Zoom Enables Crypto Payments on Ethereum

Zoom Enables Crypto Payments on Ethereum

Zoom Video Communications, the telecommunications company with a speciality in teleconferencing, have released details of an Ethereum-based blockchain app available in their marketplace that facilitates cryptocurrency payments and enables business owners and conference organisers to monetise their video calls.

The app, known as SmartSessions, was developed by 2key.network to meet the increased demand for online interactions and to maximise the potential of Zoom’s existing services registration and payment management features.

Captive Market

Listed on the NASDAQ stock exchange and with reported total assets of around $1.2 billion, Zoom have been thrust to prominence during the ongoing restrictions on gatherings which has meant institutions like the UK Parliament needing to rely on the company’s services.

With many individuals shielding at home and brick and mortar businesses shuttered, video conferencing appears to be one of the few entrepreneurial avenues that has room to grow and Zoom have been best positioned to seize upon the potential of such a literal captive market.

SmartSessions will streamline the current billing and payments options offered by Zoom into an Ethereum smart contract that will also provide improved data tracking and reporting abilities.

It also provides the option of allowing creators to set rewards for referral payment levels in order to incentivise others to market their upcoming video conferences.

Any clients who sign up for the calls will have the option of paying in a various cryptocurrencies and 2key will provide a gateway for these assets to be purchased directly from the platform using a credit card.

The producers of the app, 2key.network, embody the remote concept with a project team that is based in seven countries and dispersed over three continents.

They are currently in the process of a pre-sale for their own token (2KEY) that will represent a “a unit of value and medium of exchange native to the 2key network” and will play an integral role for campaign management and rewards on the network.