Centra offers a range of cryptocurrency related products, namely, a wallet and a cryptocurrency debit card, with plans to also provide an exchange and an open-source DPoS Blockchain.
The Centra product line was designed from the beginning to address particular problems with earlier wallets and exchanges. Currently, the Centra platform offers what the company calls in their White Paper, “Core Products,” which are described as follows:
Centra Card: A prepaid credit card allowing users to either spend or withdraw supported digital assets instantly from anywhere, worldwide, that accepts a major credit card.
Centra Wallet: A Multi-Blockchain Wallet that allows the storage of supported digital assets in a secure & safe environment. The Centra Wallet is the main wallet system for all products.
Centrachain: An open-source Blockchain network with a DPoS (Delegated Proof-of-Stake) consensus. Centrachain allows users to build currencies, Smart Contracts, DApps, tokenization, crowdfunding contracts, & more. All assets/tokens created on Centrachain will be available in the Centra Wallet & Compatible with other Centra core products.
Centra Market: An online megastore with over 100,000 products for sale that accepts payment using all supported digital currencies. The Centra Market also allows users to set up their own store on the platform where they can accept cryptocurrency payments for goods.
Centra Network: A Centralized & Decentralized Exchange Platform designed for the buying/ selling or trading of supported digital assets with high liquidity alongside fiat-based trading pairs (US, EUR, GBP, KRW & more) in the future.
Centra Merchant Services: A patent-pending module designed for business owners, large corporations, and major retailers to accept all of our supported digital assets at their point of sale with no chargeback liability.
Centra (CTR) Tokens/Coins: The native cryptocurrency of the Centra platform and ecosystem. Users can spend, buy, sell, and trade CTR tokens on the Centra network as well as other peer-to-peer networks/exchanges. Users can also participate in the network’s future Blockchain and receive a network reward in CTR based on Centra Card transactions.
Currency Conversion Engine (CCE) Module: A protocol (still patent-pending) that can rapidly convert digital assets to fiat in real-time using a multi-Blockchain conversion engine.
ICO and Centra Controversy
During mid-December 2017, Centra, having raised over $30 million through their heavily celebrity-backed ICO, was sued. The suit was filed in the state of Florida and demands the repayments of the investments made by Jacob Zowie Thomas Rensel and other parties.
The full text of the Class Action Suit, (available online) points to several false claims allegedly made by Centra, including lying about having an ongoing business relationship with Visa related to the creation of their upcoming Centra Card. Proof that Centra had no involvement with either Mastercard or Visa was reported in the New York Times in October 2017.
The suit alleges that Centra violated the Securities Act by, “raising over $30 million in digital cryptocurrencies by offering and selling unregistered securities… There are conflicting reports as to the actual amount raised, some reports indicate the amount raised may have been closer to $50 million.”
The NYT reported that the founding team of Centra had no previous experience in the business of cryptocurrencies or the credit card system. Some members of the team were reported to have been previously accused of financial negligence and fraud. There were initial concerns that at least some of the founders were fictitious.