[WBB] World Bit Bank -  legal currency bank – review

Bank as an institution, we know today, has been created in XVII century. And since that day it is influencing our daily life, dealing with a very sensitive sphere – finances. Thanks to the bank we not only can take a mortgage but also instantly transfer money or pay a bill with a card. But in the new economy, normal banks becoming out of date. Meet World Bit Bank. A bank of the future.

I guess among the people immersed in the cryptocurrency world not many would refuse a statement that  “cryptocurrencies are a base for a new economy”. But even a new economy (built on more equal sharing), needs some old financial tools like banks. Although, traditional banks are not so keen to use a cryptocurrency potential fully. The empty gap between the crypto holders expectations and banks attitude tried to fulfil the crypto banks. Still the lack of payment structures, bank licences or real revenue disturbed in their mass adoption.

What World Bit Banks want to do is a kind of a merge between the institutional banks and the crypto ones. How to make it? Old, traditional way - by buying. World Bit Bank plans to buy already existing banks in different countries (USA, Canada, Brazil, Germany, UK, Switzerland, Turkey, India, Japan, Australia)  and allow crypto holders to use their services. It is an easier solution than to build a bank from the ground, first of all, because of the already obtained licenses, secondly revenue and client factors. World Bit Bank wants to use already existing bank’s assets and introduce to their offer cryptocurrency services like: cryptocurrency loans, use of cryptocurrency in VISA/MasterCard debit cards, easy and cheap transfer and exchange of cryptocurrencies.

Besides, the traditional financial services bank offer, World Bit Bank will also include:

·        a leasing company;

·        an insurance company;

·        a cryptocurrency fund.

On the attached picture you can see top WBB bonuses. As I already wrote World Bit Bank allows to use a Visa/MasterCard to pay with the cryptocurrency. To make it possible the bank will provide an exchange.

What makes this project unique?

World Bit Bank has been registered in Estonia and already gained some licenses like Virtual currency against fiat currency exchange license and the Virtual currency wallet service license.

It means that World Bit Bank can act absolutely legally and as based in EU institution use intern market privileges. What is even a better news, World Bit Bank headquarter will be based in Zug, Switzerland – kind of silicon valley for the cryptocurrencies.

Token:  

World Bit Bank token is called Wibcoin and has a ticker (WBB). It’s based on the ETH-20 protocol.  1.000.000.000 Wibcoin (WBB) tokens will be issued. WBB prepared some discounts for the investors:

I couldn’t find any information on the token allocation. The initial price for 1 WBB is 1 euro.

Roadmap:

After the Pre - ICO, World Bit Bank promise an access to all electronic platforms of the World Bit Bank ecosystem, specifically: 

  • WBB Wallet;
  • WBB Mobile Banking;
  • WBB Exchange;
  • WBB - Found;
  • “WBB Depositary” (digital asset storage)


    What is interesting WBB tokens will appear on the exchanges just after the pre-ICO.

The main token sale (ICO) is planned for 1st of September this year. Shortly after World Bit Bank is planning to obtain 9 banks in different countries.

Hype:

According to the short episode in my life when I watched a lot of TV, banking advertisement can’t be very exciting. On the other hand, I’ve seen even worst categories of product to advertise like: washing powders or sanitary pad. But basing on a modern rule “no advertisement = no sale” without the hype product can’t be sold well. So World Bit Bank, I guess, before the main sale you have to work a bit on the numbers.

For today World Bit Bank gathered:

  • 2 231 members on their Telegram channel
  • 2 403 followers on Twitter
  • 3555 followers on Facebook

CONs and PROs

Pros:

  • As I wrote before there is a gap between crypto holders expectations and banks attitude. Who first fulfil it, earns the honey pot.
  • Good results on the Pre-ICO. The soft cap was exceeded 30 times.
  • Strong team
  • Already received licenses

Cons :

  • Lack of technical paper. There are not many details about the technical solutions how for example implement visa/MasterCard payments.
  • Usage of ETH blockchain. ETH is the most common blockchain for the ICO, although it is struggling with some crucial limitations like transaction speed and cost, what make it inappropriate for banking services in the nearest future. I guess that WBB will be forced to make a tokens migration.
  • Small hype
  • Depending on funds – what if not enough funds for buying a bank chain will be collected? The team wants to collect  250 million euro for buying 10 different banks – in the main token sale (01.09 – 31.12).

 

If you would like to learn more about the World Bit Bank check the links below:

Project website: https://wbb.io/

Whitepaper: https://wbb.io/file/images/137/4/White%20Paper%20-%20World%20Bit%20Bank-EN-7.pdf

Bitcointalk Thread: https://bitcointalk.org/index.php?topic=3206437.0 

Social media channels:

Facebook: https://www.facebook.com/WorldBitBank/

Telegram: https://t.me/WBBCoin

Twitter: https://twitter.com/WorldBitBank

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Disclaimer: this is NOT investment advice. This is purely my opinion, based on facts found on the project website, whitepaper, social media and etc. Please do your own research and decide if it qualifies with your risk profile.

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