WhitePaper and Private Sale

NB! If you wish to download our whitepaper as a pdf, please download it here.

Please follow this link if you’re interested in Private Sale.

Executive Summary

The number of BTC wallets has exponential growth. If we think of the word “currency” or “money” it means the possibility to buy goods and services by default. This creates a niche for crypto payments usage. According to BusinessInsider data, there are many big companies that make a step to accept crypto payments, such as Microsoft, Expedia, Overstock, Subway, Amazon, McDonalds, British Airways, Walmart and others. 

More and more retailers and service providers think about crypto as payment. However, there is still a lack of useful instruments for the existing infrastructure and cryptocurrency acceptance as a payment method. There is a number of reasons for this: 

  • Existing payment providers and solutions have a lack of support and experience of blockchains and tokens 
  • Traditional banks do not honor cryptocurrency and create barriers for crypto payment acceptance
  • Market volatility makes crypto payments risky
  • Crypto-fiat withdrawals are not a common practice and provide a risk for a company
  • Crypto exchange process and commission calculation is unclear and shady
  • ROI for in-house development is unwarranted

The solution to these problems is BestRate, that helps to start accepting crypto payments within minutes. BestRate is a service started in 2017 and provides a robust product, existing client base, and experience on the market. BestRate solution is integrated into the existing crypto market infrastructure, leverages advantages of crypto exchange API to provide customers with the ability to process crypto payments with ease. 

Key BestRate’s advantages are:

    • Easy integration: configure your gateway and get the code or plugin in several minutes.
    • Transparency: all operations happen at the connected crypto exchange or client gets instant payments to his own wallet.
    • No-Man-In-The-Middle: instant payments to client’s wallet or crypto exchange account.
    • No commissions. The client pays for subscription only. BestRate doesn’t add fees or commissions to third-party exchange.
    • Wide range of coins: Supports 120 coins.
    • Avoid volatility: You can choose to convert all incoming payments in different cryptocurrencies to stable coins(1 token = 1 USD always) on-the-fly to avoid market volatility.
    • Global: multiple crypto exchanges support to avoid legal and regional risks. Users can initiate crypto-FIAT withdrawal using their crypto exchange at any moment.
    • Known position in crypto space, Waves grant for development and marketing support.
    • Has proven technologies and experience with blockchain for several years.
    • Coverage of 35-38% of CMS market payments by WooCommerce and Magento integration.
    • TOP10 Crypto Exchanges integrated already: Binance, Bitfinex, BitFlyer, Coinbase, Gemini, Itbit, Kraken, Poloniex, Bittrex, Bitstamp.

BEST utility token is the fuel of BestRate. Tokenomics is based on the token model for the

largest exchanges which already has shown the viability.

Our goal is to make BestRate available to all cryptocurrency users, so we have developed simple and friendly UI.

 

Join crypto payments revolution with BestRate.

Best Team. Best Product. Best Rate.

 

Introduction 

The traditional commercial driven payments market is worth $945 billions per year and growing. Right now, most of the payments are done using SWIFT and bank card transactions, however, the crypto market is growing too. BestRate operates in North America and APAC markets already and is ready to handle cross border crypto payments in an effective fashion as well.

 

Pic 1. Payments Revenue, according to the McKinsey Global Payments Map.

While most of the cryptocurrency holders are traders, the number of crypto payments interest is growing significantly. If an existing business wants to develop an in-house solution for crypto payments acceptance, that means that they need to invest lots of time and resources into blockchain research and development. When blockchain developers are expensive, time is crucial and finance schemes are risky, as the banks still ask a lot of questions about withdrawal transfers from the exchanges, this makes the task quite difficult and doubtful. This makes them take a look at existing software as a service provider at the market.

 

Swiss online retailer Digitec-Galaxus, technology provider Avnet, which is included in Fortune 500, announced cryptocurrency support. This news is promising, however, the cryptocurrency support of these solutions is minimal: they process from 2 to 10 different cryptocurrencies. 

 

Pic 2. Major Retailers and Services Accepting Cryptocurrency by Blockdata

Competitive solutions on the market work with an identical scheme: cryptocurrency processing and FIAT payments via international bank transfer. All solutions work with the same model of monetization – commission varying from 0.5 to 1.5%. 

They possess the same disadvantages: 

  • While the market is volatile, they lack stable coins support 
  • They take commissions, but it’s unclear which rate do they use at the moment of payment
  • Merchants funds are held in the system, withdrawals have to be approved 
  • Companies process a limited number of cryptocurrencies
  • Don’t use the existing infrastructure of the crypto market
  • They do not process bank cards

 

BestRate Solution

BestRate is a crypto payment gateway and aggregator of crypto exchanges for individuals and businesses. Users can leverage existing crypto exchange accounts to start accepting crypto payments within a few clicks or manage their aggregated crypto portfolio across different exchanges. In other words, BestRate is a managed crypto exchange service that automates the management and crypto processing for top crypto exchanges, according to SEC: Binance, Bitfinex, BitFlyer, Coinbase, Gemini, Itbit, Kraken, Poloniex, Bittrex, Bitstamp.

BestRate solution converts user’s crypto exchange account into a complete crypto gateway with the best practices of the traditional payments market like PayPal and Stripe. By entering the API keys to the account in the BestRate system, users get the following advantages:

  • They do not need to pass the KYC process twice
  • They can use any crypto exchange. For example, EU users would like to use crypto exchanges with the possibility to withdraw in EURO, as bank transfers in European Union go faster and cost times cheaper than the international transfer, Asian markets also have strong regional regulations for crypto exchanges, so Korean or Japanese company might prefer to use local crypto exchanges.
  • BestRate doesn’t hold funds: clients get the payment instantly to their crypto exchange account or private wallet and have the possibility to convert them to FIAT and withdraw funds from crypto exchange account at any moment
  • Crypto exchanges take place at their crypto exchange account, thus they have full transparency of all the operations 
  • BestRate doesn’t take commissions and uses the clear subscription model 
  • It’s possible to convert any cryptocurrency to the stable token(1 token = 1 USD) on-the-fly to avoid the volatility of the market
  • It’s possible to receive bank transfer via BestRate bank account to avoid unnecessary questions from the client’s bank
  • Additionally, users can trade and manage their portfolio across multiple crypto exchanges

 

Track record 

BestRate actively operates for around 2 years in the crypto space. We have a robust product that is used by key players in the market. Since the start, we processed more than 3mln$ total volume of payments and exchanges. 

Pic. 3. Clients, Partners, and Statistics

Here are a few examples of our paying customers:

BlockchainCuties – leading blockchain game

BeyondBlocks Bangkok Conference and Token2049 sample conference page

Boldman Capital – decentralized fund for investors 

AltSignals telegram group 

MyWish – a platform for smart-contract automatization 

 

BestRate has already developed integrations with popular CMS engines, like WordPress and WooCommerce, Magento.  

BestRate uses Simplex for bank card processing, which is also used by key market players like Binance. 

BestRate has a wide range of partnerships and big crypto market players support. We are partners with BlockChair, EOSPark, got development grant from Waves platform -one of the TOP30 blockchains in the world for CMS integrations and Waves blockchain support.

Platform’s target audience 

BestRate has started as an aggregator of crypto exchanges. Later we introduced Crypto Gateway as it uses the same technologies. This is why we have these main target groups under the same mission: 

  1. Merchants and Retailers. Merchants and retailers can use CMS plugins, API or BestRate hosted page to accept crypto payments. 
  2. Bloggers, Freelancers, Gamers. Can use BestRate page to accept donations and payments for their content, services or virtual assets. 
  3. Blockchain Projects and Crypto Games. Can use BestRate Crypto Gateway to distribute their tokens and accept crypto and FIAT payments.
  4. Events and Conferences. Can use Crypto Gateway to accept crypto payments for the tickets and donations.
  5. Traders. We aggregate crypto exchanges in one interface and provide traders with the possibility to check the rates and trade. We also provide traders with the algorithms to exchange big sums of crypto. Each trader can use BestRate account for accepting personal payments and share their portfolio with the followers. 

 

Pricing

BestRate has four different plans:

  • Free
  • Trader
  • eCommerce
  • Crypto Gateway

Free account

You can use BestRate to buy crypto, trade across 2 exchanges and create your personal hosted page with the unique URL to collect payments from your friends and family. 

Features:

Buy crypto, Trade across 2 crypto exchange accounts, check aggregated portfolio, Payout with 2 cryptocurrencies(ETH, BTC) for personal use.

 

Trader: 3.99$/month

Trade across multiple exchanges in one interface, use our trading algorithms, check aggregated portfolio and create your hosted page with the unique URL to collect payments for products, services or events.

Features:

Trade across an unlimited number of crypto exchanges by yourself or using our algorithms, check aggregated portfolio, Payout with additional functionality for selling services, products. 

 

eCommerce:  39$/month

Trader +Use CMS plugins for your online business to accept crypto payments. Use Payout for events, 

Features:

Buy crypto, Trade across an unlimited number of crypto exchanges by yourself or using our algorithms, check aggregated portfolio, Payout with additional functionality for events or selling services, products. CMS plugins. 

 

Crypto Gateway: 199$ / month

eCommerce + accept payments in 120 crypto and FIAT using our widget and distribute tokens/ cryptocurrency automatically via multiple integration schemes, including direct smart-contract integration.

Features:

Buy crypto, Trade across an unlimited number of crypto exchanges by yourself or using our algorithms, check aggregated portfolio, Payout with additional functionality for events or selling services, products. CMS plugins. Crypto gateway with smart-contract integration and FIAT support. 

 

Unit economy

Trader plan

eCommerce Plan

Crypto Gateway plan

Key Marketing Features

SEO

BestRate has started operations in 2017, service is well-known and has strong positions in Google for relevant keywords, like “crypto exchange aggregator” or “crypto gateway”.

Pic. 4. Google Search Results For Relevant Keywords

Conferences Marketing Integration

BestRate participated in a big number of high-level conferences, including TechCrunch SF 2018, RBE 2018, BeyondBlocks Seoul, etc. We also made a few pilot projects for conferences to help them to accept crypto payments and increase BestRate brand awareness:

https://beyondblocks.com/beyond-blocks-accepting-crypto-payments-with-bestrate-org/

User base 

BestRate has a growing user base, currently about 15k registered users, while the total number of users for 1.5 years exceeds 60-70k. 

 

Pic. 5. Google Analytics statistics.

Affiliate program

We partnered with many companies, including, but not limited to ICOAlert, ICOBazaar, TopICOlist, etc and many individuals to share profits. Each BestRate user can find affiliate link in his account and spread the word about the project. Currently, we have more than 500 domains pointing at us, according to Google Webmaster Tools. 

 

Legal and banking

BestRate is an established Delaware Corporation, with a US bank account. We charge only for Subscription services and act as managed crypto exchange service provider, while all operations are technically performed on the crypto exchange account of our customers. All FIAT>crypto operations are performed by our partners, like Simplex, Binance’s partner. 

We have an offer from Metropolitan Bank of New York to transfer and enlarge our activities there. This bank also provides services to CoinBase, for example. 

 

BestRate Platform 

User Flow

Pic 6. BestRate’s User Flow

User flow starts with sign up or login to the platform. After that user is able to add one or multiple crypto exchange accounts to the account. 

Clients also may use the services that require an active subscription:

  • eCommerce gateway. For example, an internet shop which wants to accept payments via CMS plugin, like BestRate WooCommerce Crypto Plugin or Magento Crypto Plugin
  • Business Payout. Small businesses and conferences willing to create hosted pages for multiple products and services with JavaScript widget integration. 
  • Payment Tool. Product for token distribution with multiple integration schemes:
    • Smart-Contract 
    • Generated blockchain addresses
    • Standalone wallet 
    • Token Holder

After that, users can use free services shown in the green color, like:

  • Create a hosted page for personal crypto payment acceptance
  • Buy or exchange crypto via BestRate OTC service
  • Trading in one or several crypto exchanges

Service Logic Scheme

Logically, the platform can be represented in the form of the following modules:

  • Wallets and transactions management (depending on the blockchain, the

corresponding programming languages are used)

  • Interface account management, creating and processing transactions (using React framework)
  • Blockchains event scanner (uses Java 8 with Spring Boot framework)
  • Database and backend for managing the account and (using Python 3

and PostgreSQL database)

  • API (using Python 3)
  • Admin panel and site management (WordPress)

 

Services Representation 

Pic. 7. BestRate Tech Services Representation.

Services Description

BestRate

Main service of business logic is divided in modules. Contains several layers of business logic. 

RPC(API) – RPC 2.0 incoming request routing layer, external API

Middleware – API data validation layer

Controls – external route processing layer, performs operations with the main business logic layer

Business Logic – the main layer of the business logic of the service, contains various modules for the implementation of the Bestrate service

Modules of provided services.

Gateway(eCommerce) – is a payment gateway module for WooCommerce, Shopify, Magento, etc. It implements the possibility of payment by various cryptocurrencies in online stores.

https://github.com/bestrateorg/bestrate-checkout-for-woocommerce

Payout – module for the hosted page management and the ability to send funds in various cryptocurrencies

Payment Tool –  investment module, the module allows user to invest in projects with different cryptocurrencies. Several investment opportunities are supported as “direct transfer”, the purchase of company tokens and the purchase of tokens via various blockchain smart-contracts

Trading – module for trading on the crypto exchanges, allows user to view the current status of trading, get the trading history for the account, create orders

Service modules

Authentication – user authorization module, registration, password recovery

Billing (Subscription) – subscriptions module. Contains information about user subscriptions to various services provided by the Bestrate service. Integrated with Stripe.

Notify – Notification distribution module allows users notifications via emails, sms, etc.

Wallet – module for making payments in blockchains, allows receiving address’s balances, performs various operations in blockchains

Transaction – a module for processing various transactions, transactions in blockchain networks, a transaction on exchanges, supports an infinitely possible number of operations necessary to obtain a result (Example of buying tokens: receiving a payment in the blockchain-> creating an order on the exchange-> withdrawing to the account holder-> sending tokens to the buyer)

Worker/Broker – the module handles background tasks such as alerts, transaction processing, etc.

BlockchainScanner

Service notification of various operations in blockchain networks, notification of replenishment and debiting funds from addresses.

BlockchainNode

Various blockchain nodes which are used by our services.

AMQP

Message broker, used to connect services by sending and receiving messages.

Interface 

The service interface is implemented as a web page that supports mobile layout thanks to responsive design. The service is convenient to use on almost all mobile devices, which can support a resolution of 320×640. We plan to release a mobile application for iOS & Android in 2019.

After registration, users can add one or multiple crypto exchange accounts. Please note, that we don’t have withdrawal permissions from the exchanges, so the process is fully secure.

Pic. 8. Adding Crypto Exchange Accounts:

Users can use Personal Payout product to create a hosted page with the custom URL for personal use. After setting up the avatar and description, user can get the following page to accept crypto payments from his network of friends, colleagues and family. Please note that BestRate can use your private wallet address or crypto exchange account to process funds with full transparency and security, while keeping this address private.

 

Pic. 9. Setting Up Personal Payout.

This tool can be used by bloggers, gamers, and freelancers willing to receive crypto donations and payments. They can just put the link in the Twitter, Telegram or Instagram account to provide their followers with the simple solution to do this. Please, check this example.

This page is mobile-ready and fully customizable with colors and sizes.  

 

Pic. 10. Hosted Page View And Blogger Usage Example

Personal Payout can be extended to Business Payout. While architecture and logic are the same, users can list several products and services in business payout to accept funds. The example below shows the use case for Token 2049 conference to accept crypto payments for the conference’s tickets.  

 

Pic. 11. Business Payout Settings

The live view of crypto channel that sells crypto signals for traders using Business Payout functionality.

Pic. 12. Business Payout Hosted Page View, AltSignals Example.

For eCommerce, retail, shops and a wide range of online businesses, we have eCommerce Payment Gateway. For instance, if the user is running an online shop using WordPress, he can use our WooCommerce plugin to provide clients with the ability to pay in 120 crypto coins or buy some services with the bank card. In this case, BestRate will convert this payment in crypto and send to the Merchant directly.

 

Pic. 13. eCommerce Configuration.


Pic. 14. eCommerce checkout example

For blockchain projects, games that have their own tokens or blockchains BestRate offers Payment Tool product. This solution uses various integration schemes, including direct smart-contract integration. This is a unique solution that helps not only to accept payments for product and services within the project but to also distribute tokens automatically. Please, check myWish example.

 

Pic. 15. Crypto GatewayConfiguration.

Finally, users can use different crypto exchange accounts to check their aggregated crypto portfolio and trade at different crypto exchange accounts in one interface.

 

Pic. 16. Aggregator of  Crypto Exchanges. Trading View. 

It’s worth mentioning, that we have already developed trading bots to exchange big sums

 

Also, users are able to see their aggregated portfolio and the history of the aggregated portfolio in one interface. 

Pic. 17 Crypto Portfolio

Pic. 18. Portfolio Historical Data

Interactions with different currencies and tokens

BestRate uses its own and public blockchain nodes for transaction handling. At the moment the number of supported currencies is up to 120. Some of the currencies are handled via 3rd party services and would be added one by one to have it on our side too. Natively are supported ETH, Bitcoin, Waves, NEO, EOS, and others.  

Interactions with external services

BestRate handles a large number of API support with different services, including, but not limited to: crypto exchanges(>100), FIAT payment processing providers, CMS, etc. We plan to enlarge the number of integrations to find an additional audience. 

Competitors

There is a number of competitors on the market, we’ll describe the key ones:

Coinbase Commerce

-Supports few blockchains only

-No automatic conversion to stable coin to avoid volatility

-Only 1 exchange connected

-Payments are held in the system, a client needs to withdraw them manually

BitPay

-Only supports bitcoin, bitcoin cash

-No automatic conversion to stable coin to avoid volatility

-Payments are held in the system, a client needs to withdraw them manually

-Commission applied

GoCoin

-Only supports bitcoin, litecoin, dogecoin

-No automatic conversion to stable coin to avoid volatility

-Payments are held in the system, a client needs to withdraw them manually

-Commission applied

CoinPayments

-No automatic conversion to stable coin to avoid volatility

-payments are held in the system, a client needs to withdraw them manually

-commission applied

BestRate Advantages

BestRate product design distinguishes it by default from any service at the market. BestRate processes all operations on crypto exchanges, thus, making the process transparent and clear for legal and risk management perspective. By providing the subscription business model and no commissions, BestRate acts as a smart crypto exchange management service, which doesn’t compete with the existing solutions on the market or crypto exchanges. 

 

Key advantages are:

  • Easy integration: configure your gateway and get the code or plugin in several minutes
  • Transparency: all operations happen at the connected crypto exchange or client gets instant payments to his own wallet
  • No-Man-In-The-Middle: instant payments to client’s wallet or crypto exchange account.
  • No commissions. The client pays for subscription only. BestRate doesn’t add fees or commissions to third-party exchange.
  • Wide range of coins: Supports 120 coins.
  • Avoid volatility: You can choose to convert all incoming payments in different cryptocurrencies to stable coins(1 token = 1 USD always) on-the-fly to avoid market volatility.
  • Global: multiple crypto exchanges support to avoid legal and regional risks. User can initiate crypto-FIAT withdrawal using their crypto exchange at any moment.
  • Known position in crypto space, Waves grant for development and marketing support.
  • Has proven technologies and experience with blockchain for several years.
  • Has strong integration examples, like Simplex, WooCommerce, etc.

Tokenomics

The Binance token economy (BNB) was used as a reference tokenomic, taking into account the peculiarities of the BestRate project.

The token BEST bears a pure utility role. It does not involve the payment of dividends or other financial rewards. The token is a single platform token, no matter which blockchain is exchanged or product used.

As such, the token may be used as follows:

  • Payment for subscription services (long period of validity, number of participants, etc.)
  • Token, blockchain listing fee ( blockchain, token is integrated into the BestRate systems, but the presence of a token in the list increases confidence and does not require control of the token address)
  • Affiliate payments (payment is made on behalf of BestRate)
  • Fee for promotional listing (mailing, posting on the site, in social networks, etc.)

 

Pic 19. When paying by BEST token, the discount is:

It will be released 100 million tokens, without the possibility of further emission. In order to later burn 50% of all distributed tokens.

Use of collected funds

  • 50% of the funds raised will be used for marketing and public relations activities, including the costs of building partnerships with exchange services, conferences, and attracting traffic.

  • 30% of the funds raised will be used to enhance products, integrations with blockchains and cross-exchange chains. This amount includes the payment of work to developers, training, hiring and all other activities associated with the development.

  • 10% of the funds will be used to establish bank accounts in several jurisdictions, get payment processing and crypto licensees.

  • The remaining 10% of the funds raised will be reserved for unpredictable expenses

Token distribution with token sales

  • 15% of tokens will be reserved for the team. Of these, 3% will be immediately issued to the team, and the remaining 12% will unfreeze each time by 3% (over 4 years).

  • 15% of tokens will be directed at conducting bounty campaigns and advisors. 7.5% of tokens will be frozen for a year.

  • 70% of tokens will be put up for sale.

Roadmap

Pic 20. BestRate Roadmap

Private Sale / Investments

If you would like to invest in BestRate, please follow this link: https://bestrate.org/investments/