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Blockbank: First Fully-Regulated Blockchain Bank That Strives to Offer  Affordable Loans to Everyone

  • Alex Dovbnya
    Sponsored

    UK financial firm Blockbank aims to tackle the main issues of the global banking industry while boasting full regulatory compliance

Blockbank: First Fully-Regulated Blockchain Bank That Strives to Offer  Affordable Loans to Everyone
Cover image via u.today

The traditional banking sector is rather conservative with regard to new technologies, and that leads to such issues as an overwhelming amount of paperwork, high fees, and tedious registration procedures. As of now, banks and crypto are the two rivaling industries, but why can’t we have both? Yes, centralization is not something that crypto enthusiasts are looking for, but Blockbank, the first Blockchain-powered bank, might be a solution.         

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Revolutionizing the traditional banking industry

Since there are already thousands of Blockchain-powered fintech projects, the obvious question is whether Blockbank brings anything new to the table. We get, Blockbank ensures transparency and low transaction fees, but are there any technologies that haven’t been implemented by other popular cryptocurrencies?

In fact, Blockbank shouldn’t be compared to other cryptocurrency projects because it is still a centralized authority. Treat it as your ordinary bank, but the one that tackles all the difficulties of a modern banking system. Blockbank offers its customers a unique decentralized funding platform. By cutting out an intermediary, Blockbank is poised to shake the global banking industry to the core.

Who can benefit?

First of all, lower-cost funding is crucial for the majority of developing countries around the globe with astronomical lending rates. Blockbank will make affordable loans a reality even in those countries where the banking system is completely absent. Irrespective of their location, Blockbank clients can take advantage of low-interest rates and low taxes.

First fully-fully regulated decentralized bank

Another prominent feature of Blockbank is its full regulatory compliance. The company has already acquired licenses, including International Banking License, for conducting banking operations. Hence, it Blockbank is marketed as the first commercial bank based on Blockchain technology.

ICO details

The coin offering, which has been running since July 20, has already raised more than $12 mln. It is expected that a total amount of two mln BBRT tokens will be issued. All the unsold tokens will be used for funding the company’s future projects. It is worth mentioning that the company is offering its token holders a lion’s share of its profit (up to 80 percent).

BBRT is an Ethereum-based token that gives its holders the right to vote, receive bonuses and get funding access. The price of each token is set at $0.2. Since the company wants to capitalize on its security compliance, all investors who would like to purchase this token have to fall in line with KYC requirements.    

The Blockbank ICO is scheduled to last up to Oct. 29.

Blockbank ICO picks up steam with a big-name partner

Blockbank ICO is currently underway. On Sept. 12, the London-based Blockchain bank has made an official announcement about purchasing a stake in Spire Bank, one of the leading commercial banks in Kenya that operates since 1995 and has around 350,000 customers.     

This much-talked-about partnership will serve as a catalyst for the integration of traditional banking services into crypto-related businesses Since Blockbank places a huge emphasis on affordable lending, Spike Bank is going to utilize Blockbanks’ DDAMS smart contract system to provide affordable funding solutions for international for its clients.

Back in March, Blockbank already started its expansion into the African market by opening the first office in Nairobi (Kenya). Blockbank’s chief executive Adam Cuffe earlier stated that Kenya is a perfect stepping stone for entering Africa due to its relatively high level of technological development (mobile penetration in the region reaches almost 90 percent).

Partnership program

Blockbank has also come up with an affiliate program for expanding its global reach. Affiliates are supposed to look for potential customers that would be interested in Blockbank payment solutions. In exchange for attracting new clients, affiliates are rewarded with 30 percent of the fee when each loan is successfully secured.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Ripple's XRP Is in for ‘Explosive Growth’, Prominent Venture Investor Tim Draper Says

  • Yuri Molchan
    📰 News

    A Bitcoin bull and investment guru Tim Draper predicts the calm before the storm for the XRP price, as “to call Ripple developers actions wrong is impossible”

Ripple's XRP Is in for ‘Explosive Growth’, Prominent Venture Investor Tim Draper Says
Cover image via en.wikipedia.org

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

When asking a question about when XRP is going to hit its quickest high profits in the quora.com forum, a user gets a reply from Tim Draper himself, who says that the XRP price is about to experience an ‘explosive growth’.

Tim Draper is pumping XRP

Tim Draper, a prominent venture investor and a Bitcoin bull, seems to be excited by the current Ripple expansion. Judging by his words, he is predicting the XRP to soar in the short term, calling it the calm before the storm or ‘explosive growth’, putting it a different way.

Tim Draper says:

“Looking at the three-time growth of Bitcoin over the past 5 months, one would expect a similar result from XRP.”

XRP should have already grown beyond $0.6 or even $0.9 by now, says the crypto investor, when talking about the results of recent Ripple’s expansions and the partnerships the crypto unicorn has initiated lately.

“The company is actively developing, expanding the sphere of influence, enlisting the support of large financial institutions and constantly improving the technology of transfers.”

Finally, he states:

“In addition, Ripple is owned by SBI, a large corporation with companies such as R3. Everything indicates that the current situation, only the calm before the storm, in our case, before the explosive growth.”

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Ripple expands to Washington, D.C.

Previously, U.Today reported that the crypto giant has decided to expand its presence to Washington, D.C., to be closer to regulators, as per the CEO Brad Garlinghouse, and educate them on crypto and the blockchain.

He stated to Forbes:

“We’re focused on maintaining a dialogue with Washington regulators and policymakers and being a resource to the Hill allows us to be easily accessible at all times.”

Apart from extending its arms to Washington, Ripple has joined the Blockchain Association.

 

What is your bet on the price moves XRP is going to take in the near future? Share your view in the comments section below!

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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