First to introduce myself i am a Msc Finance student, which has done a lot of studys on blockchain based banks.
So we all know the society need banks, loans deposits, investments and secure accounts. Bank has many defect they are able to get hacked, costly and slowly payment transfer, high fees, no privacy, no reliability and i could go own. The blockchain improves all these elements and further more, i will get more into this late. At the same time the cost of moving customers to the blockchain is extremely high, because of how banksystems works.
Basically we all need to have a bank, because we need a credit card to use our funds. But what if you could get a credit card from Visa or Mastercard which is linked with your online wallet. You might think a BTC is to valialie, BTC can bull with 600 usd one day and bear with the same the next day, so how can i trust, what my funds are worth ? Theater USD solved this problem, by being backed by the US dollar, this mean what 1 USDT always is 1 USD, this is also mostly the case. Also other cryptocurrencies are backed by 1 oz of gold, so it's possible to have cryptoassets in an online wallet which is linked to a credit card from Visa or Mastercard.
The bank of the future does not only offer payments with cryptocurrencies but also has a fully integrated marketplace of FinTechs.
Change Bank wants to be the bank of the future they provide a Universal crypto wallet, Credit Card, Marketplace and Redefining cash back. Also all this will be secured by hashes in the blockchain, which is unhackable. Change Bank is also in a partnership with the e-Residency initiative by the government of Estonia. This highly ambitious project is revered among global nomads and supporters of decentralization, including Tim Draper and Edward Lucas (1)
Banks have centralized all financial services and present themselves as “jacks of all trades". This has caused them to grow into slow-moving behemoths, reactionary as their resources are spread over several different areas. However, FinTech companies are able to make use of cutting edge technology and advanced business models to produce better results in individual financial services, as compared to banks.
Take the example of Transferwise, a billion dollar startup that specializes in cross-border remittances. Transferwise is able to offer its customers faster and cheaper remittances than banks. Another example is Smartly, a Singapore-based robo-advisor that uses algorithms to create personalized investment portfolios consisting of stocks, bonds, real estate and gold. These state-of-the-art portfolios cost a fraction of existing solutions
and allow users to invest as low as 50 Singapore Dollars.
Not only do these companies produce better results, they also don’t have to support the complex cost structures of established financial institutions, avoiding expenses such as outdated physical branches and armies of bureaucrats. Our core proposition is to bundle all these FinTech companies into a global marketplace. This allows them to concentrate on their areas of expertise while Change focuses on linking these services, resulting in the provision of an all-in-one financial service which is much leaner and performs better than traditional banks.
(Whitepaper Chase bank)In my opinion Change Bank can change the way we do banking and they will do it through innovation and technology. The future is more cost less and if the cost of worldwide ATM withdraw will beat the bank by more than 70% Change Bank can be a future key in development of the financial industry - it's possible to buy the tokens through Myetherwallet.com - just follow the guide on the Change Bank website, if you have any questions then ask