There is a lot of diversity in respect to digital payment methods. This can be seen in the total value of online transactions since cashless payments are widespread on a global scale. MyCryptoBank envisions an introduction of the platform-based banking service designed both for transactions using fiat and cryptocurrency. For this, MyCryptoBank will build a digital bank without any front offices but still available at any place anytime throughout various channels while offering the same spectrum of everyday banking functionalities.
A platform approach to banking
Since digital capacities in businesses have increased, the collaboration between banks and fintech firms consolidates even more economic potential than ever before. Their cooperation is twofold as fintech companies add customization and banks offer their expertise in financial operations.
MyCryptoBank will cover three types of capabilities as belonging to Silver, Gold and Platinum status. Accordingly, all services available on the platform will be designed in such a way, that apart from main services, any other special options can be obtained only for token holders with a certain level of access. By implementing a modular approach, companies will be able to migrate their existing business over time.
Key constituents of the system
There are several options available for all stakeholders on the platform, including mobile cryptobank, currency exchange, loans, etc. All clients regardless of their status will be able to obtain virtual cards and gain access to mobile bank. Furthermore, the scope of the services will be complemented by loyalty programs with cashback.
Payment rings will be introduced as well. A key part of the ring is a chip that will perform contactless payments. One benefit of the using this type of payment is that it allows for reliable data storage and transfer. Payment rings can outperform traditional cards in many cases, especially with regard to its portability.
As a platform-based solution, MyCryproBank relies on a broad network of applications, including loans, credits and deposits. The platform is specifically designed for lenders and borrowers with a system of peer-to-peer loans. Deposit customers can profit from cumulative funds as well.
Another distinguishing feature of the platform is a legal service on operations in cryptocurrencies. While traditional banks provide consulting on issues regarding traditional currencies, the experts from the platform will help with cryptocurrency regulations, documents, account management, etc.
ICO Details
MCB token as a central part of the system is designed to meet the needs for scalability, fast transactions as well as interoperability with regard to other assets. Pre-ICO round started on July 16 and will end on August 16, 2018 followed by the public sale starting on September 11 and closing on October 14, 2018.
Technical description of the project includes a detailed description of all the features available on the platform as well as comparative analysis with regard to the actual status of the project. Though the platform will be introduced as a fully digitalized solution, MyCryptoBank nevertheless plans to install its own ATMs. Obviously, the project is primarily aimed at the financial technology sector, more specifically, at startup companies who develop models for financial management or seek ways to migrate their businesses on blockchain.
Links:
Website: https://mycryptobank.io
WhitePaper: https://mycryptobank.io/docs/MyCryptoBank-white-paper.pdf
Telegram: https://t.me/MyCryptoBank
Facebook: https://www.facebook.com/Mycryptobank
Twitter: https://twitter.com/MyCryptoBank
Medium: https://medium.com/@news_87035
ANN: https://bitcointalk.org/index.php?topic=4484862
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.