World Bit Bank: A Bank for the Global Crypto Communtiy
The crypto market is worth hundreds of billions of dollars yet banks do not cooperate with the needs of this market's participants. There's a massive range of financial activity that goes within this market but banks, which presently remain the core authority in the financial industry, refuse to accommodate the needs of the crypto market.
Every month, several billion dollars are being funneled into ICOs to develop new blockchain products, crypto investors are placing large sums intro legacy cryptocurrencies, and a heavy volume of crypto-fiat trading is taking place on exchanges. These traits show that the crypto market has developed a lot and a great population now not only believes in it, but a actively supports and participates in it.
However, as banks refuse to cooperate, the financial interactions in the crypto market are not smooth.
Teams hosting ICOs are regularly raising millions of dollars. While liquidating them can be easy through an exchange, withdrawing the funds to a checking account for easy usage during the development phases remains a challenge.
Large sums of money have been invested in crypto. Buy investors, even those who need a short loan, have to liquidate their investment. Typically, people would just offer their investment to a bank as collateral for a loan. But banks refuse to accept crypto as collateral.
The crypto market is unable to have a smooth fiat pairing with the vast portion of the coins and tokens circulating in the market. While a portion of this issue is devoted to regulatory problems, another factor is that the fiat funds would have to be managed and accepted by a bank. But most banks are unwilling to accommodate this need.
Major card networks have a heavy reliance on issuing banks. Thus, as banks do not cooperate to the needs of people in the crypto market, it has not been possible to support successful payment cards.
These are some of the major issues that exist simply because banks do not stand with the advancement of blockchain technology. But these vital services are almost a necessity for the crypto market's participants and both people and companies within it have to go through odd hoops to gain at least some degree of financial services.
Teams are Working Hard
ICOs are paving the way for the development of various products that could eventually provise some degree of important financial services this market direly needs.
However, a new project is taking a different approach to achieve a solution at a far greater pace. World Bit Bank is targetting the core of the problem. Instead of thinking of ways to dodge the banks, World Bit Bank intends to internalize banks into the crypto market.
Instead of fighting them, acquire them. Literally.
World Bit Bank plans to acquire banks in major countries and restructure them into its own organization; a banking organization that serves the crypto market. Developing a completely new banking infrastructure to support the crypto market is going to take an extremely long time. The legal processes and the establishment of operations and networks could take many years. On the other hand, the crypto market needs solutions imminently. Thus, World Bit Bank is taking the measures necessary to resolve the problems faced by the crypto on a global level. The acquisition of banks and their conversion to support the crypto market will allow World Bit Bank to offer all the services currently accessible with fiat to be accessible with crypto.
- - World Bit Bank will make it possible for people to use crypto as collateral to get loans. This elevates crypt to an asset-class that qualifies as collateral. Additionally, since crypto will be accepted collateral, this will increase people’s ability to margin trade, thereby increasing trade volume in this market.
- - As payment cards connected to the World Bit Bank will be able to expense crypto funds, people will be able to treat crypto as a regular needs currency rather than just a tradable asset. Through this, World Bit Bank could make crypto gather mass adoption.
- - Teams that raised funds from ICOs will be able to liquidate their crypto funds and will be able to transfer them to a checking account. Additionally, to a large extent the need to liquidate funds would be waived since World Bit Bank would make it possible to expense crypto directly.
- - The convenience level in trading crypto would be largely increased as there would now be limited barriers to build crypt-fiat pairs for possibly ever coin or token.
World Bit Bank is giving the crypto market a shortcut to imminently needed solutions. This project counters many of the problems the crypto market faces from banks by acquiring banks dedicated for this market. The realization of a project like this could be the next big thing in crypto.
Essential World Bit Bank Links
🌐 Website: https://en.wbb.io/
💡 Whitepaper: https://en.wbb.io/
👨 ANN Thread: https://bitcointalk.org/index.php?topic=3206437.0
💻 Telegram: https://t.me/WBBCoin
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This is interesting but I wonder how hard it would be to do this and if there would be regulations that would affect their chances at succeeding.
You are right; it is an EXTREMELY ambitious project. But acquisitions aren't something new. Given that scams like Envion raised $100M, I think it'd do this community a load of good to make this project a reality.
Check out the Telegram; the current amount of funds raised is well on track ;)
As for regulations, the project had already secured the necessary licenses.
How will you acquire the capital required to purchase the major banks? We're talking trillions of dollars here. Even to buy a major Australian bank you'll be well into the billions.
This is an amazing goal, and I fully support you, but wow, you're going to need a tonne of funding.
No one said the acquisitions are of major banks.
There are many well-established boutique banks even in NYC, one of the most competitive financial ground in the world. The team intends to acquire banks to get hold of established entities as that will streamline and accelerate the process of building a financial network for crypto.
But yes, the funding goals are quite high. However, the first cap is aimed at $25M, a sum that is mundane in today's ICO field.
Thank you so much for your valuable article.
You're welcome Naser :)
A bank dedicated to the crypto community would be huge; so, I had to share this with my audience.
Greetings friend, This article is great, Every day creating new things well man :)
Thank you Nando
I try my best :)
We need more of these on steemit, I will keep following. Great article
Thank you!
I appreciate the support :)
Wow this is great news @hatu. I just bookmark this page to read again. I've never taught there would be anything like this ever created. This is a cool development in the crypto realm.
Hi tobah!
This definitely is one of the most ambitious ICO-funded projects to date. But the result is going to greatly benefit the crypro community so I am excited to see how this pans out.
Checkout my post on how to make free cryptocurrency
https://steemit.com/bitcoin/@karanjain/how-to-make-crypto-effortlessly-for-free-without-mining