WORLD BIT BANK
What was once thought of as a popular internet fad to soon ashen itself, is now a hot pie in the digital market. I talk here of Blockchain and the ensuing baskets and mines of cryptocurrencies. Check any website and the ad space will evidence my claims. The market share is growing by several folds and so are the checks and legalities being imposed by governments and financial institutions. From being christened as a disruption, the need is to push it into monetary and financial sectors such that cryptocurrencies enter the mainstream banking systems to converge seamlessly.
Generation Z or the so-called millennials live a part of their lives through their cell phones. We buy stuff online, trade, exchange and subscribe, and even the physical shopping comprises a swipe of a debit/credit card or the click of the pay button in one's wallet like PayPal or Apple pay.
Somewhere around, cryptocurrencies absent themselves mysteriously from these scenes.
Think of a possibility when you could buy your coffee with digital currencies without the usual hassles, at a fraction of a cost and much less stipulated time and surprisingly, all with a swipe of your Visa or MasterCard!
The World bit bank project brings into focus the unraveled lanes and the yet to be discovered world of cryptocurrencies through their monetary ecosystem spread over the globe with inclusion for everyone and ease of operating facilities. It is already found at WBB.io online and puts forth itself as the world's first cryptocurrency bank.
It has been successful in obtaining two important licenses in full compliance with Estonian laws and will purchase 10 existing banks in USA, Canada, Germany, India, UK, Japan, and others. The first bank will be purchased in EU. All these banks will have necessary licenses. The platform will work to integrate these into a single ecosystem working on WBB tokens.
It was originally launched by Vitsolutions, LLC and led by the World Bit group.
The project will work on two key technologies - Mobile and blockchain technology. The WBB wallet application will merge the tokens and debit card. They aim to introduce WBB debit card as traditional MasterCard/Visa through which payments could be made in ERC20 based tokens including BTC, ETH, and other cryptocurrencies.
Our goal is to provide a quality complement for the traditional banking sector service with electronic platforms, integrate cryptocurrencies in bank operations and help ordinary people use cryptocurrencies in their daily life.
How does it operate?
It checks the identities of members through a simple KYC procedure as per the EU guidelines and records the information on private blockchain to provide for a single database of clients.
The transfer of money is done through immutable and unalterable registration of transaction on the blockchain. Payments through a letter of credit are initiated using smart contracts lessening the work and time.
It will have it's own WBB exchange to further smoother and speed up the transactions.
MasterCard debit cards to provide for storage and exchange of cryptocurrencies.
Lowered transfer and transactional costs(90% reduction in costs)
Easy access to the history of the monetary event
Unlimited instant payments, contactless payments through NFC, mobile banking and wallets, and much more. (3 seconds timespan)
In compliance with the EU norms, which is a fully secure and robust financial market
Payments anytime anywhere.
Client security through the blockchain
Easy storage of digital assets
Cashback and loyalty programs
All classic banking features using cryptocurrencies
WBB token and ICO details:
WBB token will be an ERC20 based token that will provide for all payments, currency exchange and value maintenance on the platform.
It will be tradeable like other cryptocurrencies on exchanges.
A total of 1,000,000,000 WBB tokens will be issued. Each Wibcoin or WBB token has a value of €1. It will be available for trading after the pre-ICO. The hard cap is set at €500 million and soft cap at € 250 million for the ICO sales. The pre-ICO began on April 23, 2018. The money so raised during the ICOs will be used to acquire 9 banks from around the globe.
As a complementary ecosystem to the traditional banking, it aims to provide financial inclusion to all the digital currency holders at a fraction of the cost, automated procedures and lessened time gap. Third party payment app integrations are also in the pipeline. In addition to acting as a depository for storing digital assets and information, it will offer customized banking solutions to individuals. The robustness of the platform lies in its compatibility with EU norms.
There have been attempts in this arena which failed miserably. The platform claims itself to be an integrated ecosystem-based on already established banking institutions. The tokens so acquired would serve utility purposes and would be devoid of any ownership rights. So basically, investors can hope to earn through the token appreciation which will be dependent on the popularity of the platform. The users are provided with enough goodies to keep their hands full.
ANN thread: https://bitcointalk.org/index.php?topic=3206437.0
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1958794