According to the startup’s CEO, Warren Venter, the system works in two ways:
Providing cash-based customers with an easy on-ramp to hold a digital store of value and enjoy safe and convenient digital payments
Provides cryptocurrency enthusiasts an easy off-ramp, making crypto as acceptable as bank card payments across the merchant network
Unlike most digital asset providers, 6DOT50 is not regulated since there is no need for KYC as they do not take deposits. Users only require a transactional account which the service offers free registration and using a mobile number.
6DOT50 has agreed settlement fees with all its partner merchants. When a user makes a purchase, the sevice pays the required amount to the respective merchant but deducts the settlement fee.
The service is also planning to launch digital service dollars.