With the mass amounts of crypto-holders worldwide, it’s about time crypto-users have access to simple ways of spending their assets without the hassle and possible expense of exchanging to fiat first.
A Sister company of Zeek Group (gift cards), Zeex has created exactly that. Providing the ability to make purchases from a variety of large stores and services, directly spending crypto without transferring it to fiat first.
How does it work?
Users deposit their crypto on the Zeex app, the app then converts the crypto into gift cards. Once crypto is deposited, users can make purchases from anywhere that accepts Zeex virtual gift cards.
It enables crypto-holders to securely purchase a wide range of goods without the need of using traditional fiat currency at all.
On Zeex, payment, and delivery only require a single transaction. Due to them being simultaneous, neither the payment nor the delivery is executed until they have both been validated; this guarantees both parties stick to their end of the deal.
Zeex uses a feature of the Ethereum platform called ECIES, this allows user safety of public blockchain data, even though it stays hidden from the public in the blockchain.
What stage are they at now?
Right now Zeex is in the midst of their private sale. They have raised seed and have an Alpha-product with everything on the blockchain.
Zeex has already created a protocol which can bring off-chain elements such as gift cards onto the blockchain.
From their sister company Zeek, they already have an impressive 350 brands on board, that include big names like Amazon, Nike, and Addidas, imagine your future trainers being purchased directly using crypto assets!
Zeex has also started working with other suppliers, as well as their sister company.
The Zix token
The crypto product with no fiat and no fees uses the ZIX token, it allows buyers and sellers to exchange their currencies directly; they do this by pledging the tokens to Zeex until the transaction is finalized, just like a damage deposit would. The token also unlocks the door to the Zeex platform, as it’s used as a login method.
Zix effectively eliminates intermediaries by covering users’ transaction risk until the trade is complete. It is able to fairly determine who can exercise what types of transactions and when based on any promised discount rates as well as supply.
The Zeex platform is definitely offering a service that is well-needed in the crypto world. Their partnerships already include a list of popular brands such as Amazon, Starbucks, TicketMaster, Xbox, and PlayStation. Even though they have near-direst competition from companies like egift and gift token, from its’ sister company Zeek, they already have great existing relationships with global brands and have brought with them a great deal of know-how. This has enabled them to make their marketplace live on the exact day their ICO ends, this means that customers can use the product instantly without waiting for development.
To find out more check out their Whitepaper.