BlockBank is a “Bank 3.0” platform designed to use artificial intelligence technology to provide users with seamlessly integrated centralized finance (CeFi), decentralized finance (DeFi), and neo-banking services, with a commitment to seamlessly integrating the traditional banking experience with cryptocurrency.Its goal is to combine the strengths of DeFi and CeFi to simplify the user experience without compromising security, privacy, or decentralization.
It is worth noting that although the title mentions “BBRT,” based on current information, BlockBank’s native token is BBANK, not BBRT.An earlier project named “Block Bank” used BBRT as its token; its goal was to establish a decentralized digital commercial banking entity, and it conducted an ICO in 2017. The BlockBank project we are currently discussing, however, uses BBANK as its token.
BlockBank’s Core Philosophy and Services
BlockBank’s core philosophy is to provide an integrated financial management platform that allows users to easily manage and trade fiat and cryptocurrencies. It achieves this through the following key features:
- Convergence of CeFi and DeFi: BlockBank offers both centralized custodial wallets and decentralized non-custodial wallets, supporting multiple EVM and non-EVM chains, with the aim of providing users with a convenient cryptocurrency asset management experience.
- AI-Driven: The platform integrates AI technology to help users make smarter decisions by providing financial insights, industry news, and user education.
- New Banking Experience: BlockBank offers bank accounts and Visa debit card support, allowing users to make purchases using cryptocurrency or fiat currency, and provides cashback rewards.
- Staking and Yield: Users can increase their APY by holding BBANK tokens and stake other crypto assets to earn BBANK rewards.
The BlockBank Team
The BlockBank team consists of several members. Co-founders include Anastasija Plotnikova, Kelghe D’Cruz, and Darren Francehini. Darren Francehini also serves as Chief Operating Officer (COO). Team members have extensive experience in the cryptocurrency space and actively participate in industry conferences to network with industry leaders.
BlockBank’s White Paper
BlockBank’s white paper details its technical framework, corporate structure, and regulatory obligations, with the goal of creating a decentralized digital commercial banking entity. The white paper highlights how BlockBank uses blockchain technology to deliver products to customers via smart contracts and is committed to bridging the financing gap for commercial entities worldwide through low-cost financing products, even serving countries with underdeveloped or lacking banking services. The white paper also mentions that BlockBank seeks to obtain an international banking license to operate in international markets, which sets it apart from other crypto-banking projects that have encountered difficulties in obtaining licenses.
BBANK Token Economy
BBANK is BlockBank’s native token, with a total supply of 400 million. Holding BBANK tokens offers users several benefits, including:
- Staking Rewards: Users can stake BBANK tokens to earn up to a 20% annual percentage yield (APY), or stake other assets to receive additional BBANK rewards.
- Premium Features: BBANK holders gain access to different tiers of information provided by robo-advisors, cashback on purchases made with the BBANK card, and more.
- Zero-Fee Purchases: BlockBank’s CeFi users can purchase BBANK tokens through the app at no cost.
It is worth noting that the project, formerly known as “Block Bank,” had planned to issue BBRT tokens with a total supply of 40 million and conduct a presale and ICO in 2017. The project aimed to ensure the growth of the BBRT token’s value through secondary market demand.
BlockBank’s Current Status and Outlook
BlockBank has launched a mobile app available for download on iOS and Android platforms, offering wallet and staking services. The platform is actively expanding its services, including the launch of debit card functionality in the UK and the EU, and plans to enter the North American market upon receiving regulatory approval. BlockBank also collaborates with partner projects through a “sandbox” development environment to accelerate the expansion of its services.
Although BlockBank is committed to integrating CeFi and DeFi, its white paper also mentions that DeFi requires stricter KYC (Know Your Customer) policies, which may differ from the original intent of cryptocurrency decentralization.
