Almost 40% people in developed countries with advanced technological infrastructure do not have any cryptocurrencies, as they are considered complex and technologically difficult. It’s not just about the older generation. For example, according to a PWC Cryptocurrency Consumer survey in 2015, 66% of young people (age 18 – 45) in these countries have never used the most widespread cryptocurrency Bitcoin².
Citi Lab Czech, the Cryptology Lab from Prague, Czech Republic, wants to change the current situation. Our team of 16 full-time employees are working hard to achieve this goal on the blockchain technology. That’s why we have launched CitiCash.
Why CitiCash Was Created
The new CitiCash digital currency has been developed to allow ordinary people to enter the world of cryptocurrencies. The interest in cryptocurrencies is growing, but ordinary people who would like to join the trend are faced with user-demanding technical processes.
“The development of CitiCash took place from the start in order to remove these obstacles. All tools are therefore extremely simple and do not require any technical background from the users.”, says Oldřich Šálek, Chief Technology Officer of Citi Lab Czech.
Together with our team of developers, product managers, marketing professionals and our leadership, Citi Lab Czech has provided an unique and simple user experience for everyone.
For example, the users of CitiCash can choose their own wallet name to replace a hardly memorable string of characters generated by the computer. The custom name makes identification easier, but the original strong security within the block is retained.
Using CitiCash in Everyday Life
Anyone with CitiCash coins in their wallet will be eligible to request a debit card. Payments in restaurants, retail stores, online retailers or other vendors, can be transacted via this debit card. Each debit card is connected to a wallet.
When paying with this debit card, the transfer of CitiCash to an adequate fiat (national or transnational) currency will automatically use the current exchange rate (CitiCash to fiat) so that vendors are paid in their own preferred fiat currency.
On the 1st of September at 12 am CET, the Citi Lab Czech launches the sale of CitiCash coins. There is 130 million coins to be released for the purposes of this sale.
The financial resources received from the coin sale will be used for technical and commercial development associated with the costs of mass adoption of CitiCash by the general public.
CitiCash is a long-term project that requires strong financial support. Specifically, the costs involve hiring developers, investing in software and hardware infrastructure, debit card integration, the cost of getting listed on major coin exchanges and a massive marketing campaign.
The marketing campaign’s aim is to spread the CitiCash concept to customers who have no experience or exposure to cryptocurrencies and to support them in using CitiCash in a real-world economy.
You can find more information on the CitiCash website and whitepaper: