As the bank for the blockchain era, Bankera is well on its way to achieving the economies of scale that major banks enjoy, but utilizing the advantages of blockchain technology. The company already has significant infrastructure and financial services in place, which will prove advantageous to investors when the company’s ICO begins Nov. 27, 2017.
Having recently concluded a pre-ICO that netted 2.5 billion BNK tokens worth 25 million Euros, Bankera is already paying weekly commissions based on 20% of net transactional revenue as it is already operational via its MVP SpectroCoin.
Under the brand name SpectroCoin, Bankera already operates a cryptocurrency exchange, an e-wallet, a debit card and payment processing service. SpectroCoin provides Bankera a ready client base of more than 400,000 users, more than 63,000 payment cards, an average daily volume of 580,000 Euros, as well as the support of more than 50 blockchain specialists.
Hence, the core financial infrastructure for banking has been established, as SpectroCoin banking services include payment processing, debit cards, global bank accounts, foreign exchange and more.
A Strategic Approach
Bankera takes a strategic approach to banking, focusing on scale and removing counterparties to offer more cost-efficient banking services using blockchain technology. Where most financial blockchain projects focus on one financial project, such as lending or remittances, Bankera focuses on building a bank that will be a one-stop financial services shop, in the manner of traditional banks.
The company has an IT infrastructure established and the necessary regulatory arrangements to offer IBANs that can be used to make and accept payments in the Single Euro Payments Area (SEPA).
These advantages give Bankera the ability to offer competitive foreign currency exchange rates, in addition to cost efficient global bank wires and a payment card. The technology already includes SEPA payments, payment card integration, bank ledger, bitcoin, Ethereum, Dash, fraud analytics and more. NEM is coming soon.
The company will seek additional licenses to support a full spectrum of both fiat and digital currencies, and support cross border transactions without intermediaries. It will participate in financial networks such as SEPA in the EU, Faster Payments in the U.K. and ETF in Canada, and serve as an issuer of major payment card schemes.
For business customers, Bankera will improve cash flow by extending finance for payment processing.
For consumers, it will create an investment vehicle that automatically makes adjustments in relation to inflation.
The ICO, scheduled for Nov. 27, 2017 to the end of February, will provide capital to enable Bankera to expand its services and compete with banks in all areas, such as currency exchange, payments, lending and investments.
Reducing Counterparties
By reducing the number of counterparties involved in bank transactions, Bankera will lower the cost of banking. Such counterparty reduction has already occurred in e-commerce, where consumers buy goods directly from manufacturers.
The company will be in a position to pass interbank exchange rates to its customers involved in foreign currency exchange. The interbank exchange rates will be available using the payment card and in making global transfers or exchanging currency between accounts.
Bankera will initially offer wallets in over 20 fiat currencies, including USD, EUR and GBP, along with digital currencies such as bitcoin, Ethereum Dash and NEM. As central banks deploy digital currencies, Bankera will provide access to them.
With the help of new technology, Bankera will address longstanding financial problems. One example is consumers’ inability to invest money to keep up with inflation. Bankera will offer low cost exchange-traded funds for payments. For merchants, Bankera will address the fraud, chargeback risk and capital stagnation caused by rolling reserves and long settlement times by providing know-your-client and fraud screening solutions and incoming payments financing.
The company has already obtained a payment institution (PI) license and will soon have an electronic money institution (EMI) license before the ICO begins on Nov. 27.
Token Benefits
Token holders will use BNK to pay for Bankera services at a discounted rate. They will receive a 20% commission of net transaction fees paid by Bankera and SpectroCoin customers weekly.
During the ICO, 30% of all BNK tokens will be offered for purchase. Secondary coin offering participants will also have a chance to purchase 30% of BNK tokens. The rest will be distributed to employees and advisors as a reward and to be used for marketing purposes.
The total hard cap for pre-ICO and ICO is 10 billion BNK. If the hard cap is not reached during the ICO, the remaining tokens will be distributed to pre-ICO and ICO participants on a pro-rata basis.