and voice with translation and transcription capabilities. The next phase will be a freelance market platform for finding specialists, hiring and paying them, no matter where the business or the freelancer are in the world. That needs a payment solution that can be trusted and used globally.
The goal of NYNJA Coin is to remove barriers that currently exist when doing business globally, on a smaller scale, the exorbitant fees, currency exchange hassles and ability to trust the payment will get to its intended recipient.
High fees of international payments
When you think of traditional payment options across continents, the most used method is a wire transfer or credit card. Transfers can be slow, expensive, and in some countries a risky proposition if the banking sector is not well regulated. Large companies are able to deal with these risks, but a small business or a single individual can find this creates a real barrier to international work opportunities.
Payments by credit card need a merchant account or use of a middle man service, like PayPal or Stripe, who charge a percentage fee of minimally 2.9%. Other services fees can go much higher. But the biggest barrier is often the border, or you may be working somewhere that you can’t be sure your local bank will transmit your payment to your account.
Freelancers want to just know they are getting paid and their funds are secure. The NYNJA marketplace will utilize a rating system for those hiring and for freelancers, to build that trust. Trust starts in knowing that the person you hire will do quality work, is reliable and the person hiring is good to work with and that you will get paid.
Because a crypto currency is facilitated on the blockchain, the transaction fees to do business and to facilitate the transactions for payments are much, much lower. This means NYNJA Coin can offer a discount because the servicing costs are much lower.
Guerrieri is enthusiastic in how NYNJA Coin will be able to serve the global freelance economy: “We’re not paying sixteen different people in between. We don’t have the bloat of speculative currencies, it’s a real true use of a utility crypto.”