Blockchain to revolutionize tourist tax refund market

From this article you will learn how EBCoin provides a solution for tax refund market for tourism
30 November 2017   2959

The global tourism industry has grown steadily over the past decade. Tax refund means when a tourist buys a VAT inclusive product during their travel period, and returns to his or her home without using it, they can get a certain amount of VAT from their purchased products. The problem is that the procedure is complicated and cumbersome, which is causing great inconvenience to travelers, even though the effect and demand for the refund are significant. EBCoin is a cryptocurrency devised to solve problems of many discomforts travelers are faced with.

What is EBCoin?

EBCoin is a registered Singaporean company and is advised by RHTLaw Taylor Wessing LLP, a global legal and advisory firm with representation across 41 offices in Asia, the Middle East, Europe and the United States via the Taylor Wessing network and ASEAM Plus Group. The EBCOIN Project aims at improving the inconvenient refund process at various stages and there will be no need to keep receipts in the form of paper through the digitization of all refund procedures, and no need to wait for a long time to request tax refund. EBCoin is an ERC20 token that is standardized on Ethereum blockchain and is compatible with any applications that uses the same standard.  EBCoin is a solution for applying tax refund, foreign currency exchange, payment service on blockchain for potential travelers all around the world.

EBCoin Wallet

To make EBCoin’s tax refund, payment and currency exchange functions easier, the EBCoin wallet will be created and distributed in the form of e-wallet. The wallet will be provided to SDK for Android and iPhone, which is easy to use likewise global shopping applications. If the user installs only an electronic wallet in the form of SDK, various services, such as remittance and electronic payment using EBCoin will be available.

EBCoin wallet structureEBCoin Wallet principles of work

Wallet will contain all procedures for tax refund and the beta version of the wallet for ICO will be released in December.

EBCoin Service

Tax Refund

When a tourist buys a VAT inclusive product during their travel period, and returns to his or her home without using it, they can get a certain amount of VAT from their purchased products. This is the what tax refund is. Currently, 34 countries are operating the regime of tax refund and among of them, 28 nations are belonging to the European Region. The EBCoin project is based on dApp and the targets are foreign tourists, duty free shops and customs.

Currency Exchange

EBCoin is designed to deal with difficulties of exchanging money in various countries with EBCoin. If customers want to exchange their own currency before departure, they can exchange the money at the KIOSK that is deployed at airports in each country. Travelers could access kiosk through EBCoin App. Starting with EBCoin, other currencies, such as Bitcoin, Ethereum, USD, YEN and WON are also available to exchange and withdraw the money.

EBCoin Tokensale Information

Total token supply: 1,500,000,000 EBC
Accepted currency: ETH
ICO Round: Pre-sale, Crowd-sale (ICO), TBD (3 times in total)

Pre-sale (15% of Bonus)
Start: December 7, 2017 
End: January 7, 2018 
Token exchange rate: 1 ETH = 3,450 EBC
Invest amount: 1 ETH ~ 100 ETH

Crowd-sale (ICO)
Start: January 9, 2018 
ICO End: January 30, 2018 
Token exchange rate: 1 ETH = 3,000 EBC
Invest amount: 1 ETH ~ 1,000 ETH

EBCoin token allocationEBCoin Token Allocation and Distribution of Profit

EBCoin Benefits

  • EBCoin will revolutionize the $60B a year duty free/tax refund market for tourism.
  • EBCoin is an ERC20 token standardized on Ethereum blockchain, and a complete eWallet solution
  • Consumers receive their refunds instantaneously and can then use their proceeds as a digital currency
  • Transparency of tax refunds resulting in greater efficiencies for tax authorities
  • Reduced costs for retailers 
  • EBCoin will drive higher tourism spend at participating duty free shops, and ultimately, the EBCoin itself aims to become a store of value and payment

EBCoin Advisors

  • J. Michael Bradley - most recently Managing Director Asia Pacific for CyberSource and Vice President, at Visa Inc., currently an Advisor to several FinTech ventures, including OmiseGo and serves as Chief Commercial Officer for Omise
  • Mike Templeman - CEO of Foxtail Marketing, a digital-content marketing firm specializing in B2B SaaS


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Pantera Capital to Intend to Raise $175M for Crypto Fund

Whether the firm can achieve its funding goal is still unclear
16 August 2018   201

Pantera Capital intends to raise up to $ 175 million for its third venture fund, focused on the blockchain and cryptocurrencies, which marks significant progress against the background of the company's other two funds: the assets of the first of them are $ 13 million, the second - $ 25 million. This is reported by TechCrunch.

As reported, company's partner Paul Veradittakit says the target amount is a “function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds. With more interesting later-stage investments [on our radar], too, we want to be flexible and able to move with the market.”

Whether the firm can achieve its funding goal is still unclear. According to documents recently sent to the US Securities and Exchange Commission (SEC), it has already managed to raise more than $ 71 million with the participation of 90 investors. Veradittakit calls this event "the closing of the first transaction".

One of the company's new funds, which opened last year, has a hedge fund structure and focuses exclusively on the ICO. The founder of the company Dan Morehead said earlier that Pantera takes part in the first stages of such campaigns, "basically getting a discount to the ICO price by getting in early, when it’s just a team and a white paper."

The second fund of the company is engaged in investing in bitcoin and has managed to serve a large number of investors during its existence. According to Morhed's calculations, the fund, launched 5 years ago, demonstrated a return of 10 136%.

The last fund Pantera invests in cryptocurrencies, which are already traded on the exchanges. It uses machine learning for algorithmic investment and takes into account the views of the company's management when making investment decisions.