The rise of electronic connectivity, in combination with blockchain technology, promises to bridge fiat and digital currencies in ways that will improve access to wider array of financial services for all types of individuals.
VVTokens has designed a platform offering a wide range of financial services to an equally wide range of users, including the millions who are not active participants in the banking industry.
VVTokens will introduce two technology-based CyberBank™ products to improve connectivity between fiat and cyber currencies.
The company will offer a CyberBank™ Platinum debit card, a prepaid debit card designed for low- and middle-income users that will provide low-threshold access to a wide-array of financial services. Such individuals oftentimes are unable or unwilling to obtain a bank account.
VVTokens will also offer a CyberBank™ Black Card combining cryptocurrency and fiat currency in one platform. This card is designed for well-qualified, financially astute individuals and will offer more rewards than other cards. CyberBank™ Black Card holders will be able to switch between fiat and cryptocurrencies using the VVToken blockchain, the VVChain™.
The Unbanked And Underbanked
It is estimated that 2 billion adults do not have access to formal financial services, such as bank accounts. Nearly 40% of the world population and 20% of the U.S. households are either unbanked or underbanked.
There may be several reasons such a high number of underbanked and unbanked people continue to exist in a digital economy, including income volatility, not having funds sufficient to establish or maintain a bank account, or even concerns over privacy issues and high banking fees. In emerging markets, economic and political instability often contribute to inequitable access to financial intermediaries.
Significant portions of the underbanked – households that have a checking or savings account but also obtain financial services outside the banking system – are typically self-employed or transiently employed. Such individuals often receive payment in cash; a process that is unsafe and exposes both the vendor and the service provider to financial transfer and possession risks.
Individuals who are unbanked and underbanked are often unable to process online purchases or bill payments. As a result, they must often carry large amounts of cash in order to use such services.
CyberBank™ Platinum Debit Card
To meet the needs of the unbanked and underbanked, the CyberBank™ Platinum Debit Card can be used to purchase goods and services wherever Visa cards are accepted. The card will also allow the holder to exchange fiat currency for cryptocurrency.
The card will automatically link to the CyberBank™ wallet, a secure mobile app that links the user’s smartphone to electronic account management. Users without private bank accounts will be able to recharge their debit cards or deposit cash at a variety of partner locations, including Western
Union and Green Dot locations worldwide. The funds are immediately available to be used in their CyberBank™ wallet. The platform will allow users to send funds through mobile and retail channels.
Debit card transactions will incur no cost to the user. All transactions will be stored on the VVChain™, insuring the integrity of each transaction.
The platform will allow users to build their assets through VVTokens’ Smart Invest™ protocol, an automated algorithm that monitors and reacts to cryptocurrency market conditions. An additional algorithm will regularly evaluate accounts to identify users who are eligible for an additional line of credit.
The CyberBank™ Platinum Debit Card will allow such individuals to make a single trip and deposit cash received into their CyberBank™ wallet. They will be able to buy online, purchase electronically, top off cell phone minutes and transfer funds to other CyberBank™ users both domestically and internationally.
CyberBank™ Black Card
High-net-worth individuals, by contrast, seek the freedom to move resources globally without restrictions and costly intermediaries. The VVChain™ will provide global liquidity and near immediate transfers of deposits among various fiat currencies and cryptocurrencies.
The CyberBank™ Black Card does not abstract the cryptocurrency element. The user can choose among different risk levels for their asset management. Low level risks, for instance, place the priority on securing currency value. Higher level risk focuses on leveraging value to improve crypto asset appreciation.
All fiat input gets sent to the Smart Invest™ algorithm, which manages the cryptocurrency transactions. The Smart Invest™ protocol monitors the cryptocurrencies’ market status in order reallocate resources according to the most favorable currency value.
CyberBank™ Black card holders will be able to transfer funds directly into the CyberBank™ wallet from their bank or credit card accounts.
VVChain™ provides transaction security through a proof of work model. The permissionless framework allows public verification of each transaction.
ICO Planned
VVTokens will open an initial coin offering (ICO) on Dec. 5, 2017 at 12 p.m. EDT to raise up to $30 million in a token sale to deploy a platform offering payment security and mobile affordability that utilizes the security and reliability of the blockchain while delivering financial appreciation to the cardholder.
The ICO will fund the final development of CyberBank™. The goal is to raise the equivalent of $30 million in ETH by selling 1.5 billion tokens.
There will be bonuses during the token sale: 20% for up to $4.5 million, 20% for $4.5 million to $8 million, 10% for $8 million to $11.5 million, and no bonus over $11.5 million.
Beyond the $22 million mark, an additional $8 million, up to $30 million equivalent in ETH, will be sold, or until 1.5 billion tokens are minted, whichever comes first.
More information on the company’s ICO can be obtained from their website at https://vvtokens.com.