Update 2: Almost a week left from the ICO (108,000,000 Euro raised so far), but you can still buy tokens here: Bankera ICO
Update: Bankera is holding a Twitter contest, where the prize is a beautiful Bankera-branded hoodie. All you have to do to enter the contest is this:
- Like this post: https://twitter.com/Bankeracom/status/958006339858464769
- Share it via Twitter.
#BNKHoodieContest in the tweet. The competition will continue until the end of Bankera’s ICO (March 1st). 2 winners will be picked daily.
The largest financial sector in the world is the banking system, with trillions being exchanged on a daily basis. Loans, deposits, transfers and thousands of other types of operations, all involving in one way or another fiat money. Due to its importance, the banking system is also a highly regulated one (in the most part, lack of regulation was the source of the 2008 financial crisis). However, the banking system is also a very costly one for end-users. Just think that a single wire transfer can cost a minimum of $40 between banks in different countries.
Blockchain banking, the fintech future
The high costs in operating with the current banking system, coupled with the trillions exchanged daily created an opportunity for innovation. It caught the attention of fintech companies, and blockchain might be a solution for a future banking system. That’s why banking cryptocurrency ICOs that offer hybrid banking systems based on smart contracts and blockchain are so hot. Bancor has already a $300 million market cap soon after launch, Bankera is currently at $120+ million ICO and others follow.
The race is on for the future of banking, and Bankera is a very serious contender to the title of the “blockchain bank” for several reasons I explained below. Since images say more than thousands of words, here’s an Q&A interview regarding Bankera:
Many fintech startups are trying to revolutionize the banking system, however they rely mostly on finding a niche and improving on that, rather than building a scalable solution (on a very large scale). Bankera takes advantage of that by proposing to use blockchain to solve the scalability issue. If succeeded, they’ll be able to offer traditional and new (i.e. crypto) banking products and services. Even if the ICO is not yet finished, Bankera managed to obtain regulatory approval and has the tech to offer IBAN account numbers (international bank account numbers), and also make payments in the SEPA area (Single Euro Payments Area).
Here’s some of the products/services Bankera offers (and plans to expand on):
- Approval to generate and assign IBAN account numbers
- SEPA payments within EU
- Access to the Faster Payments network in the United Kingdom and ETF in Canada
- The Bankera Payment Card, linked to your account
- Offering loans and deposits through their digital bank
- For businesses, Bankera will improve cash flow by extending the financing based on estimated future payments (based on the historical payments received)
- For individuals, Bankera will create an investment product linked to a basket of goods that automatically adjust with inflation (your money grows while in the bank)
Bankera Token and ICO Details
What is a Bankera Token
Bankera will be a digital bank offering blockchain banking services, and the Bankera Token (BNK) will be primarily used for interacting with its infrastructure. The goal of building a blockchain-based bank is to ultimately lower the cost of banking for the end user.
Here are the main reasons why Bankera ICO is so hot right now ($122+ million raised so far during the first ICO phases):
- They already have a working product that produces effects, and that’s Spectrocoin
- Spectrocoin is a crypto exchange, with hundreds of thousands of users, more than 770,000 users at the time of this article
- It sends commissions (weekly) to all those users that keep their Bankera tokens stored on Spectrocoin. For example on the 7th of February, 2018, Bankera paid out their 23rd weekly revenue share to Bankera token holders. Basically they calculate the SpectroCoin generated net transactional revenue for the previous week and distribute 20% off that to Bankera token holders. For the week mentioned above the distributed share was of around 80 ETH (~$60,000). This equates to an annualized return of 1.84% for your Bankera tokens at the current price.
- They’re applying for a banking license. In early 2019 they should already have a banking license obtained. This will allow Bankera to offer loans and deposit services, thus expanding the revenue stream.
- There are already working physical Bankera cards that will be delivered in the first quarter of 2018 to Bankera token holders. In a time where most card issuers drop support for crypto, Bankera managed to secure a provider. The cards can be used in lots of countries already. Once they have a banking license issued to them, the new cards will be a God send.
- They recently surpassed $122,000,000 from the pre-sale and current ICO phases, with over 81,000 contributors.
Key facts about the Bankera ICO
- ICO Registration: Contribute to the Bankera ICO here
- ICO Start Date: 27.11.2017
- ICO End Date: 28.02.2018
- Hardcap: 10,000,000,000 BNK (equivalent to around 177 million EUR)
- Softcap: 1,000,000,000 BNK (the softcap was reached during the pre-ICO)
- Supported payment methods: Sale is done exclusively through their exchange, Spectrocoin, thus there are 20+ deposit methods available, including credit or debit cards, bank transfers, and cash
- Current token bonus: 13.5% (drops down every billion BNK sold, up to the point where a token will cost 0.024 EUR)
- Price (incl. bonus): 1 BNK = 0.021 EUR (~0.025 USD)
- Maximum amount of tokens to be generated: 25,000,000,000 BNK (including bonus tokens, founder’s tokens and bounties).
- 10% allocated to Pre-ICO participants
- 30% for ICO participants
- 30% for SCO (secondary coin offering) participants
- 25% for management team and employees. Part of these tokens will be used as bounties during pre-ICO, ICO and SCO.
- 5% will be distributed to advisors.
More details about the ICO are in its whitepaper:
The team (mostly UK based):
In total there are 40+ members in the Bankera project, including advisors and newly hired employees, the most notable members being the founders:
- Vytautas Karalevičius – Cambridge University graduate, PhD-ing in Cryptocurrencies at KU Leuven University in Belgium.
- Mantas Mockevičius – 8+ years of experience in managing operations and compliance for electronic and digital money exchanges. Bachelor’s degree in Economics and master’s degree in Finance.
- Justas Dobiliauskas – 9+ years of experience in software development, 5+ years of experience working with blockchain technology and cryptocurrencies.
Once the ICO ends they’ll start deploying the infrastructure then integrate with SWIFT, ultimately applying and obtaining the banking license.
Here’s the key elements from the Bankera ICO Roadmap:
- Early/Mid 2017 (completed phases): Development of the IT infrastructure, pre-ICO and the Bankera mobile wallet, with support for full P2P transfers.
- November 27th, 2017 – 28th of February, 2018 (almost completed): The Bankera ICO and distributing 30% of the tokens.
- Q1/Q2 of 2018: The launch of Bankera’s exchange supporting major cryptos, ERC20 and NEM Mosaic tokens.
- Q1 2019: Obtaining a banking license that will allow offering loans and deposit services.
- Q4 2019: Launch of services related to low-cost investment solutions such as exchange traded funds (ETFs), cryptocurrency and crypto token funds as well as robo advising.
- 2020: Offering new types of money, such as economic growth linked currency.
- 2020+: The Moon!
Bankera Token ICO rating (aggregated from the major ICO rating providers):
- WiserICO: 4.1/5
- ICOmarks: 7.3/10
- TokenTops: 4.3/5
- ICObench: 3.4/5
Aggregated final score: 77.25% (out of 100%) – Excellent. Everything over 50% is good, over 75% is excellent.