Libereum Acquires a Large Stake in Vendit!

Frequently Asked Questions (FAQ)

General

What are Primary Payment Networks?

Primary Payment Networks are interchange networks that exists that facilitates current fiat payment systems. Example of such networks are Mastercard, VISA, Discover, American Express, Diner's Club, etc.

What is Vendit?

Vendit is a cryptocurrency exchange.  Coins on the exchange can be paired to USD (or official fiat of country of issuing bank).  Vendit debit cards will be available for cryptocurrencies on the exchange so holders may spend their coins at merchants.  Our APIs will be able to integrate with current merchants, payment processors, financial institutions, and primary payment networks (ie Mastercard, Discover, etc.) to facilitate seamless, real world cryptocurrency payments.

What is the Vendit Token?

The Vendit Token is an ERC-20 Token which is used as an Universal Transaction Coin used for all fees and payments on the exchange.  It is what drives and powers the Vendit exchange.

Why do I need Vendit Tokens?

Vendit Tokens are used to facilitate transactions on the Vendit Exchange.

How do I store Vendit Tokens?

You will need an ERC-20 compatible wallet such as MyEtherWallet (www.MyEtherWallet.com). Of course, you can also store Vendit Tokens on the Vendit Exchange.

Why Should I be a Vendit Customer/User?
  1. 0%-0.5% Fiat Deposit Fee (Depending on Issuing Bank)
  2. Discount Exchange Fees using Vendit tokens.
  3. True real-world, seamless use of your cryptocurrencies as payment without exorbitant fees, processing delays, and limited acceptance.
What Advantages does the Vendit Crypto Debit Cards Offer?

Vendit debit cards will initially be on a primary network rail and accepted everywhere they are accepted, which eliminates the usability problem facing current crypto debit cards.  Transactions also happen in real-time; the merchant is paid and we will deduct the requisite amount from the appropriate coin from the user’s wallet on our exchange – this eliminates the lead time involved with crypto-payments.

Over time, we will approach merchants on the current rails network to work directly through our system, bypassing these primary networks altogether and lowering their overall fees.

What is your Current Website Built on?

The current website is built off of Shopify's e-commerce system using Shopify Apps that may link to other web systems such as PHP or Wordpress.

What Type of Server will host the Exchange?

While the domain will stay the same, the exchange, once fully built, will be deployed onto our AWS high traffic server. It will also be fully connected and integrated to BitGo custodial services for security and TradingView for charting.

How can I participate in the Vendit Token Sale?

You can learn more and contact us on the Vendit ICO part of this page.

How Will You Succeed When Others Have Failed?

New technologies require new methods of thinking and efficiency. However, that way of thinking can sometimes bring up solutions to problems that does exist yet. While creative thinking is coveted, traditional thinking and understanding of an industry must still be the foundation of how that industry works. 

While utilizing technologies and efficiency to a company that is meant to maximize horizontal integration should be embraced, horizontal integration is ineffective without the vertical chain that must already exist. That is what's missing. There are areas or layers missing in the entire vertical chain that no matter how efficient you are in one part of that chain, it will not function without the entire chain.

Vendit is here to either fill in these holes or integrate with already existing companies, whether they are crypto related or not, to fill in those missing parts to connect the entire industry chain link by link. We have the relationships, we understand the technology, and we understand the traditional industry mentality all while utilizing more modern and creative solutions to problems that already and actually exist.

For Listing Coins/Token

How can I get Listed on Vendit’s exchange?

Coins can apply to be on the exchange.  You may contact us via email at coinlisting@coinvendit.com or click here to fill out the initial application contact form.

How can I Obtain and Distribute Crypto-Cards for my Coin?

There are options for each coin to obtain and distribute the crypto-cards themselves or leave distribution to Vendit.  Prices and quantities vary.  These options will be discussed during the negotiation process of the listing coin application.  Please feel free to reach out to us for any additional information via our support email at support@coinvendit.com.

Why should I try to get Listed on the Vendit Exchange?

While the better exchanges out there take care of their users, we want to go the extra mile and take care of the coins/tokens as well. 

  1. Coins reaching certain benchmarks (e.g. transaction volume) can receive a portion of the transaction fees of their coins aka Revenue Share.
  2. Part of the annual listing fee may be waived, and/or a portion of the application fee may also be refunded if certain transaction volume is reached within a set time frame (varies per coin/token). 
  3. Other profit sharing opportunities may also be available.  Additionally, these coins will gain the ability to be used as payment at all merchants accepting Visa, creating exposure and real-world use cases for the coin.
How Long is the Application Process?

That will depend and vary with each coin/token. As we expect you to do your research and homework on us, you should expect we will do the same with you. 

For Merchants

What is the Cost for Merchants to accept Vendit’s Debit Cards?

Accepting Vendit’s debit cards through the standard banking primary networks has no additional fees; you pay the same amount per transaction you currently pay.  The transaction fee is further reduced if you accept our debit cards through our separate network.  We can also integrate with your current processors to facilitate crypto-card acceptance or provide our own terminals/systems (or a subset of those) to process through our network.

What is the Advantage to the Merchants to Join Vendit's Network?

Joining the network means either the merchant has taken our POS terminal to accept card payments, not just limited to Vendit debit cards, or their merchant processor has integrated with Vendit's systems. This just means reduced fees and greater flexibility in payment options by accepting cryptocurrency and being positioned for the future advent of cryptocurrency as a form of payment.

Why should I Join Vendit Network?

Being on the Vendit network reduces interchange fees from 3% to 1.25%.  However, should you choose to accept cryptocurrency as a direct payment, it will drop the fees even more regardless of what coin/token is being paid with and what coin/token you wish to receive. The exchange will exchange those coins/tokens automatically for you.