Combining traditional banking services with the new, Blockchain-derived banking services of the future, Bankera, as per its own description, is conceived as an operational fork on SpectroCoin. The latter is a previous ICO which has created a successful brand with over 300,000 subscribers.
With SpectroCoin offering an e-wallet, cryptocurrency exchange, a Bitcoin-based debit and ATM card along with standard online payments processing, Bankera is seeking to re-brand and expand on SpectroCoins current offering to a more generalised range of banking services.
Bankera outlines two observations in its white-paper in relation to banking and Blockchain technology. Firstly, established banking institutions are generally proving to be incredibly slow at adopting Blockchain-based solutions.
Secondly, Blockchain start-ups that aim to break into banking are doing so as niche-focused services. So no-one has emerged to propose a comprehensive range of both traditional banking services and new, disruptive, Blockchain-derived services.
With an established client base and with just over 1000 new users signing up to its services each day, the founders of SpectroCoin are now organising a new and more ambitious ICO to create a new entity, Bankera, whose core objective will be to offer the full range of traditional banking services that will be extended by Blockchain technology.
From the white-paper:
Traditional banks have legacy products such as SWIFT messaging, SEPA payments or payment cards at the heart of their technology, which makes these technologies inflexible. In contrast, such products are simply bolt-on items for Bankera and can be disposed of without interrupting core technology.
SpectroCoin’s current payment processing services will be ported over to the Bankera brand whose own ICO is designed to bring in the capital necessary to offer loans and savings products as well as long-term investment instruments as part of its core offerings.
Already disposing of a Payment Institution’s (PI) license from its SpectroCoin operation and thus having authorisation to operate as a payments processor in the European Economic Area (EEA), Bankera intends to position itself as a full, regulatory-compliant banking house by applying for a full banking license within the EU in its post-ICO period.
Currently employing a personnel of 40+ members, it is hoping that the capital it raises will allow it to expand its team count to over 200 within its first year and 2000 by the end of its first decade.
The white-paper also discusses plans for a Secondary Coin Offering whose dates are yet to be finalised. The purpose of a SCO will be to finance further expansion down the line.
An experienced team, as demonstrated by its former success with the SpectroCoin venture, the core Bankera team has one successful ICO under its belt. For the Bankera project, the team has also assembled an impressive set of figures for its advisory board including two current-serving MEPs and CEO of Dragonfly, Lon Wong.
Every single team member listed on the website provides a verifiable Linkedin account that is embedded within a large, strong and relevant network of professionals of similar profiles – although, given that this is a team which has already faithfully executed on a prior ICO, this point is less relevant in comparison to other ICOs.
The Bankera token will carry the BNK symbol. It will be platformed on both the Ethereum and NEM blockchains. Its distribution over these two blockchains will be determined by the distribution in origin of contributions that come from investors. The NEM aspect is likely a result of Lon Wong’s own involvement in the project.
Whilst possession of the token itself will not be required for access to Bankera’ eventual full range of products and services, these will nonetheless be offered at a 20% discount rate for those who pay through BNK token.
Bankera also intends to offer a share in profits emanating from transaction fees to holder of BNK tokens. 20% of profits from Net Transaction Revenues will be distributed to token holders on a weekly basis. Profits are distributed in direct proportion to the number of tokens held. It is not clear from the white-paper if these payments are distributed in the form of BNK or some other crypto-currency.
With an initial allocation of 5% from its ICO contributions being earmarked for marketing, some may form an initial impression that marketing could be the Achille’s heel of this project, as is often the case for otherwise excellent ICO propositions.
However, marketing may be less critical for an established business with an ever-growing user base. That said, the marketing budget still appears a little miserly.
On the other hand, with a slick website and Youtube video to boot, this is a team that is some demonstrating tech-savvy, marketing-savvy approaches that should be able get its message out there.
This is not a project that lacks ambition. Whilst the €750 million hard-cap may be an understandable put-off for some, the nature of the project, more specifically the arena in which it is seeking to operate, could be a mitigating factor here.
The white-paper itself could do with clarification on one or two points – in relation to how profits from transaction fees are paid and distributed specifically, and in relation to how the team’s own allocation of funds will be vested.
The project also addresses the clear need for a Blockchain-based full banking solution when traditional banks themselves appear unwilling or unable to offer at this early stage of the Blockchain’s emergence.
Ratings Score Methodology: a weighted average across three scores: Concept (10% weight), Blockchain Fit (30% weight), Execution (60% weight).
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