Blockchain banking app Humaniq has come to an agreement today with SpaceBTC, a European crypto trading platform headquartered in London to allow Humaniq tokens (HMQ) to be traded alongside widespread cryptocurrencies such as Bitcoin and Ether. HMQ tokens will go live on the exchange after the finish of the Humaniq ICO in April.
Humaniq founder Alex Fork said:
“This is a great day for us and we couldn’t be happier. I’ve met the guys from SpaceBTC and they’re really good at what they do. They’re very above board and transparent, which is essential in this industry. SpaceBTC already has partnered with Chainanalysis from Barclay’s accelerator and is currently applying for regulation with the FCA. Our discussions with them have given us a lot of confidence that they’re going to be a big player in the cryptocurrency exchange market.”
The move marks an important step for Humaniq, who will be issuing their own tokens as part of their goal to bring over two billion unbanked people into the global economy. Rather than issuing tokens based on Proof of Stake or Proof of Work, HMQ will be issued based on Proof of Face.
The simple concept is that the Humaniq app will allow users to register using biometric identification: facial recognition and voice identification software. New users will be issues HMQ for completing the registration process and for performing additional tasks. In addition to this, HMQ tokens were issued during the December pre-ICO initial crowdfunding, and more will be issued during the April ICO.
“The issuance of HMQ is meant to jump-start the network of users we’ll be building. Since we’re targeting unbanked communities, they need a cryptocurrency to start with. So we’re issuing them a small number of coins, and then they can earn additional coins by performing work, making P2P loans, and so forth.”
“We’re not excluding the use of other tokens through our banking app, but rather we’re providing initial currency so people can begin to use it to exchange goods and services. AKA- giving them a great reason to use the app and add more of their friends and family to the network, which will naturally attract businesses who want to offer services to our clients.”