Banking and blockchain seem to be a match made in heaven as no other ledger technology can come par with blockchain and its incorruptible capability. Ever since Bitcoin was launched in 2009 and the world got to know about the working of cryptocurrency, there have been attempts to incorporate the tech into the current banking sector with fiat currencies.
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Different cryptocurrencies were also launched to aid this new era of secure banking including Ripple XRP and the Chinese government is considering going blockchain for its national bank and currency. But the application of blockchain despite its amazing capability have been limited so far because of various reasons. Governments as we know aren’t capable of adopting a revolutionary technology that easily. So, it is logical that the private sector come in play for this crucial development in banking.
Bankera, a decentralized blockchain-based banking startup has recently acquired the operations of Pacific Private Bank Limited (PPBL) in Vanuatu island located in the Pacific Ocean. Bankera aims to make the PPBL the test bed of its innovative blockchain solutions and will leverage the technology in the near future while making the bank an independent company in separation with the original startup.
Why is This a Big Deal?
The opportunity to directly implement blockchain-based ledger technology into a running fiat-currency bank is the key for the mass adoption of the technology. The PPBL was founded in 1997 and has since specialized in asset and wealth management services for clients around the world. The manpower of the bank is extremely skilled and the IT sector has ensured a solid base for the bank to build on for many years.
This is crucial for Bankera as it aims to leverage Blockchain technology to provide even better experience for its users. The Blockchain startup is also developing a unique one-stop shop for everything related to Blockchain financial services. Quite simply through this successful test tube implementation, Bankera aims to become the number one provider of Blockchain banking around the world.
Although the bank has been acquired, it will continue to operate separately from the Bankera platform. It will continue working with fiat-based institutions and engage with its customers. So, there is no question of being harmed as part of a Bblockchain experiment for the users. For implementation of the Bankera platform’s features, a pilot project is expected to start ahead of schedule by the team.
The first step is to connect the PPB to the Ripple network which will enable cross border transactions. Leading banks like Santander, UniCredit, UBS and Standard Chartered are already interested in the developments. Bankera is an operational fork of the SpectroCoin, an all-in-one solution for cryptocurrencies that has over 700,000 clients during its five years in existence.
Bankera Token Generation Event (TGE)
The Bankera TGE is live right now. More than 3.4 billion of the total 4 billion hard cap of BNK tokens has already been purchased by backers. The wallet capability is already completed and live. The TGE will continue till the end of February 2018. A banking license is expected to be acquired by early 2019.
To find out more, visit the website: https://bankera.com/