Native Coin – Key Takeaways
- Digital cryptocurrency made especially for Native American enterprises like casinos, restaurants, resorts, and more.
- NativeCoin is based on Ethereum’s ERC20 tokens which are quite popular.
- NativeCoin has secured four exchange listings for 2021.
- Collaboration with CashQ to become their new banking partner providing smart ATMs, debit cards, bank loans, mobile money, and more.
- Helps in bridging the gap between non-indigenous and indigenous businesses by providing a commonly used sovereign currency.
Digital currency works slightly different than traditional physical currencies as a digital currency is transferred online between two parties and no actual exchange of physical money takes place. The transactions are stored in a database and in the case of cryptocurrency using blockchain, these transactions are secured in a ledger and are impossible to tamper with. This security feature of cryptocurrencies is quickly being recognized by businesses and countries alike and one such currency that is generating a lot of buzz is NativeCoin.
What is NativeCoin?
In simple terms, NativeCoin is a digital currency running on the Ethereum blockchain network and is specially made for Native American Tribes and their businesses. This Native American Sovereign Cryptocurrency is made to be used by Tribal casinos and other enterprises in the United States and around the world. Jeff Johnson, CEO of NativeCoin states that “The idea behind NativeCoin is to help with the invisibility factor that’s been going on and also attract outside investment to southern lands”. There are more than 560 Native American Tribes in the United States and they own a lot of different businesses like casinos, restaurant chains, resource development companies, capital investment firms, and more. NativeCoin will connect these Native sovereign businesses with the outside world and make transactions between them easier and more secure.
NativeCoin has shifted from their legacy blockchain to Ethereum’s ERC20 as it is not only a household name in cryptocurrency but also helps managing inflation while facilitating growth. The decentralized and universal nature of NativeCoin utilizes an internal peer-to-peer transaction network to transfer thousands of dollars with just mere pennies. The transfer happens instantaneously as well unlike banks which will take several days to process the same transaction. This ease of doing business and added security of the blockchain enables NativeCoin to help Tribes transcend their brick-and-mortar business and improve revenue by 10 to 15 percent in just a few months. Once it is launched publicly, Tribal enterprises will be able to take their business beyond international borders without any red tape.
Due to the established connections of NativeCoin with the tribal community, it acts as a bridge between indigenous and non-indigenous organizations to create a business relationship and perform transactions among each other without any social, political, cultural, or economic barriers.
Gaming and NativeCoin
With the advent of legal sports betting and the ongoing pandemic, the gaming community is quickly shifting online with interactive games and online sports betting. Virtual casinos are opening around the world and are becoming a competitor to Tribal gaming establishments that still operate from a brick-and-mortar layout. NativeCoin helps Tribes to take their business online and exploit the online gaming market as well. As its popularity increases, its utilization will also increase across casinos, hotels, and resorts. Coin holders can directly exchange their coins for physical currencies through ATMs available in several participating Tribal businesses as well. The transparency and security of the Ethereum blockchain will also prevent any fraudulent activities during online gaming.
NativeCoin, along with its partners is gearing up to launch their NativeCoin exchange very shortly and have already secured four exchange listing for 2021. NativeCoin and CashQ had an ongoing partnership that led to the launch of the world’s first NativeCoin ATM. They have taken this partnership even further with CashQ becoming the new banking partner of NativeCoin and providing users with smart ATMs from where they can exchange their cryptocurrency for physical currency. CashQ will provide debit cards and bank loans to users apart from the NativeCoin cryptocurrency as well. Since NativeCoin is a global currency that can be used by non-indigenous businesses and individuals as well, having a global presence with the help of CashQ is going to be beneficial for the future.
What’s in the store for the future of NativeCoin?
Despite a sudden break to their ATM business at the start of the pandemic, “NativeCoin has sped up its efforts to create an easy-to-use cryptocurrency that can be used by Native American Casinos and gaming, and in Tribal communities without casinos, as well” according to their CEO Jeff Johnson. Cryptocurrency is on the rise and this recent pandemic has shown that traditional currency is susceptible to market fluctuations and a shift is imminent. NativeCoin aims in bringing Native Tribal ecosystems into the mix and do business with enterprises that are not indigenous and having a sovereign digital currency can make things easier. They are continually evolving and partnering with companies with cutting edge technologies to create smart ATMs that are better and simpler, providing people using the machine to exchange NativeCoins with monetary rewards.
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