NEW YORK, Feb. 12, 2019 /PRNewswire/ -- Connect Financial today announced the launch of GetLoci, a new online platform for digital payments, remittance and investing with digital assets backed by a fiat currency or Bitcoin.
GetLoci is the result of years of research and development focused on how to solve three specific problems, enabling anyone in the world to:
- Transfer funds cheaper and faster than currently possible
- Realize the benefits of holding US Dollars (USD)
- Gain exposure to Bitcoin's notional value
"The existing financial infrastructure doesn't serve the needs of its users," said Jason K. Willard, Chief Executive Officer and co-founder of GetLoci. "People pay high fees to send money and, in many countries, individuals that want to transfer their cash into a more stable currency are left with few options. Remittances and currency exchange should not be punitive."
Protect purchasing power globally
The power of the GetLoci platform lies in the ability for users to mint digital currency (Loci digital assets) using their local fiat, and access other digital assets that are backed by USD (Loci USD), Bitcoin (Loci Bitcoin) or other foreign currencies including the Euro and Mexican peso.
The value of a Loci digital asset comes from the value of the originating currency or bitcoin and a systemic commitment by GetLoci to support global users of its non-custodial global systems and infrastructure as they mint and burn Loc digital assets. Users are able to preserve the value of their cash by exchanging one digital asset for another, such as Loci MX for Loci USD. This enables borderless exposure without the need to open multiple bank accounts or pay transaction fees every time a currency (fiat or crypto) is bought or sold.
Secure, private, instant
Loci self-custody digital assets are held privately and securely online in a Loci Pocket which anyone can use to instantly send Loci digital peer-to-peer, including from the U.S. to Latin America and Europe without creating any public financial data. Loci digital can also be easily converted back into its underlying fiat currency using the Loci Pocket to transfer money to a local bank account.
Efficient borderless investing
Trading will be powered by the GetLoci DNX, a non-custodial, peer-to-peer trading platform that will serve users in the US, Latin America and Europe. Transactions that take place on the DNX incur no transaction fees and do not pass through any financial intermediaries. Further DNX market details will be announced in the coming months.
"The global financial system represents a series of incomplete circuits, it was designed to trigger fees and capture money from users," Willard added. "To better serve users, the last 100-yards of the circuit must be completed. With technology agnosticism and a commitment to strong local relationships, we complete those circuits, building new systems so our users can avoid the cost of the old ones."
GetLoci was co-founded by Chief Technology Officer Eric Newhuis, GetLoci's master architect and builder. Eric has senior-level experience across several trading technology firms and startups in and around Chicago financial markets. Chief Counsel Tomas Brave, a lawyer with more than a decade of experience serving financial industry and real estate clients in Buenos Aires, Argentina, is also a co-founder that joined in 2016 and has been key in developing GetLoci's legal model.
Prior to GetLoci, Jason founded Brazos River Ventures in 2006, a Texas real estate investment firm that planned, designed, built, and operated a $20 million housing portfolio through 2014 and then sold it gradually as GetLoci was developed. Prior to his Texas real estate venture, Jason began his career in Manhattan as an accountant learning about the global securities industry working for Electronic Data Systems. He holds Bachelor's and Master's degrees from the McCombs School of Business at the University of Texas, Austin.
GetLoci is sponsored by Connect Financial, Inc. a US corporation organized in 2015. People and institutions around the world license GetLoci to protect their purchasing power by the strength of the US Dollar, Euro, and Bitcoin among others. GetLoci's secure platform features instant peer-to-peer payments, remittance, and investing using Loci self-custody digital assets with no transaction fees, minimums or limits. Change the way you use money.
The statements contained herein may include prospects, statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such forward-looking statements.
Such deviations may arise due to, without limitation, (i) changes of the general economic conditions and competitive situation, particularly in the GetLoci's core business and core markets, (ii) performance of financial markets (particularly market volatility, liquidity and credit events), (iii) frequency and severity of insured loss events, including from natural catastrophes, and the development of loss expenses, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) particularly in the banking business, the extent of credit defaults, (vii) interest rate levels, (viii) currency exchange rates, (ix) changes in laws and regulations, including tax regulations, (x) the impact of acquisitions, including related integration issues, and reorganization measures, and (xi) general competitive factors, in each case on a local, regional, national and/or global basis. Many of these factors may be more likely to occur, or more pronounced, as a result of terrorist activities and their consequences.
The company assumes no obligation to update any information or forward-looking statement contained herein, save for any information required to be disclosed by law.
SOURCE Connect Financial, Inc.