Daniel Defoe used to say “things as certain as death and taxes, can be more firmly believed.” I would modify this expression and add word “banking”. I am sure that even after the apocalypses the banking system will survive. The question is in what form. Will it be something similar to the World Bit Bank?
Nutshell description of the World Bit Bank idea is to “buy already operating banks and introduce cryptocurrency services to the clients”. More about this project you can read in my previous article:
https://steemit.com/ico/@annahare/world-bit-bank-legal-currency-bank-description
World Bit Bank plans despite the traditional banking options like cryptocurrency loans, use of cryptocurrency in VISA/MasterCard debit cards, easy and cheap transfer and exchange of cryptocurrencies, to incorporate in their offer such financial tools like leasing, insurance, a cryptocurrency fund.
The bank already obtained two licenses in Estonia for “Virtual currency against fiat currency exchange license” and the “Virtual currency wallet service license.” The bank headquarters will be in Zug.
The WBB banking app can be downloaded from google play. The link you can find on World Bit Bank website: https://wbb.io/
Token:
World Bit Bank token is called Wibcoin and has a ticker (WBB). It’s based on the ETH-20 protocol. 1.000.000.000 Wibcoin (WBB) tokens will be issued. WBB prepared some discounts for the investors:
I couldn’t find any information on the token allocation. The initial price for 1 WBB is 1 euro.
Roadmap:
After the Pre - ICO, World Bit Bank promise an access to all electronic platforms of the World Bit Bank ecosystem, specifically:
• WBB Wallet;
• WBB Mobile Banking;
• WBB Exchange;
• WBB - Found;
• “WBB Depositary” (digital asset storage).
What is interesting WBB tokens will appear on the exchanges just after the ICO.
The main token sale (ICO) is planned for 1st of September this year. Shortly after World Bit Bank is planning to obtain 9 banks in different countries.
Hype:
According to the short episode in my life when I watched a lot of TV, banking advertisement can’t be very exciting. On the other hand, I’ve seen even worst categories of product to advertise like: washing powders or sanitary pad. But basing on a modern rule “no advertisement = no sale” without the hype product can’t be sold well. So World Bit Bank, I guess, before the main sale you have to work a bit on the numbers.
For today World Bit Bank gathered:
2 231 members on their Telegram channel
2 403 followers on Twitter
3555 followers on Facebook
CONs and PROs
Pros:
As I wrote before there is a gap between crypto holders expectations and banks attitude. Who first fulfil it, earns the honey pot.
Good results on the Pre-ICO. The soft cap was exceeded 30 times.
Strong team
Already received licenses
Cons :
Lack of technical paper. There are not many details about the technical solutions how for example implement visa/MasterCard payments.
Usage of ETH blockchain. ETH is the most common blockchain for the ICO, although it is struggling with some crucial limitations like transaction speed and cost, what make it inappropriate for banking services in the nearest future. I guess that WBB will be forced to make a tokens migration.
Small hype
Depending on funds – what if not enough funds for buying a bank chain will be collected? The team wants to collect 250 million euro for buying 10 different banks – in the main token sale (01.09 – 31.12).
If you would like to learn more about the World Bit Bank check the links below:
Project website: https://wbb.io/
Whitepaper: https://wbb.io/file/images/137/4/White%20Paper%20-%20World%20Bit%20Bank-EN-7.pdf
Social media channels:
Facebook: https://www.facebook.com/WorldBitBank/
Telegram: https://t.me/WBBCoin
Twitter: https://twitter.com/WorldBitBank
Disclaimer: this is NOT investment advice. This is purely my opinion, based on facts found on the project website, whitepaper, social media and etc. Please do your own research and decide if it qualifies with your risk profile.