BlockBank and Banking

1. What is the relationship between BlockBank and the banking platform?

The services provided by banks, such as fiat gateway, cards, and bank accounts, are essential for user convenience and everyday usability. BlockBank has two banking partners that will allow fiat top up in the accounts/withdrawals. Also, we are negotiating with other banking institutions — as we have ambitious objectives for expansion. We are starting the process of obtaining our own licenses, it will allow us to provide lower fees and add extra use cases for BANK tokens, which we will discuss below.

But our vision is greater. We want to marry the bifurcated provision of services in traditional and digital by providing similar services to digital asset holders that are available to holders of traditional assets. Using blockchain and smart contracts, we can enable this.

2. How does BlockBank enable the banking platform through the blockchain economy?

The blockchain economy is growing rapidly — more institutional investors, hedge funds, VCs and banks are exploring and some have already joined the space. Simultaneously, the number of retail users is growing at record levels. In this booming crypto economy we still do not have enough competition and tools that empower retail users. It is much easier for large institutions to get all the banking, custodial and trading services while retail users face challenges and pay higher fees. BlockBank is addressing this, providing the same playing field through the applications that allow every user to get top-quality services, AI assistant and access to banking, all in one.

Blockchain based services also reduce our costs when it comes to KYC/AML, reporting and audits (thanks for blockchain transparency!). This allows BlockBank to merge the best of two worlds into one convenient application.

3. BlockBank is building and developing the infrastructure and decentralized financial services for “Banking 3.0”. Why is it so important to focus on a seamless user experience?

Seamless experience is key for massive adoption. One of the biggest barriers for widespread crypto adoption is that it’s never been that simple. Users who might be interested are quickly turned off with the level of complexity. BlockBank aims to integrate the best of the DeFi and CeFi worlds while keeping it simple for the average user. Our app will bridge both of these worlds and everything will happen in the back-end.

Our application was launched back in 2019 and now we are coming back with all the feedback collected from our early adopters. We are removing pain points and unnecessary complexities, creating an all-in-one application that will offer better UX and UI. Making it simple, and coupling it with our AI, will only give our users the upper hand.