Evedo is looking to provide blockchain solutions for businesses and participants working with event organizing, a Tuesday (Jan. 4) Cointelegraph report says.
Evedo founder and CEO Stoyan Angelov spoke with Cointelegraph about the company’s plan, explaining that the tech works through the EVED utility token, which can generate smart contracts between ticket buyers and sellers.
The company will be working with stablecoins, with the EVED token used for bigger features like targeted advertising, community management and using tools on the platform.
Event organizers will have the ability to choose if they want to accept partial or full payment in EVED. According to Angelov, the company doesn’t take a ticketing sales fee.
“Evedo’s business model is based on the additional value in the ecosystem,” he said.
He said the company does get a commission from the ticket sales, with the 0% commission being if the organizers use EVED for ticket sales, and that there is a 5% charge with fiat.
Angelov said any event organizer is welcome to use it, with both small and larger events allowed. He added that Evedo will cope with high ethereum gas fee problems by not implementing EVED payments in the ticketing.
“Unfortunately, this is a show-stopper adoption on the ticket sales,” he said. “Our exit plan is to become multi-chain and onboard the first HYDRA blockchain. In that way, we will finally have a chance for the EVED to be implemented.”
PYMNTS wrote that the use of cryptocurrency in B2B situations like cross-border payments is becoming more common.
That said, many financial institutions aren’t doing as well in market interest for the innovations. Only 4% of those asked said they planned to let customers use cryptocurrencies in the next year, while 76% said ‘maybe’ and 20% said they definitely wouldn’t be doing so.
Read more: 73% of FIs That Offer Cryptocurrency Plan to Add More
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