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Blockchain Is Bringing Banking Into The 21st Century

The purpose of banks has always been to help people safely store their money, yet provide limitless access to it at the same time. They accomplish this with a comprehensive variety of fiscal tools like debit cards, loans, lines of credit, checking and savings accounts, and portals to invest in financial instruments such as stocks and bonds. With the rapid digitization of these monetary tools over the last few decades, the ways that people can take advantage of their cash have never been more varied. However, despite an ever-expanding array of online services that help us move money, the currency that we are using has not changed. It’s still just dollars and cents that are represented by the binary code floating through cyberspace.


Blockchain introduced a new decentralized monetary regime to the world, and this very infrastructure that supports bitcoin, litecoin, ethereum, and other cryptocurrencies is highly effective at solving problems that still exist in the banking community. For remaining uncompromised, inexpensive, and reliable, blockchain has already proven that it’s a fitting environment for the new notion of money. While some banks are hard at work to develop their own cryptocurrencies, and some are looking to make them available to their existing customers, there is now the idea of a “bank on blockchain” that brings the plethora of useful services banks provide to this young industry’s users.

Banks Are Still Relevant

Blockchain has proven that it can support cryptocurrencies more efficiently than existing infrastructure supports fiat money. On blockchain, people can prove their identity for sensitive transactions without putting it at risk, trade inexpensively, and gain access to a wider range of assets thanks to exchanges. However, cryptocurrency is still missing some convenient functionality that helps keep paper bills in the running for the easiest way to spend, buy, and save.

New market entrant Bankera is seeking to flip this notion on its head by becoming the industry’s first regulated, universal cryptocurrency banking platform. The firm is building compliance functions into every step of their new blockchain suite, an important consideration if it wants to meet its lofty ambitions and the burgeoning demands of existing regulatory frameworks, of which there are many.

Just like banks issue credit cards and allow customers to use them to access their checking balances on the go, a key piece of the Bankera ecosystem is the inclusion of these cards so that customers have free use to spend their cryptocurrency holdings. There are other debit card solutions on the market, but with Bankera, the card is attached to the same account with which one can invest, save, and spend at the same time. It’s a natural upgrade to the company’s current cryptocurrency credit card platform, SpectroCoin, which serves over 500,000 users, who rely on its useful credit card, wallet, and equitable infrastructure.

Click the video above to learn more about Bankera’s ICO

Since the beginning of the pre-ICO for both SpectroCoin and Bankera, the project’s unique referral commission schema has successfully and consistently paid contributors a portion of total transactional volume across both coins. Bankers tokens (BNK) earn 20% of net revenues for SpectroCoin and Bankera, further motivating a high volume, liquid environment.

The fintech sector has recognized the merit of the idea leading the company to acquire the €30 million they’ve raised thus far. If the success of SpectroCoin is any indication of Bankera’s potential, which will soon add its asset-trading ecosystem, the project will help an audience of millions to unlock the real buying power of their coins. This solves a crucial weakness of bitcoin that persists to this day: fungibility.

Cryptocurrency’s Only Future is Fungibility

Fungible currencies can be effectively spent to buy goods and services, and people are willing to accept it universally as legal tender. This is one of cryptocurrency’s largest downsides, as its general volatility and lack of accessible banking infrastructure make it difficult to accept and even harder to spend. Try buying a house or a car with bitcoin, and see how far you get.  Although the fungibility aspect of bitcoin has rapidly improved alongside adoption rates, it is not a replacement for the existing banking system.

These significant financial events still necessitate that banks verify and notarize all documents, loans, and other required paperwork, but for this Bankera also has the answer. An important part of the company’s platform will be a cryptocurrency lending portal, which uses automated blockchain functionality to assign loans to the most applicable candidates like businesses already using their processing tools to accept payment from customers.

Non-volatile assets for saving money safely are also nonexistent in the current cryptocurrency sphere. Traders who invest in these assets currently don’t have any way to reduce their exposure to volatility, short of cashing out of their investment entirely. With new savings accounts in cryptocurrency being offered by Bankera, these traders can entrust their crypto-funds to the company and earn interest instead.

Apart from these core services, Bankera intends to use its platform as a springboard for hosting other crucial deliverables like investing and advisory, essentially merging the worlds of banking and blockchain together.  Apart from giving investors access to affordable products like ETFs and crypto-mutual funds, the firm intends to provide access to wealth management tools to help clients manage and grow their holdings.  Once the firm has become more established and can draw upon a bigger clientele base, the provision of business advisory facilities will round out the value-added service offerings.

Bringing Capital to the Table

As a part of any successful undertaking, Bankera draws upon its significant assembly of human capital which count on decades of experience in roles ranging from financial services and entrepreneurship to government. The team, board, and list of advisors is thick with industry experience, including Lon Wong, who is the President of the Foundation and CEO of Dragonfly Fintech. Wong is an influential blockchain proponent, and is joined by banking experts such as Audrius Žiugžda, a long-time Executive Director of Skandinaviska Enskilda Banken. Eva Kaili, a chairman of the European Parliament’s scientific foresight unit alongside Antanas Guoga, influential cryptocurrency user and European Parliament member, are also encouraging presences on the roster.

Already the buzz has been notable, with the firm launching one of the most successful pre-ICO rounds in the history of initial coin offerings. As a testament to the concepts strength and acceptance, over 16,000 users participated in the first stage of capitalization, which distributed 2.5 billion BNK tokens.  With the ICO currently underway and running through February, Bankera seeks to raise the capital necessary to start purveying banking services as soon as possible.  Furthermore, to help incentivize prospective users, the firm intends to reward participants for their contribution in the ecosystem, with a smart contract set to periodically distribute a portion of the transaction revenues to BNK token holders. 

As the globe undergoes the next major paradigm shift in technology, Bankera intends to lead the way with a disruptive solution that will overcome boundaries and barriers associated with the existing financial archetype.  With its already successful proof of concept and team in tow, the next era of financial services lies just around the corner.

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