The HBAR Foundation is pleased to announce its assistance to Hamilton's Reserve, an innovative financial account that redefines the way consumers save, pay, and invest in cryptocurrency assets, for the launch of Hamilton’s Reserve on the Hedera Network. Hamilton’s Reserve aims to leverage Hedera’s fast, secure, and cost-efficient network.
Hamilton’s Reserve will use the Hedera Smart Contract Service (HSCS) on their Hamilton’s Reserve Card program to disintermediate payment gateway obstacles and reduce merchant discount fees. The launch will bring the users of Hamilton’s Reserve into the broad network of Hedera. Moreover, the company’s users will be able to pay instantly with crypto-assets. The launch on the Hedera Network will also allow Hamilton’s Reserve to offer greener and less expensive transactions.
By planning to disrupt the $350 billion worth of fees paid annually to issuing card networks and acquiring banks, the company’s card and app will provide consumers with simple tools to instantly pay with cryptocurrency assets and save as they spend. This in turn will enable users to round-up purchases, save cryptocurrencies, and receive cash or cryptocurrencies back as a reward for spending. The use of Hedera smart contracts will also allow the consumers of Hamilton’s Reserve to pay for items via cryptocurrencies without having to sell them and also enable merchants to bypass interchange fees and traditional payment gateways.
“We intend to replace all the unnecessary layers of nodal transaction points that essentially ‘tax’ consumers and merchants to facilitate the acceptance of payment cards and the settlement of the debt between the consumer and their preferred merchant,” said Geoff Cairns, CEO of Hamilton’s Reserve. “Hamilton’s Reserve will disrupt banking and payments much like Uber did taxis.”
Through its technology-driven solutions, Hamilton’s Reserve aims to bridge the gap between TradFi and DeFi. Institutions can deploy Hamilton’s Reserve’s debit card to offer consumers an easy way to both acquire cryptocurrencies with zero fees and use cryptocurrencies to save, pay, and borrow. Institutions may also expand their lending programs with Hamilton’s by enabling cryptocurrencies to be instantly collateralized through smart contracts. Consumers can create a simple credit line, and merchants can use this to develop more sophisticated and attractive buy now pay later programs (BNPL).
Unlike traditional payment networks, Hedera’s smart contract mechanism will help Hamilton’s Reserve in efficient payment tracking and quick settlements. Through the HBAR Foundation’s support, the launch of Hamilton’s Reserve will help drive increased adoption of the Hedera Network.
About the HBAR Foundation
Founded in 2021, the HBAR Foundation fuels the development of the Hedera ecosystem by providing grants and other resources to developers, startups, and organizations that seek to launch decentralized applications in DeFi, NFTs, CBDCs, Sustainability, gaming, and other sectors. In addition to providing funding through a streamlined grant process, the HBAR Foundation acts as an integrated force multiplier through expert support across technical, marketing, business development, and other operational functions that are required to scale.
About Hamilton’s Reserve
In early 2021, Hamilton's Reserve began with two simple propositions, “How can I buy a Big Mac™ with my crypto” and “Why do merchants pay so much to accept payment cards.” A year and two revolutionary patent ideas later, Hamilton's is poised to help consumers, merchants, and banks solve these problems. Leveraging our direct network connection and the Hedera ecosystem, Hamilton’s delivers cryptocurrency relevance to financial institutions and a platform to grow deposits, enable new real-time lending opportunities, and settle card payments instantly for free.