Partnerships in the cryptocurrency community have enabled entirely new customer bases to reap the benefits of an advancing financial world. Collaborative approaches are so popular because of their mutually beneficial properties and the prospect of creating exciting new products.
In a bid to take the cryptocurrency industry to the next level, the EMS Global Wellness Corporation recently announced its partnership with popular cryptocurrency platform CityUptake. The partnership is considered as a “huge and necessary step” where CityUptake will be in charge of leading blockchain technology into real-world use cases and help in creating transparency across the board.
CityUptake and EMS have signed a lifetime service agreement to focus on formulating the best way to distribute commission rewards to users. According to EMS, members who hold more than a million tokens will have to follow CityUptake’s Know Your Customer process before they can receive rewards for community support.
Within the partnership, CityUptake will take care of aspects such as holder engagement, KYC management, tax services, providing a dashboard, and setting up a functional ticketing service. Holder engagement is important because this is the stage where the partner’s wallet address as well as e-mails are registered. After this step comes to the all-important KYC registration that will be handled by CityUptake.
One of the major hurdles in the cryptocurrency sphere is the lack of information on how to tax virtual assets. CityUptake again takes this in stride by providing EMS with W8 and W9 documents to holders while partner projects will be given filled-in documents. The aforementioned information only becomes beneficial if they are given in a seamless and useful format. CityUptake does just that by setting up a monthly dashboard with key indicators for partner projects. Apart from this, EMS will also have hands-on help from CityUptake if the need ever arises.
The partnership is seen as the next step in blockchain adoption with CityUptake agent Maurice stating:
“This is a big step in bringing Crypto projects like EMS and previously CITYUPTAKE to be compliant with US regulations and with that we are ahead of the pack with regards to adoption outside to the world outside of crypto”
CityUptake plays an important role in the partnership because EMS token holders deal with the assets on a routine basis. Individuals who hold 1million EMS will receive a portion of 7 percent of the net profit of the business, split accordingly amongst all 1-million-level holders. At the same time, a portion of the fees that farmers pay to utilize the technology is also given to the holders. These incentives are to be systematically dealt with and distributed on the blockchain and this is where CItyUptake steps in with its magic.