The CryptoBank is a global decentralized payment platform which uses the blockchain technology to work. This company basically has created crypto versions of fiat currencies, featuring currencies like the CryptoYuan (CBY), CryptoDollar (CBD), CryptoEuro (CBE), CryptoRuble (CBR) and other currencies.
The CryptoBank Financial System
CryptoBank will offer a digitized version of national fiat currencies, the CB tickers like the CBY (CryptoYuan) and the CBE (CryptoEuro). The platform offers liquidity and an exchange rate that will be as follows, 1 token per 1 fiat currency. You will need to pay $1 USD per 1 CBD, for instance.
The company’s argument is that by doing this, you will be buying the “digital gold” without having to worry about the liquidity or the volatility of your tokens because they have the same market value of they real tokens.
This way, you will be able to use the fiat currencies the same way that you could use cryptocurrencies without the danger of the high volatility but your benefits will be transparency, be able to mine tokens, anonymity, etc.
CryptoBank Crypto Banking Payment Features
The main reasons why this company states that you should use it are the combination of transparency and anonymity that it provides to its users and other crypto features. On the other hand, is it really worth it?
Our main doubt about this company is based on the fact that it offers some basic crypto features that almost every coin has with a fixed price to avoid volatility, but is avoiding volatility even good? Many cryptos are attractive investments exactly because their price can go up fast and investing in them can be profitable.
CryptoBank CRPT Token ICO Details
To buy CRPT tokens, you will have to wait until the Initial Coin Offering (ICO), which will start on May 30 and last until August 30. At the moment, we do not have information about the company’s prices per CRPT token, but our guess is that you will be able to get discounts if you decide to invest soon, so keep following our blog for updates.
The CRPT tokens are based on Bitcoin and use the SHA256 algorithm with a block time of 15 min.
We have serious doubts about the legitimacy of this company. In the first place, it does not seem to make a lot of sense to use real money to buy virtual one at the same rates if you can only use it on a company does is not even more than a start-up yet.
Look at it this way: when you invest in an ICO, you are, in fact, investing. You buy the tokens for, say 10 cents each and hope to sell them for 20 cents or more or to hold them for dividends. The CryptoBank, on the other hand, is selling a virtual asset that can only be used there at the same price of the fiat currency that they are inspired in.
This means that the value of the tokens will hardly ever surpass the original one because why would pay more than $1 USD per 1 CBD if you can buy it at this price with the company? The price could probably only go down. The only thing that you will be doing by investing in this company is to be spending real money to buy worthless money. In short, avoid this company and invest elsewhere.