BlockBank Purchases Stake in the Kenyan Spire Bank to Provide Crypto Banking Services
BlockBank, a company dwelling into the financial industry through blockchain has announced its recent stake purchase in Spire Bank, formerly Equitariol Commercial Bank. The strategic FinTech partnership is set to provide a global blockchain and cryptocurrency banking services. The Spire Bnak has been in business since 1983 in Kenya’s capital, Nairobi and will be instrumental in facilitating a wide variety of international Crytpto banking activity in association with Blockbank.
BlockBank is a blockchain aiming at providing its users with a platform with faster transactions, pseudonym transactions, security, immutability, high quality data and transparency.
The partnership will see a low cost capital funding cryptocurrency based bank come to life to enhance the economic growth of its users.
Why BlockBank Purchased a Stake of Spire Bank
With Blockbank being one of the first blockchain projects to integrate into the financial industry in Kenya the prospects of success seem very high as the country ranks among the top in Africa in matters blockchain. The strategic partnership between the two companies will initiate integration of commercial banking services into crypto entities, businesses, and governments both in the Kenyan market and globally. Furthermore, creation of dynamic access to capital funds and new ways of funding will improve the overall economic growth.
Blockbank will provide the Spire Bank with the Android DDMS smart contract blockchain system, currently in use on BlockBank platform. The Android DDMS will provide its user with a low cost funding solutions through Spire Bank while providing instant payments on the platform.
The Kenyan-based bank is strategically placed in a country well invested into blockchain hence the long term plan of BlockBank success. Spire Bank also offers BlockBank a platform to carry out its expansion to global banking capabilities as it has a capacity to handle international banking services.
With BlockBank looking forward to a successful ICO at a time that the market is still showing signs of a bear market, the BBRT token will benefit greatly from the partnership with Spire Bank. First, the partnership fosters the development of low-cost funding options for governments and commercial entities worldwide. This will improve the financial structuring of capital funds–especially the developing countries that lack developed financial systems. Cheap loaning system boosts consumption and investment in the economy.
Blockchain technology will also pave way for a transparent and immutable ledger system hence dealing with issues of corruption and mismanagement of funds across the platform while offering equitable sharing of capital funds.
The BlockBank ICO
The ICO is currently in session and will run till October 28th 2018 with a total target of $56 million USD to be raised. With only 48 days remaining to the end of the ICO, investors are flocking in to buy the BBRT tokens as a total of $12.83 million USD already raised.
A total of 40 million BlockBank tokens will be offered by the company. Of these 28.8 million tokens will be dedicated to the ICO sale (72% of total tokens), the BlockBank Treasury, development team advisors and bounty reward system will receive 20%, 5% and 3% of the remaining tokens respectively. To purchase the BBRT tokens you can visit this link.
About Spire Bank
Spire Bank is a Kenyan Bank situated in the capital Nairobi and is fully linscensed by the Central Bank of Kenya (CBK). The former Equatorial Commercial Bank was founded in 1983 to provide its customers with financial services before becoming a fully-fledged bank later.
The financial company is owned by the Mwalimu Cooperative Savings & Credit Society Limited, the largest body of teachers in Kenya with billions of dollars’ worth in assets. Spire currently has assets above $200 million USD with a total customer base of 350,000 offering a ripe market for the adoption of the BlockBank token and blockchain technology.