If there is one market threatened by the rapid rise of blockchain technology and cryptocurrency, then it is the world of the traditional way of banking. Soon there will be a new player who wants to attack these banks. And to finance that battle, Change Bank organizes an ICO.
What is Change Bank?
In the whitepaper of Change, it can be read that this startup does not have a good feeling about the way classic banks are doing business: “The banking industry hasn’t seen much innovation and customers’ finances are still in control of a handful of established players that operate in a very traditional fashion.” Change wants to offer an alternative.
The first thing Change introduces is a Wallet, in which cryptocurrency can be safely stored. This wallet is linked to a payment card, so that the coins stored in the Wallet can be used in stores that accept the Change Card. Change claims in it’s whitepaper that the card’s customers get back a share of their expenses in the form of Change Tokens.
The third functionality that Change offers is a marketplace. This is an application that connects third parties to the bank, so that they can provide their services to Change customers. In this way the startup, with the help of other companies, can quickly provide a solid portfolio of financial services to their customers.
What can you do with the token?
In order to get the ecosystem of Change working properly, the company issues the Change Token. This coin has multiple functions. First, you can use it to pay with the Change Card. In addition, the token gives you the rights to a piece of profit. Companies that use the Change marketplace to offer their services to Change’s customers must pay a 20% fee on their income. A part of this will be divided among the holders of the Change Token.
What does the roadmap look like?
Change has existed since the first quarter of 2016 and received a two hundred thousand dollar investment later that year in order to deploy the first activities. That led to a beta test in the second quarter of this year. Following this ICO, the company intends to introduce the Change Card in the first quarter of next year.
Why an ICO?
On the one hand, because the Change Token is required for getting the ecosystem in order. On the other hand, to raise funds for further investments in the development of this new bank.
What are the details of this ICO?
|Coins issued||312.500.000 *|
|Coins at sale||125,000,000 *|
|Price||1 ETH get’s you 500 Change Tokens|
|Bonus||Yes. Part of the fees for using the marketplace, will be distributed among the owners of the Change Tokens.|
|Dividend||No. You can earn ACE by being active in the community.|
|Dates||September 16th to October 15th.|
* These numbers are not exactly mentioned in the whitepaper and so we have to calculate them ourselves. Therefore, the numbers are approximate.
In the video below, the startup explains the goals of Change Bank.
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