Key Takeaways
- Only payment infrastructure company utilizing blockchain ledger technology.
- Strong and growing development team to continuously upgrade the product and technology.
- Holistic development approach creating both applications as well as the operating system.
- Rapid and accelerating growth of merchant portfolios being onboarded onto the platform.
- Provides different business solutions under the QuickCard brand.
- Second generation software in use, gearing up for the Generation 3 release shortly.
Ever since the boom in blockchain and cryptocurrency, the Fintech industry has grown exponentially with multiple players having their stake at the table. The concept behind blockchain technology is quite simple and it is one of the most secure ways of doing transactions. It eliminates any middleman making the whole process instantaneous and personalized. GreenBox is one such Fintech company that helps people and businesses leverage their financials in a more secure and decentralized way using blockchain technology.
What makes GreenBox special?
Although there are a lot of companies that imply blockchain in their own manner, GreenBox stands out by being the only company whose payment infrastructure is completely based on the blockchain ledger technology. They help businesses and organizations make critical transactions more secure by providing their blockchain based payment solutions. GreenBox continuously makes upgrades and modifications to the platform, releasing new modules and next generations of its technology on a regular basis. Not only do the newer generations provide more security, they improve efficiency and user experience as well.
GreenBox takes a holistic approach to their technology platform meaning they have developed their own blockchain ledger-based operating system on top of which the payment solution applications run. They own all the intellectual properties of the technology that are being deployed in their ecosystem. All the software is developed in-house.
What does GreenBox do?
According to Ben Errez, who is the Co-Founder and Chairman of GreenBox, “through a series of smart and lucky events, Green Box became the only company that has both the application and infrastructure for blockchain ledger in the payment space”. This makes GreenBox special as they are doing something that is not being done by anyone else in the space. They have taken a new approach to payment processing solutions which helps businesses realize their potential and bring efficiency to how they are running. In short, GreenBox tackles the problems arising from high-cost payment processing by offering a cashless, instantaneous and secure option.
GreenBox family of products are developed and deployed under the QuickCard brand name.
Benefits of using Blockchain Ledger for payments
Blockchain technology brings a lot of advantages for payment processing for both merchants and customers. With GreenBox, there are no middlemen handling your transactions and there is no need to wait for administrative operations to finish. This reduces transactional costs while increasing the speed of settlements. You can receive or transfer money instantly to almost any account around the world. Blockchain technology and cryptocurrency are quite secure on their own and coupling that with GreenBox technology makes the transactions even more secure. Every entry that happens in their private system is accompanied by a timestamp and is shared in an immutable common ledger across the network making it impossible for someone to change or duplicate the transaction reducing the risk of fraud. Many additional security features will be available from the company’s Generation 3 release.
Regular modifications and updates
GreenBox released its first commercial platform in the first quarter of 2019 and came up with its second-generation around April 2020. The growing development team at GreenBox continuously upgrades the platform to make it more secure, efficient and user-friendly. It is important to stay updated with the changes happening in the crypto world and implement those changes in their products as well. The newer technology developed earlier this year, Generation 2, included features like Crypto and Forex handling enabling GreenBox to stay on top of any developments happening around the world. These new features allowed them to expand into Europe. “As a result, GreenBox onboarded a sizeable number of clients with transactional volumes in Europe doubling every month” said Ben Errez in an interview with Jane King.
GreenBox recently acquired MoltoPay, a Canadian Money Service Business, to further widen its global reach. New verticals and increasing business already committed for Generation 3 have shown great progress in Q4 2020. Generation 3 is scheduled to be released at the beginning of 2021.
