First Blockchain Startup To Buy A Traditional Bank - Bankera (Spectrocoin) Acquires Pacific Private Bank In Vanuatu
For a few days now, Bankera teased its community with some big news coming. Today, they revealed it and it's indeed, big. Like, really big.
Basically, they bought a bank. A real bank. It's in Vanuatu, that's true, but it's a bank.
Here's the official announcement:
Now, this is definitely excellent news. I think it's the first blockchain based fintech ever to buy a traditional bank and that alone speaks volume of the importance of this move. But, on the other side, this doesn't give Bankera a European banking license. Nor it was in the white paper, for what matters. Also, the news says that "co-founders" bought a bank, so it's not clear if this bank is part of Bankera's roadmap, or just a new jewel in the cofounders personal portfolio.
Nevertheless, I think it's a brilliant move. Vanuatu openness to crypto is notorious. For instance, you can, for a meager 43 Bitcoin, to become a citizen of this beautiful island. And, since Spectrocoin already offered their card holders IBAN accounts (linked to your crypto wallets, which means in Europe you can make SEPA transfers) this move will certainly create even more room for maneuver.
So, for now, let's just all take a moment an rejoice in this news:
a blockchain startup just bought a traditional bank.
Gosh!
Disclaimer: I'm actively watching this project and I hold a small amount of BNK tokens.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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translated = we bought the bank off because it was easier to support the hand rather than cut the arm off ;)
Future begins. :-) I am really curious, what the next will be. Lets say: BitBank?
HOLY SHIT!!!
Didn't I just suggest this like two months ago?
That's kinda scary. Who are you? :)
A time traveler with amnesia.
I have mixed feelings about this. I do not like traditional banks. or non-traditional banks, except piggy banks. Seeing a crypto-currency company acquire a bank is better that the other way around, I suppose. Are we not trying to become unbanked through the blockchain? Escape the tyranny banks have created? I guess if some government has to bail Bankera out in a few years, I will get to say "I told you so!" I really hope it goes the other way though, let the banks lose their strangleholds when they get sucked up by blockchain distros and crypto-currency companies.
Those two sentences are not equally true. I don't think the blockchain can really "unbank" you. Nor do I think that all "bank" concepts are oppressive. The way banks are operated nowadays is oppressive, but the concept of shared wealth (which loans by banks can help) is not mutually exclusive with the blockchain.
Safe to assume you are not in the US! I still have to "cash out" crytpo-currency to spend it most of the time, but that hardly requires keeping a dime in the bank. While I blame the citizens as well as the banks for the hundreds of thousands of homes lost in the 2008 sub-prime mortgage scandal, the banks job is allegedly economic responsibility. In the US the money is simply not there, in the bank, in any form any more. I like the concept of a ledger, access to storage of funds, and the ability to "send" electronically. I still need a bank account to receive payment from my job, and to send payments for certain bills. Can you get paid in your country without a bank account? It happens hear, but the other options are dismal. You can get a paper check, but only a liquor store will cash it in my city and it costs 10% last time I had to do that (1996 or thereabout.) I would love to be "unbanked" but the system is so integrated here. Also, illegal to accept gold or silver as a form of payment in the US, so the banks paper is the only legal tender aside from crypto-currency or barter, the later of which is easier than ever if you shop in a non-corporate environment.
Many banks are interested in crypto currencies. They use the blockchain technology behind them for international transactions. Just check for instance Ethereum Alliance. The biggest problem with cryptos is their volatility.
I don't think that we can live without banks, it's utopia. People need loan, which cryptos will not give you. I don't like banks either, but they are the necessary bad.
Another big news item for crypto. Thanks again for steem.supply. it's a lovely tool.
Thanks for your nice words, appreciate it! :)
A great move for Bankera, as this will give them access to the IBAN infrastructure and debit/credit cards!
Awesome news!
If traditional banks really try to ban bitcoin out of their line of business, can't they just boycott the bank that allows crypto-related accounts?
I think you did a good work on this article. You always share great info
I really appreciate this. I hope all this actually works now @dragosroua
If you can operate from a country where it is legal, then it is a smart acquisition. I am going to loo how to get incorporated in Vanuatu.
From the roadmap :
"BANKING CAPABILITY
early 2019
After the ICO, a banking license will be obtained. This will allow us to offer loans and deposit services."