TokenPay CEO Derek Capo About TokenSuisse
Oh, there’s a lot of people, worth high net worth individuals that are interested in purchasing cryptocurrencies to diversify their portfolio. But they don’t want to hold coins. They don’t want to have a crypto wallet on their cell phone. They want to be able to have a certificate or a paper saying. I have rights to this amount of Bitcoin or this amount of a basket of crypto coins. They’re willing to do that.
Now, so what TokensSuisse basically does is, it creates a certificate. That certificate requires at least a $1,000,000 of capital in order to be executed. Certificate is then backed or insured by a company that insures that the company does its job to protect it. So that they have crypto currencies and ownership. They would have cold storage solutions and all that stuff in order to make sure that those coins are in safe keeping. TokensSuisse would be in charge of going to an exchange or a private network to acquire those crypto coins.
So if somebody came in and went into TokensSuisse. They said I wanna buy ten million dollars worth of Bitcoin. A certificate would be issued. Let’s assume that there’s none right now. A certificate would be created. Then that person would literally go and send in ten million dollars worth of fiat. It could be francs, could be euros. I mean this company can accept really any currency and then they would basically issue a contract, which is a certificate. Send it to this client, as you have rights to this much. They finalized what the price is that they’re able to achieve on this.
Then basically that person would have the certificate. TokensSuisse would go out to the open market, start buying the bitcoins and then finalize a certain price. TokensSuisse also can charge fees for this type of service. They can charge a yearly fee, entry fee and an exit fee. Just like coinbase does. This isn’t something that’s not part of the industry. It’s actually something that’s been happening, right! Anytime you buy Bitcoin you get charged a fee. And I’m telling you so or you convert Bitcoin back to Fiat. You actually get charged a fee, in fact that’s one and a half percent.