Etherbanking is a banking and lending service that promises to “change your mind on banking”. Find out how it works today in our Etherbanking review.
What Is EtherBanking?
Etherbanking, found online at Etherbanking.io, is an online banking and lending service that offers mining, investing, staking, trading, a wallet, and more. The platform is built to be fast, safe, and secure. Plus, users can earn money through Etherbanking by participating in mining, staking, or investing.
Right away, we see some red flags with Etherbanking. The platform promises to pay you a minimum of 0.55% ROI per day, every day, and a maximum of 0.95%. Typically, when someone promises to pay you anywhere close to 1% per day from a legitimate investment opportunity, it’s a sign you’re participating in a scam.
Is Etherbanking yet another cryptocurrency investing scam? Or is this a legitimate investment opportunity you can use to make a lot of money? Let’s take a closer look at how Etherbanking works.
How EtherBanking Automated Banking Application Works
Etherbanking’s banking platform revolves around the Etherbanking coin. It’s an open source, peer-to-peer, community-driven decentralized cryptocurrency that “allows people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest,” explains the official website.
In terms of tech specs, the company’s platform is built as a “stable fork of Ethereum.” It’s not totally clear why a bank is needed to fork Ethereum in order to create the platform.
In any case, Etherbanking wants to be “the very first banking system in the world which has no branch, no staff, belongs to no government, but still can fulfill all functions of a traditional bank and serve people in the most convenient way ever.”
Obviously, all of this sounds good – but there are a lot of companies seeking to provide banking services over the blockchain. Etherbanking is one of several blockchain-based banking systems competing for customers today.
What makes Etherbanking unique? Well, the company has a platform called E-Smartcontract. These are smart contracts similar to the ones you see on the standard Ethereum blockchain. They allow anyone – even someone without coding knowledge – to create a binding smart contract.
The Etherbanking blockchain – which governs the EBC coin – is a hybrid PoS / PoW blockchain. 20 million coins are available through proof of stake (PoS) and 4 million are available through proof of work (PoW). There’s a total maximum coin supply of 33 million.
Etherbanking advertises all of the following features:
- Invest: Earn daily interest by investing in Etherbanking’s lending scheme.
- Stake: Earn interest by holding Etherbanking Coin (EBC).
- Trade: Earn profit with Etherbanking Coin trading.
- Mine: Earn with Etherbanking Coin Mining.
Fast, Safe, and Secure: Your banking transactions will be fast, safe, and secure with Etherbanking, according to the official website.
Wallet: Manage your cryptocurrency account and cards on-the-go.
Overall, Etherbanking claims to pay daily profits of 0.55% to 0.95% through its “investing” packages.
Etherbanking advertises the following fees:
- Active Fees: $30
- Investment Fees: 2%
- Profit Withdrawal Fees: 5%
- Withdrawals and Deposits: 0%
- Unverified Account Daily Withdrawal Limit: $5000
- Verified Account Daily Withdrawal Limit: Unverified
Who’s Behind EtherBanking?
Etherbanking announced itself to the internet on a BitcoinTalk thread in January 2018. That thread revealed some basic details about the company. However, the post didn’t disclose any team information.
When asked about team information, the Etherbanking account responded, “Information about the team is not available now, we would keep it as private information and will public at suitable time.”
Etherbanking is an unusual project with limited information available online. The project’s whitepaper, website, and announcement thread are a jumbled mess of information. The company vaguely explains staking, investing, and banking services. They claim to be a hard fork of the Ethereum blockchain – although it’s not totally clear why. It’s also not clear what types of advantages Etherbanking has over other blockchain-based banking services available today.
Typically, when someone starts advertising an investment opportunity online and talks about guaranteed profits of 1% per day, it means you’re being scammed.
Ultimately, you might want to steer clear of Etherbanking until more information appears online. It’s hard to understand anything about the company at this point.