Banking Sector ICO Analysis


Dear friends and followers, 
Today we’d like to present you a rather in-depth analysis of various banking ICO projects, including Forty Seven, executed by Jevgenijs Lesevs. It’s a long read article.

Against the backdrop of the ongoing debate about the advantages and disadvantages of ICO over traditional ways of attracting financing, the ICO market is very dynamic since summer 2017, and ICO flow only increases. Below are described the most notable past, current and beginning in the near future ICO in the financial sector.

Everex

The main idea of Everex is to create a global platform that executes immediate cross-border money transactions with blockchain reliability. Everex characterizes itself as a ‘’financial inclusion blockchain remittance company”. (Everex.io) Everex concentrates on facilitation of financial integration problem through applying blockchain technology for transboundary money transfers, currency exchange, online payment and micro lending without instability concerns of existing, non-stable coin Crypto-currencies. E-fiat currency is executed on the Ethereum blockchain and employs Solidity 4 as smart contract languages, to enable microfinance and money transfer services.
The first successfully executed and beta-tested use case/pilot of Everex was around remittances; helping migrant workers to send money back home from Thailand to Myanmar.

Everex App

Everex means The World Economy in a mobile device. Using the Everex App clients are getting a number of convenient benefits such as quick deposit and international mobile payments secured with a one-time PIN code and quick access to microcredit in any currency globally. The Everex App allows to top up any currency with a simple click of a mobile device button and make international payments to service providers and suppliers through the mobile phone. Eventually, Everex aims to accelerate the e-fiat currency transfer process from traditional days and weeks to an instantaneous transaction. In fact, Everex does not function based on P2P; it instead invests in its cumulative capital to provide globally available, instant microcredit services through Mobile devices. Providing microcredit on Mobile devices enables Everex to lend money safely, considering and managing relevant risks by utilizing advanced technologies which allow to calculate personal credit points and outline potential risks as well as interest rates based on individual client data.

Blockchain e-wallet

Everex Blockchain e-wallet uses smart contracts technology to convert fiat currencies into digital currencies and represent them over the Blockchain. This makes it easy and fast to send money abroad, eliminating the need for financial intermediaries, who are taking massive price cut from the traditional financial transactions.Everex’s clients will be able to convert their paper money or fiat currencies to e-fiat currency for instance at local bank branch or currency exchange office and transfer them through blockchain Peer-to-Peer (P2P) using Mobile phone Wallets or online browser. The e-fiat currency will be easily converted into foreign currency at competitive rates and used globally. The e-fiat currency will apply the Ethereum network and promise to be tied 1:1 with a fiat currency.

Ethplorer

Everex had created the Ethplorer tool for viewing information about Everex Token for investors and user, Ethplorer API will help to get information regarding tokens, balances and transactions history easily. Not just this, the latest Ethplorer version 2.0 has several exciting features including but not limited to:
  • Ethereum Tokens Pulse
  • Custom widgets for any Ethereum tokens
  • Export CSV transaction history for accounting and data reconciliation
  • API for developers to obtain tokens data.

Chainy

Chainy is an independent smart contract designed by Everex with open code (DAPP) which planned to keep and protect users’ data for more convenient usage, for web links shortening and prevention of third-party user’s interference.

Cash Withdrawals

Everex creates an impression of promising and successfully operating platform since they already have advanced products in their portfolio and a decent track record in working on Ethereum platform. It has demonstrated the feasibility of its cross-border remittance system by presenting a case study with over 100 Myanmar migrant employees living in Thailand using Cryptocash tokens through Ethereum blockchain to send money to their families overseas. People made 224 transactions, transferred a total of $31.000 over a period of 46 days, and hence saved around 7% of remittance and exchange rate (instant conversion of Thai Baht into the equivalent Cryptocash and immediate transfer to a certified local currency in Myanmar) using Everex capital transfer system.

Polybius Bank

The primary goal of Polybius Foundation is to create an eWallet built on digital technologies and the latest achievements of cryptocurrencies, as well as a universal means of identification, authorization, and authentication under the codename Digital Pass. “Digital Pass is an independent environment-as-service, which will serve as a repository of encrypted personal information. Secure access to information will be provided via SSL certificates, dynamic PIN codes, as well as some biometric data.
Polybius is going to operate online eliminating all the costs related to physical branches maintenance and operating costs. Through the Polybius application installed on a smartphone, the customer will be able to get all the company’s services in faster and convenient way as compared to other traditional financial institutions.
Polybius also has plans to create a financial platform for businesses and individuals to provide electronic identification and trusted third party services covering all the territory of EU. This objective will also lead to the creation of payment and identification gate not only for eCommerce but also for the corporate and government services.
Among other possible features are scoring and sensor systems for credit and insurance businesses, asset and currency trading systems, capital management tools, eID and Trustee services.
Summing up, Polybius plans in the near future to provide its customers with comfortable banking-in-your-pocket, which will be cheaper than others (in term of commissions and service fees), better protected and even will provide a number of services that are not offered by anybody else on the market.
Based on the information located on Polybius project website token holders will get 20% of the profit received by the institution which will they will distribute proportionally. Additional income or loss can occur due to the volatility of Polybius tokens (PLBT) on the market.

Change Bank

This project aims to create an international crypto bank that offers card-based spending, seamless international transfers, and other banking services. The bank’s ecosystem revolves around the use of Change Coin (CAG). The main idea behind their project is to bring “a revolutionary service to people from all over the world and finally ending the artificial monopoly created by local regulators and traditional banks.” There are several features which Change is promoting in its whitepaper:

Global Onboarding

The Change mobile app will start with an electronic Know Your Customer (KYC) platform capable of onboarding users from anywhere in the world in record time. The app automatically will validate the user’s transactions with other third-party service providers through tokenized KYC information sharing. To assist with the onboarding process, Change has partnered with the country of Estonia’s e-residency program.

Universal Crypto Wallet

The Change crypto wallet promises to give users control over their cryptocurrencies most intuitively and easily possible. Change’s application will be able to facilitate the storage of all significant cryptocurrencies. It will make it easier to manage customer’s crypto portfolio while simplifying the transfer of funds between peers. In the future, Change is also planning to add a wide range of other wallet-like functions to the app.

Card Payments

Change company will issue a Change Card that will allow users to spend their digital funds online and offline wherever credit/debit cards are accepted.

Fee Structure

The company promises to offer a transparent approach to fees. Users promised to be not charged for having an account, transferring funds, or making payments.

Redefining Cash Back

Users will be rewarded for using the Change Card and other third-party services on the platform (online or offline). As Company states, Change users will receive part of their transaction back in the form of Change Coins.

Enhanced Security

Change secures its platform using blockchain technology. Additional security features will include the ability to lock the Change Card from your app, anytime.

Marketplace

The company also plans to introduce a marketplace where users will be able to invest in stocks, P2P lending opportunities, real estate, travel, and more.
Summing up Change will offer its customers Change Card with a digital currency of customer choice on it which will be used as traditional bank card for any kind of payments. Additionally to that Change will develop its investment platform which will allow users to participate in P2P lending projects worldwide. As promised by the Change team in near future there will be a possibility to purchase any kind of insurance directly from the Change marketplace.
As stated on Change project website 20% of what Change Bank members spend with such merchants is returned to the network, and from this, 83% is redistributed among token holders. The payments will apparently be made in Ethereum, to the Change Bank user’s account, on a monthly basis. Change Bank will also allocate 0,5% of all payments volume revenue made with MasterCard to Change Token Holders.

Forty Seven Bank

Forty Seven Bank launched it ICO in November 2017. Among its features appear Multi-Asset Account — a product of Forty Seven Bank which will allow the customer to get access to all the accounts in different European banks, as well as to all crypto wallets and investment tools via one application. The bank also plans to invent crypto debt-instrument product — Cryptobonds which will allow companies to attract financing in cryptocurrencies. A wide range of products and services for businesses will be developed and implemented including payment processing, financing & factoring, invoicing, card issuing, and so on. Forty Seven bank also plan to launch its payment processing solutions for other financial institutions and white label Bank as service solutions for developers.
As it is stated on the project website: “The ecosystem developed by Forty Seven Bank will operate with the full support of blockchain, smart contracts, biometrics and machine learning technologies. Forty Seven Bank is going to be the first financial institution providing full support to cryptocurrencies that is compliant with the entire regulatory framework (including Payment Services Directive 2 (PSD2) introduced by the European Commission that came into force in January 2018).
There are 5 Milestones (total attracted funding pool) which could be met during Forty Seven Bank ICO. With the achievement of certain milestones, Forty Seven team will be able to develop and implement additional features, for example, brand new Smart ATMs and Biometric POS terminals.
There are a number of features which Forty Seven Bank is promoting in its whitepaper:

Products to private persons

As it is stated on the Company web page, Forty Seven Bank clients will have many possibilities related to account management. Its planned to develop a mobile application which will provide the customer with access to all of the accounts in different banks in one place. Besides that, a client is going to have access to all his crypto wallets, investments in traditional financial assets (stocks, bonds, commodities, etc.) and credit or debit cards. This featured product offered by the bank will be called “Multi-Asset Account.” Moreover, Individual clients will have opportunities to create and manage their investment portfolio by using investment and brokerage services provided by Forty Seven Bank. In the near future, Forty Seven also is going to develop its exchange in addition to partnering exchanges that could be connected to by using Forty Seven Bank platform via API.
It has also been stated that Forty Seven Bank will support its customers who are individual entrepreneurs that are trading and providing services in a small volume by offering more automatized and simplified invoicing services. For instance, such individuals as freelancers, copywriters, developers, translators, handcraft professionals, etc. can get invoice issuing system support from the Bank. By using the service, a client will be able to issue invoices automatically and receive both fiat and non-fiat funds to cover them. Apart from that, Forty Seven Bank promises to provide traditional products and services such as insurance, payments, and remittance, payment history and analytics, cash withdrawals at Forty Seven Bank Smart ATMs, as well as at ATMs of partnering banks.
For now, the Bank plans to offer deposits and loans in traditional fiat currencies like EUR, USD, etc., as well as in non-fiat digital currencies like BTC, ETH and others.
Forty Seven Bank states that its token holders will be the top priority clients of the bank according to the loyalty program implemented. Based on the terms of this program the Bank is going to invest 20% of net profit for the previous years into the loyalty program issuing Forty Seven Bank loyalty tokens that will be distributed proportionally among its contributors.

Products for Business

For business purposes, the Bank will finance, manage and guarantee invoices issued by the company via smart contracts. Companies will have a wide range of short-term financing options to cover operational activities, as well as possibilities of long-term financing for their development, expansion, and growth. With use of announced earlier Integrated Machine Learning, the bank will support business clients to generate credit risk profiles of their customers.
Forty Seven Bank is going to provide services for companies that would like to attract financing via ICO. The services will include legal support, escrow arrangements, support for transferring digital currencies into fiat equivalent.
To improve the security of payments, Forty Seven Bank will develop and implement POS terminal software, which will give users the ability to connect credit card or a bank account to his/her fingerprint and pay in the store by applying a thumb to the fingerprint scanner attached to POS terminal.
As stated on Forty Seven bank webpage, with the purpose of convenient payments globally, Forty Seven bank will provide infrastructure services for financial institutions. By having principal membership in Visa and MasterCard, the bank will offer a full spectrum of online acquiring services and will give an opportunity to their partnering banks and payment processing companies to provide their clients with all types of payment solutions such as SMS, DMS, OCT, P2P, recurrent, moto, reversal, refund, and others.

Products for Developers

So-called ‘Bank as a Service’ service will allow entrepreneurs to get access to all infrastructure elements of Forty Seven Bank via API (that is already released and available online). Fintech startups or those who would like to try themselves in banking business will be able to create their own White Label bank or financial services institution. They will be free to concentrate on marketing activities, while already mature infrastructure covered with the banking license, technology, compliance, risk management and customer service will do the rest.
Forty Seven Bank will support partners-developers in their marketing activities. The Bank intent to support loyalty programs of developers by providing possibilities of cash-back to cards of their customers or any other marketing ideas that might be of customer interests. Also, the Forty Seven Bank will provide full assistance to its partners-developers with compliance services related to their customers. As the bank will have sophisticated software tools with Integrated Machine Learning that will be used in scoring and KYC procedures, its partners-developers will have the opportunity to use these tools in full capacity and save time and money at the same time being entirely concentrated on the main tasks related to their business.
Forty Seven Bank is going to have a consulting department that will focus on clients’ critical issues and opportunities and will help to identify and solve the problems on the way to their goals and progress. Consulting department will help to answer and resolve legal, technical or organizational questions of API partners. Moreover, it is going to use sophisticated data analysis techniques powered by Machine Learning technology which will provide developers with important, useful information so they can make an optimal decision in perspective.

Products for Traders

The Bank will be offering both traditional and innovative derivatives products in fiat and non-fiat currencies opening the possibilities for savvy investors to take hedging and speculative position in the market and capitalize their fiat and non-fiat assets.
The Trading Account Management system at Forty Seven will allow customers to manage their trading account and access features such as trading reporting, configuration, funding and account tracking displaying such information as margin, position orders, and execution to analyze trades, evaluate their performance and optimize strategies. Institutional clients will be able to employ features to allow service providers such as brokers, advisors and hedge fund managers to link and manage multiple accounts configuring different tools for them to provide cost-efficient services to their own clients.
Forty Seven Bank will provide customers with access to state of the art trading platform to offer them a cost-efficient opportunity to trade equities, options, futures, and Forex. The application will be linked to clients’ banking accounts to allow margin transfers free of charge. Forty Seven aims to offer trading analytics with market insights for an effective decision-making process to its clients. Moreover, Forty Seven plans to offer a customized training analytics to help customers reduce their training costs and improve their trading executions.
Forty Seven also plans to provide its users with Direct Market Access (DMA). This feature will provide clients with greater control over their trades and the opportunity to place orders directly on the market, have an equal level playing field for their orders when trading large sizes, as well as, visibility, tighter spreads, limit order placements and both pre and post market participation.

Micromoney

Micromoney was established in order to solve the problem of more than 2 billion underbanked people all over the world who do not have access to financial services but are confident smartphone users. Financial institutions do not serve that group of people due to lack of information regarding their solvency and creditworthiness what increase risks. However, Micromoney comprehends those people need for financial services and want to enable them to explore Crypto Economy. Micromoney was founded as micro-finance organisation and became decentralised Open Source Credit & Big Data Bureau on the blockchain. Micromoney is providing individual clients as well as SME’s with short-term loans since 2015.
Micromoney uses the platform with compound procedures in order to forecast clients’ creditworthiness in 15 minutes and let borrower get their first microcredit with an App. Clients which often use platform are endowed with such benefit as less interest and a higher credit rating. Such service direction will bring thousands of new clients to existing businesses and to the global economy, respectively.
Micromoney is operating on the basis of an online model which is a simple way of issuing and collecting funds and payments. The model involves the use of electronic signature when issuing a credit. Micromoney call center is dedicated to consulting clients regarding the related to bank account opening procedures and e-wallet system. Micromoney intends to offer paywall to the created credit histories (with a permission of a client) and provide banks and microcredit institutions (market uptake for e-commerce, insurance, telecom and other companies) with useful data for instance clients’ credit history and creditworthiness.

Tokens

Micromoney has a long-term strategy of being a part of the crypto ecosystem. The Initial coin offering was based on Ethereum with smart contract application. Total token supply is 17 422 798 AMM.

Value offered

In 2017 MicroMoney had signed the Memorandum of Understanding with Everex e-wallet to issue crypto cash so clients can receive their first borrowings in stabile tokenized domestic currencies as well as make transboundary payments.

Franchise

As Micromoney have experience in diverse domestic markets together with sophisticated marketing and legitimate research, it has designed algorithms for extending business to new countries. Presently, it is prepared to offer international franchise. The access to Micromoney financial and legal competence will allow penetrating new developing markets across the globe.
Micromoney Franchise partners are provided with required knowledge, consultancy, and business plans to start their own cost-effective business.

Micromoney products

MicroMoney has two service directions Social and Entrepreneur loans issuance. To realize and analyze borrower’s ability to repay the loan, Micromoney has implemented so-called Neural Network which is a self-learning system that produces better prediction with each processed loan. The neural system generates a predictive consistent with global FICO system. The system provides an accurate prediction of around 10.000 characteristics gathered algorithm.

Social/Emergency and Instalment Loans

Micromoney offers a loan with no interest rate with a fixed daily commission. In 85% cases of borrowed loans, the overpay do not surpass 30% of full loan amount. To make customers borrow wisely, so the amount of the first loan is set to be a 23$ amount which does not exceed 20% of monthly income. The first loan is provided to a borrower through domestic money transfer or directly to the bank account, the following loans can be either sent to a bank account, through remittance or in crypto cash through EVEREX e-wallet.

Loans for small Entrepreneurs

Micromoney offers loans for businesses at competitive interest rates for businesses are offered at a competitive interest rate in dependence on the type of business. Micromoney provides with lending that not go over 30% of company’s monthly turnover. Businesses can get money within one hour.

Bankera

Founded in 2013, Bankera is going to combine traditional banking services and transfer it into a digital Bank with the support of Blockchain. The Bankera’s focus is on taking a full advantage of technology to minimize the number of counterparties as the number of counterparties grown with the creation of remittance companies. Such direction will help to reduce the cost of banking for the end customer.
Bankera has developed a brand called SpectroCoin under which a number of clients services are already operating. The SpectroCoin was created with the intention of providing the access for clients to a variety of Cryptocurrencies, and then it has extended its digital services similar to traditional banking. Bankera assumes 11M EUR income in its first year of operating with a planned increase to 500M within ten years.
Here are named features which are planned to be implemented by Bankera shortly:

Operations with cash

Bankera aims to remain competitive regarding physical money by providing a number of relevant services to its clients. Firstly, Bankera will cooperate with retail vendors who disseminate cash withdrawals and deposit services. Secondly, it will propose to become Bankera agents to various relevant retailers (e.g., gas station agent) to process withdrawals and deposit for clients in countries with no established infrastructure. Lastly, it is going to issue payment cards with withdrawal access at ATMs globally.

Bankera e-wallet

Bankera will offer the e-wallet in 22 fiat currencies. The app will support P2P transfers, key payment networks such as remittance and card systems. Moreover, Bankera intent to support such emerging currencies as Ethereum, Bitcoin, NEM, DASH, etc. To be at the core of cryptocurrency ecosystem.

Loans and Savings

Each Bankera’s client will have the opportunity to acquire interest on savings and current deposits. Moreover, the higher interest rates will be available due to available proprietary portfolios about borrowers’ cash flows as the majority of loans will be issued to business clients who employ the Payment Processing solution.

Payments

Bankera will offer a payment solution that includes traditional services like IBAN, debit and payment processing; currency exchange as well as it will stand for the correspondent bank for remittance services. All Bankera payment services will support both fiat and crypto currencies. Moreover, it will provide know-your-client (KYC) and fraud monitoring solutions as well as incoming payments financing. Bankera clients will be able to keep exchange currencies, keep balance in accounts connected to payment cards what will enable clients to spend existing currencies as conventional money. The income from payments mirrors the income from payment handling, card issuance, and international exchange. Payment margin for retail clients is planned to be 0.01 EUR, whereas the margin for businesses will be 0.25% (decreasing to 0.1% over a period of five years). Average card margin per month is expected to be 0.5 EUR while average lending margin will start with 0.5% descending to 0.1% within five years. The margin for investment products is going to be 0.25% and reduced to 0.1% after eight years.

Investments

Bankera will provide diverse investment solutions for both individual customers and businesses. Primarily, Bankera will begin with offering a low-cost investment product (ETFs), crypto-funds ( a selection of different crypto-tokens and cryptocurrencies) afterward the service line will be extended by including advisory, brokerage, trading, and wealth management, etc. services.
Bankera intends to attain the scale to offer conventional and developing banking products in a technology-driven Blockchain, subsequently becoming a universal store for all banking conditions and requirements. Bankera develops necessary IT preparations and regulatory to offer individual international bank account numbers (IBAN) which accept and make payments within Single Euro Payments Area (SEPA).

Specific Business solutions

For Businesses, Bankera will improve company’s cash flow through expanding the funding volume for pay expected payments processing based on a history of cash flow and expected incoming payments.

Specific Individual customers’ solutions

For individual clients, Bankera is going to resolve the longstanding problem of customers savings not updated with inflation rates by producing an investment product connected to consumer basket which automatically regulates the inflation. What means that clients will be able to send a traditional fiat currency equal to the cost of consumer basket in paid currency, thus extending the concept of electronic money designated as a proxy for consumption ‘’basket’’ to maintain constant employment of customers funds and detect inflation.

Tokens

The pre-ICO offering began on 28th August 2017 and lasted one month to define the hard cap, and only 10% of tokens were dispersed. Initial Coin Offering was scheduled for mid- October with 30% of sold tokens put into capital issue solving. Bankera will offer its own virtual currency tokens so-called ‘’Bankers” (BNK). Token keepers will be able to pay for goods and services with Bankers (BNK) at a discounted rate and will be endowed a 20% of net transaction fees paid by Bankera and SpectroCoin every week.

Crypterium

Future of Digital Banking and Cryptocurrencies

Digital banking is the way of the future. Demand for cashless and digital payments are not just extra benefits in the consumer’s mind anymore. They have become a standard requirement for the rapidly changing customer-bank relationship. Global transaction volumes have grown by 11.2% from 2014 to 2015 reaching 433 billion, partially driven by emerging Asia and mobile contactless payment solutions such as Apple Pay, Google pay, Alipay and several others.
The volume of payments initiated from mobile phones is expected to grow at a compound annual Growth Rate (CAGR) of 80% from 2018–2020. Similarly, crypto economy and cryptocurrencies have become a worldwide phenomenon, and global adoption rates are rising at a rapid rate. It is estimated that by 2020 the total market capitalization of crypto will exceed three trillion dollars.
Universal transaction processing for cryptocurrency against fiat goods is an unmet need across the cryptocurrency capitalization. Crypterium has come to solve this problem with the launching of its global banking transaction processing platform known as ‘Crypterium SX.’

What is Crypterium?

Crypterium is a crypto bank platform that will enable everyday users to pay with cryptocurrency the same way as they would use traditional fiat payments. Any user can enjoy the benefits that cryptocurrency has to offer, as lower transaction costs, the speed of payment, payment across boundaries and much more. The Crypterium crypto bank is the first step in satisfying this demand acquiring worldwide presence and is incomparable with any traditional banking platform.
Crypterium’s beta version of its app, ‘Crypterium’ app can be currently downloaded for Android on the Play Store. The Full app is expected to be launched in the near future, and the IOS app should be launched alongside that. With the full app, It takes only a few seconds to start the first transaction in cryptocurrency. Crypto Bank provides an instant transaction between cryptocurrency and fiat currency; interoperability between both the currencies with unlimited potential. The benefits of low-cost transactions and speed payment of cryptocurrency will be available to all the users. They will be able to buy fiat goods through cryptocurrency.
The crypterium crypto bank’s (digital bank) main objective is to meet the banking needs of the cryptocurrency era.

Mobile Contactless Payments

Soon, payments with plastic cards, physical bank branches, neighborhood banker will be a thing of the past. Everything will be digital, mobile and contactless. A contactless payment, as the name proposes, doesn’t require any physical contact between the buyer’s smartphone or credit card and the POS terminal. It uses Near Field Communication (NFC) to transmit information from a mobile device to a payment reader. NFC transactions are secured and fast — take just seconds. They are a lot more convenient — customers do not need to carry around a physical card or wallet, just their smartphone. CRPT is the core of all transactions made on Crypterium banking platform. Zero payments cannot be made without CRPT, as its main goal is to stimulate token holders to use Crypterium in their day-to-day life and to attract new users. CRPT tokens were issued only during the ICO, which was the pre-sale of Crypterium service usage opportunity; whereas in the future tokens will be listed on the cryptocurrency exchanges to reach out to more users and for providing a wide range of services.
Only a CRPT token holder can use the crypterium crypto bank app. Anytime someone makes a payment, a fee equal to 0.5% of the value of the transaction in CRPT is taken from the holder’s account in lieu with the transaction, which is very transparent to the user.
Paying for a $1000 transaction will burn .5% CRPT. If CRPT currently costs $2.5, then you would burn 2 CRPT.
It is essential to understand that the token is not an integer. CRPT has 18 digits after the decimal point. Therefore it is impossible for the token to “run out” because reducing the number of tokens in conditions of stable or growing demand on them will increase their cost. Each subsequent transaction will require an ever smaller and smaller number of tokens.

Cryptowallet or Cryptocurrency Wallet

A cryptocurrency wallet is a secure digital wallet used to store, send and receive digital currencies. Crypto assets and currencies are contained in digital smart contract wallets. With the smart contract technology, customers do not have to move their money out of their wallets into Crypterium. Crypterium makes the process simple; it will simply debit the amount from the wallet and display the remaining amount to the customer within the Crypterium Mobile Banking app.
Even if a customer’s crypto assets are in different wallets, he/she can see them in a single place, at the same time being able to spend them as they desire; enjoying maximum freedom with ultimate security.

Crypto Bank for business

Businesses need the ability to make payments and the conveniently receive a wide variety of payment methods. Crypterium’s business banking solutions generate not only the ability for merchants to accept cryptocurrencies but also converts between cryptocurrencies and fiat money when a merchant has no access to them.
The crypto bank will allow users to complete payment transactions in 3 simple steps.
  1. Open Crypterium mobile bank app on their device
  2. Tap to NFC terminal or use QR scanner
  3. Confirm purchase and pay with cryptocurrencies while merchants anywhere in the world receives payment in their fiat currencies (or crypto) of choice. All they need is an internet connection in their mobile device.

Crypterium Open Platform

To unleash the full potential of cryptocurrency, wider participation of developers and companies are required. For this reason, crypterium is providing an open platform for companies to develop their products using Crypterium API. There are many services which can be created using Crypterium API such as cryptocurrency wallets, cryptocurrency exchanges, Information retrievals, loyalty programs, billing, automated regular payments and much more.

Comparative Analysis


All of the projects described above promise similar features to its investors including a fast and convenient way of using digital platforms for customer needs, user reward programs, enhanced security of all transactions and deals, etc. However, there are numbers of functionalities and options which make each of these innovative projects stand out compared to others.
Polybius project promises its users convenient and easy to use pocket-banking concept with Digital Pass independent authentication environment developed for Polybius users and supported by the highest global standards of security. Polybius also aims to provide electronic identification and trusted third party services covering all the territory of EU as well as plans to develop trading gate for commercial corporate and government services shortly.
Speaking of actual status: This project already attracted more than 25 thousand investors from all over the world. The first milestone of $ 1.5 million was reached less than a day after the start of the ICO. In just the first two days, a sum of $ 6 million was collected, guaranteeing the emergence of banking services within Polybius. At the moment the project has already collected $ 32 million, more than the maximum which was required ($ 25 million), which promises us that project will take place in full or almost complete configuration. Polybius tokens (PLBT) are now freely traded and can be purchased on markets (like C-CEX.COM and LIVECOIN.NET)
There are plenty of useful information stored on Polybius website which describes all the aspect of the project. This information can give rather good and extensive insight for potential traders. However, the author did not find any complete Financial Model where he could check forecasted expenses planned for each fund collection Milestone announced before.
Change Bank plans to offer its users a similar to Polybius digital platform easily accessible via mobile app and secured by electronic KYC platform capable of onboarding users from around the world. Universal crypto wallet will allow customers to store and operate all the cryptocurrencies in one place. Additionally, to that Change bank users will be able to use specialized Debit and Credit crypto cards which will allow users to spend their digital funds online and offline. One of the features planned by Change Bank is a digital marketplace where users will be able to invest in stock, P2P lending opportunities, real estate, travel and more in one place.
Crowd sale of CAG (Change coin) was scheduled to September 16, 2017, and before that date around 2000+ people were recorded on the waiting list as potential investors. By the end of September 2017 (two weeks after the crowd sale started) around 49 000+ Ethereum (ETH) were already funded and the process of funding continues. There are 10 Milestones (total funding pool) which can be met during this ICO. Each achieved milestone will allow to develop and implement new products and functionalities to the services offered by Change. The project has successfully ended its ICO.
Similar to Polybius website there is enough useful information on Change Bank explaining the concept of Change project and giving a detailed explanation of plans of the company. However, the author also was not able to make a comparative financial analysis on forecasted income and expenditures of Change Bank as there was no publicly available financial model or forecast with concrete numbers.
Following the same path as Polybius and Change Bank but in its unique way, Everex is using Ethereum Blockchain technology to create stable coins rather than using Bitcoin. The pilot version of Everex wallet was launched in 2016 and now is only available for customers in Thailand, although global expansion was estimated to follow soon after that. Quick deposit, international mobile payments, cash out in any currency and instant bank transfers are among promised features of Everex project. Everex differentiates itself by planning to implement microcredit service, accessible globally and instantly on mobile devices, secured by machine learning technologies which will calculate personal credit scores and determine risk and worthiness.
The token sale began 24 July 2017, a total of 22.7 million tokens available. Lately, Everex announced that it had reached its goal. It was probably one of the most effective token sales to date, with more than 8,300 token sales contributors, Everex had collected 1,580 BTC/49,479ETH funds.
The author has to admit that it was hard to assess project from the financial point of view as Everex website gives only general information about the project. The author also could not find any detailed explanation of project and development strategy of products which going to be implemented, nether Whitepaper and Financial model/forecasts are publicly available on the website. Due to lack of detailed information, it is quite difficult or impossible or critically evaluate and forecast the future success of the Everex project.
Similar to other projects mentioned in this article, Forty Seven Bank plans to develop and implement quick and secure banking powered by remote on-line identification, automated scoring, due diligence and AML of the client. However, in contrast, the Company plans to achieve this by using latest technologies, for instance using biometrics in user identification process. As described on the Company web page, after the full identification client will be able to access all of the services which will be offered by Forty Seven Bank: IBAN, access to secure crypto wallets and tokens, credit and debit cards, personal and travel insurance, loans, access to Forty Seven App Platform with wide range of applications, invoicing, investment and brokerage services, etc. Despite the fact, that Forty Seven’s ICO is still in progress, the team managed to release its first version of API, allowing developers to start making apps for Forty Seven App Store.
Forty Seven Bank website contains plenty of useful information to study. The author was pleasantly surprised by finding all required for information starting from Whitepaper, Business Model and even very detailed Financial Model of the project and planned future performance.
Another alternative in cryptomarket is Bankera — a new project created by the team behind SpectroCoin. SpectroCoin has evolved into more than just a cryptocurrency exchange: the platform offers bank-like services like a debit card. The team created Bankera to work as a traditional bank for the cryptocurrency community. Bankera plans to offer conventional banking services — like a debit card, checking accounts, and savings and investments. However, they plan to accept a wide range of cryptocurrencies and fiat currencies, making it the ideal choice for those who use cryptocurrencies — or just want to avoid traditional banks.
Bankera website contains only general information on details of ICO, financial forecast and other elements of the strategic development of the project are missing what makes its hard to assess the seriousness of intentions of Bankera team.
Micromoney, on the other hand, focuses on solving the problem of unbanked people who do not have access to financial services. To encompass the financially unserved people, it has introduced a micro short-term loans services. Bringing those people to the global economy will be beneficial or the client, Micromoney and economy as a whole. Through sharing and exchanging new clients’ data with interested institutions and authorities, (banks, service providers, vendors, etc.) Micromoney aims to achieve efficient global economy development. Micromoney is operating since 2015, and in fact, had achieved some success within the industry which can prove the feasibility and durability of the current business model. In 2015 Micromoney has given out 21 loans with a total of USD 800, today, towards the end of 2017 the loan issuance will amount to USD 4.9 million. The Micromoney clients demonstrated the substantial demand for microloans amongst individuals and businesses without a previous credit history.
There is plenty of information located on Micromoney web portal, white paper, financial model and other useful information can be accessed in several languages and is pretty detailed to make a proper assessment for the potential investors of Micromoney.
Cryptocurrencies have created a revolution in the banking and payment sector. Right now, there are close to 3 million users who are using digital currencies every day — this number is expected to rise to 200 million by 2025. Today, the cryptocurrencies’ demand is high, and this will grow to a CAGR of nearly 70 percent annually in the coming years.
Now, the potential to meet this very demand is an exciting development that will transform the global banking landscape forever. Moreover, Crypterium’s Crypto Bank will be the first main step in satiating this demand.
Crypterium’s main goal is to create and maintain a bridge between crypto economy and the existing capital world by forming a crypto bank that will soon replace the needs of today’s financial institutions. Cryptobank will be the robust decentralized core of linking the controlled financial world that we live in today and the future of Crypto Economy, with unlimited borderless opportunities.
Ease of transaction becomes the primary focus of platform development so developers providing Crypto bank applications can easily be integrated with Android or iOS Crypterium mobile banking app, which enables faster, cheaper and safer transactions. Processing used in the Crypterium app will be done near instantaneously without having to wait. Crypterium’s payment transactions can be done quickly whenever and wherever.
CRPT is the core of all transactions made in Crypterium banking platform. CRPT has a total volume of 99,983,677 tokens, with approximately 50 million currently circulating. The initial ICO price was 0.0001 BTC/CRPT.
Conclusions
Recently there have been several high profiles ICOs from Asia & Europe that aim to solve the problem of cryptocurrencies not being usable in everyday life yet. Bitcoin and other cryptocurrencies have been a fascination for its stored value utility, but people realize fast that it is hard to connect this revolutionary technology to “real world transactions.” In 2017, these “crypto banks” have raised in a total of 150 million USD.

Everex

Everex’s simple yet novel approach promises faster results where other competitors have aimed for far away galaxies, Everex stuck with the moon: using Ethereum for cash-transfer.

Risk

Ethereum could experience scaling issues similar to ones Bitcoin did if it doesn’t change its consensus algorithm to proof of stake, as is stated in its roadmap.

Growth Potential

Everex has the potential for growth. Its team has experience developing on multiple platforms. It has been recognized by RemTECH for its “Service Originality” (and at the United Nations, to boot) and has entered an incubator program with Bangkok Bank in the coming months.
What’s more, the overall idea is simple and elegant. Ethereum as a medium for cash-transfer is not a common project. It is likely Everex is the only startup using Ethereum for cross-border transfers and remittances. Its dedication to solving micro-lending via blockchain — largely in thanks to its strategic partnership with Agrello — could place it as a first mover in the cross-border crypto-fiat industry.
This high score can be attributed to the fact that Everex has been used to transfer cash with positive results, been recognized by global institutions, partnered with key strategic blockchain partners and financial institutions all with a comparably simple goal in mind: cash-transfer. Its micro lending services would be a boon to disenfranchised people across the globe, as well as imbues EVX with the utility much of the crypto-community desires.

Polybius

Polybius managed trading portfolio offering will probably be overshadowed by ShapeShift’s Prism, their Debit card, as noted, is anything but special, and their other services are likely to take a long time to gain traction.
However, the approach is there, and there is potential due to their regulator-focused approach. If Polybius can acquire a large number of licenses and other approvals required to offer financial services in Europe, it has a potential to become one of the most strongly positioned organizations in the space to take advantage of uncertainty and the need for knowledgeable authorities that may catch many existing and upcoming blockchain organizations off guard.
However, the requirements to obtain these many approvals are somewhat opaque and not made much clearer by the Polybius documentation beyond projected dollar amounts related to each acquisition. If Polybius is successful in navigating the licensing and approval process, a significant and appreciating value will likely be created for token holders after adoption begins to increase, but difficulty assessing the probability of that success may cause investors to allocate funds elsewhere in the early stages of Polybius’ implementation.

Change Bank

We think Change team have designed an intriguing product and that they are more likely to deliver than not. We see the fundamental drag on their success is the arduous process of establishing partnerships and gathering marketplace participants to build the functional value of the token.

Risk

Service providers that would most benefit from the marketplace will have legal hurdles to get around, at least some, as regards existing contracts. This will be a complexity far greater than the team appears to recognize. On the other hand, token value will not significantly increase until that marketplace is established, at least regarding real value — speculation will be there.
Change has a massive task in establishing its marketplace and user base. We see this as a bigger task than they probably do, which means the team may not be prepared. In terms of short-term effect on price.

Growth Potential

With massive caveats regarding their actual gathering of users and market participants, we say this thing is well-designed and can produce much revenue for both token holders and Change itself. A goal of one million users in 2 years seems reasonable to expect, but the users will only increase once the marketplace is fully established and enticing.
On the advisory team, they have three people with wide-ranging connections that will help build the momentum and hype around the ICO: Roger Crook, Leslie Goh from Microsoft (who works as a financial services lead there), and David Moscowitz from Indorse. We think regarding buying at ICO and selling at the market, their involvement is going to produce favorable results.

Forty Seven Bank

One of the few ICOs where the company will actually give something back to backers (the bank is going to invest 20% of its net profit for the previous year into the loyalty program, issuing FSBL tokens that are distributed proportionally among token holders) instead of expecting them to get their money from the market itself. Forty Seven bank also has a very ambitious goal of providing many different kinds of services based on the blockchain, smart contracts, biometrics and machine learning technologies under one umbrella.
Of course, in this project, there are also possible pitfalls which should be properly managed by Forty Seven team in order to succeed on fast-growing competitive cryptomarket. As we know, Forty Seven bank has a very ambitious goal of providing pretty much all the services that a traditional bank provides. Applying and waiting for a banking license, in this case, can turn into a disaster for any FSI (Financial Services Industry) start-up because of time-consuming process with sometimes uncertain result in the end. Here it is also worth mentioning that Forty Seven bank team already had successful experience in receiving banking license (Electronic Money Institution and Payment Institution Authorization in United Kingdom with EEA Passporting). Also, this project team states that the Bank will be the first financial institution providing full support to cryptocurrencies which will be compliant with the full regulatory framework (including Payment Services Directive 2 (PSD2) introduced by the European Commission that came into force in January 2018). By studying information stated on Forty Seven Bank website we were surprised to notice that all promises and plans were supported by a well-structured strategic plan and other related documentation.
White paper and other documents located on Forty Seven Bank explain the vision, lays out the features, goes into various aspects of project functionality and security, illustrates payment and marketplace usage scenarios. Documents also disclose technical and financial details of the project. This abundance of useful information on Forty Seven bank website is a big plus for this project development team as it makes a clear and precise picture on the development plan and products offered in long-lasting perspective.
This project stands out from the crowd due to their well-written and easily accessible white paper. It also looks like Forty Seven bank team performed consistent and effective work and it becomes interesting how this team will manage the project in the post-ICO stage.
Forty Seven shows good results by developing their product while ICO is still in progress. Recently released Forty Seven Bank API proves that the project is delivering what is stated in their documents.

Micromoney

MicroMoney is one of few Blockchain companies that is backed by a real product. MicroMoney is operating in three countries today and has already signed agreements to expand to three new countries by the end of 2017 (Sri Lanka, Indonesia, and the Philippines). With 47 countries left to expand to by 2022, and after having already identified another 50 countries where Micromoney can expand to in the next ten years, it is clear to see there will be no shortage of demand for AMM tokens in the market for at least the next decade. People who participate in the initial token distribution could see an incredible rise in the value of their tokens as Micromoney will continue its expansion efforts. However, with fast expansion come also big challenges which should be professionally managed by MicroMoney team for successful development of the project. One of the threats here is the legal side of the planned expansion as it will take enough time to get all the required microfinance certifications and permits in more than 50 countries (planned in MicroMoney expansion plan).
If MicroMoney will acquire this large number of licenses and other approvals, it has a potential to become one of the most strongly positioned microfinance organizations in the developing countries. Therefore, we believe MicroMoney is more of a high-risk high-return play.

Bankera

Bankera is a new project created by the team behind SpectroCoin. SpectroCoin has evolved into more than just a cryptocurrency exchange: the platform offers bank-like services like a debit card to more than 300k users worldwide (stated by Bankera team).
What we like about Bankera is that it already has basic working product in the form of SpectroCoin which means that they already have web-based bitcoin wallet and exchange provider already ready. Having this basic working product would put them ahead of the competitors as they would need time to catch up.
After the ICO, the company’s key objective will be to obtain a banking license in the EU. The same as with Polybius it may get take a long time to obtain all the necessary banking licenses to operate on the territory of EU and investors may allocate funds to other projects on the early stages of Bankera development. It poses a serious threat to the success of the whole project.
We believe the team underestimates the challenges with legal and regulatory issues. With the lack of details in the white paper, we are unsure of the execution abilities of the Bankera team.
What’s likely going to happen is that Bankera will realize there are a lot more legal hurdles than they initially thought. They will need to expand slowly, country by country after getting all the relevant licenses in each jurisdiction. Therefore, it may take a long time to realize the team’s vision.

Crypterium

The crypto-economy is flourishing. Over millions of users are using cryptocurrencies but still struggle to use them on a day to day basis conveniently. Crypto banks are expected to become popular, given the demand of crypto users to transact with cryptocurrencies in their everyday lives.
Already, there are some crypto-payment solutions offering physical card payment systems, but Crypterium’s Crypto Bank is offering crypto contactless payment system, which will result in immediate increased adoption of the system. Moreover, since the CRPT tokens will be used to feed the payment system, the demand for it will be huge, driving up its value.
Banking Sector ICO Analysis Banking Sector ICO Analysis Reviewed by indo coiner on April 19, 2018 Rating: 5

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