Real Purchase Utility
Buying and selling with the QUIDD Token.
Starting in early 2022, Quidd will integrate QUIDD Token into its primary market and aftermarket as an officially supported currency, the first crypto-currency integrated into Quidd’s economy, and second currency only to USD.
Quidd’s cash-based aftermarket, while still in beta, has facilitated millions of dollars’ worth of peer-to-peer transactions. And to-date, collectors have withdrawn less than 25% of their cash proceeds earned from aftermarket sales. There are two notable points here.
First, collectors are choosing to recycle their sales proceeds into expanding their collections by buying new or old digital collectibles, or simply holding for the next drop or grail to hit the aftermarket. No collector that has withdrawn funds from their Cash Wallet has withdrawn their complete balance, though they are eligible to do so.
Second, Quidd actually processes withdrawal requests, transferring funds into collectors’ PayPal accounts to spend on rent, textbooks, or taking their spouses to a nice dinner. The company isn’t sure why this needs to be stated or even discussed, but some in the industry have notoriously long wait times for withdrawing cash or, worse yet, don’t even let you withdraw at all (despite promising to do so in the very near future).
In addition to this, there are a number of important characteristics of Quidd’s USD on- and off-ramps:
  • Full AML-Compliance: in order to approve a withdrawal request, the requesting collector must first verify their identity, following Know Your Customer best practices in order to be compliant with Anti-Money Laundering laws
  • Support for Over 190 Countries: Quidd’s ID verification partner, Passbase, supports over 190 countries utilizing its vast database of government-issued identity documents, opening up the benefits to nearly all collectors on the planet, no matter their country of residence
  • Deposit via IAP: collectors can deposit funds into their Cash Wallet using the familiar and ubiquitous in-app purchase methods, providing two-tap access to billions of collectors with their credit cards stored on file with Apple and Google
  • $100 Minimum Balance: for withdrawal requests to be processed, the collector must request a minimum of $100; the company looks to lower this amount in the future, but one bright spot is deposited funds can currently be withdrawn, not just net proceeds from sales, ensuring if new collectors do not like Quidd, they can get their money back
  • 2% Processing Fee: Quidd currently charges a 2% processing fee, which it hopes to eliminate in the future
The maximum wait time for a KYC-approved collector to receive her funds is now less than seven days.
However, Quidd can do better. One way to do this is with the QUIDD Token.
QUIDD Token integration into Quidd’s cash aftermarket will enable collectors to:
  • List and sell digital collectibles in QUIDD
  • Buy certain listed digital collectibles with QUIDD
  • Purchase primary market packs with QUIDD
  • Purchase future ancillary collector products with QUIDD
In addition to the obvious utility of transacting, the QUIDD token, relative to USD, will give collectors more agency over their proceeds of sales done in QUIDD, particularly around storage in personal crypto-wallets and swapping any and all QUIDD balances at the collectors’ discretion.
Last modified 4mo ago
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