Global Crypto Bank

Have you ever heard of the Global Crypto Bank? This is only another one of several companies having ICOs at the moment. There are so many companies raising money for ICOs that is very hard to keep track of all of them. Because of this, we review these companies daily so we can inform our readers about the best companies to invest on.

Global Crypto Bank, found online at, claims to be a “bank of the future”. Find out what that means today in our review.

What Is Global Crypto Bank?

Founded by professionals with a background in cryptocurrency and finance, the Global Crypto Bank is a company formed with the objective of creating an easy way to make online transactions and overcome the structural problems that physical banks often face.

Global Crypto Bank is an online bank that aims to combine the services of a traditional bank – like plastic cards – with the security of blockchain technology.

The token sale is taking place throughout November and December 2017. You can buy “BANK” tokens from Global Crypto Bank.

This company wants to find solutions to linking cryptocurrency to credit cards and ways to avoid fraud. This company plans to solve, on a global scale, all the problems related to the use and integration between fiat and cryptocurrencies in a decentralized way with low cost of services.

With the services promised by the Global Crypto Bank, a user could really integrate and use their currency independently of in which currency it would be. For this, the company aims to create a system that allows its users to use their bank cards in any ATMs or systems like MasterCard or Visa around the world.

The official website claims that the bank was founded “by experienced professionals and experts in the field of finances and blockchain technologies.” The website also mentions passive income opportunities, stating that investors who buy BANK tokens today can “get a significant interest from the company’s profit” in the future.

Ultimately, the Global Crypto Bank website may seem legitimate. However, we have reason to believe that Global Crypto Bank is an ICO scam. Keep reading to find out why.

How Does Global Crypto Bank Work?

Global Crypto Bank intends to use the money raised in their ICO to build their company. First, they’ll register the bank in Switzerland and then go through all the necessary steps to validate their BIC/SWIFT code and install all the necessary process to issue their cards.

The service will provide its users with the elimination of annoyances that physical banks often offer its clients, like charging for transactions of long periods of waiting for licenses. Also, Global Crypto Bank wants to be a wallet for cryptocurrency and an independent payment system.

Global Crypto Bank aims to help customers access the following core functions and services:

  • Keep cryptocurrencies and fiat currencies (like the EUR, USD, JPY, CNY, and others) securely for future use
  • Connect cryptocurrency accounts to MasterCard and VISA cards
  • Withdraw cash anywhere in the world using Global Crypto Bank ATMs
  • Exchange cryptocurrency for fiat currencies worldwide
  • Perform all common transactions, including payments, transfers, etc. using ordinary devices like your mobile phone or home computer
  • Spend cryptocurrency anywhere using the Global Crypto Bank mobile app or payment cards
  • A settlement and payment card system that will reduce costs to 0.5%
  • Free transfers between Global Crypto Bank accounts and users
  • P2P lending system

Basically, Global Crypto Bank advertises itself as a perfect bank that solves every financial problem at a lower cost than a traditional bank.

What Problems Does Global Crypto Bank Seek to Solve?

The Global Crypto Bank whitepaper claims there are 5 billion people worldwide without banking services. That seems unusually high: typically, the number of unbanked or underbanked individuals is set at 1 to 3 billion, so it’s not totally clear where Global Crypto Bank gets that number.

Nevertheless, Global Crypto Bank sees these unbanked individuals as a problem that needs to be solved:

“Our Global Crypto Bank will provide these people with access to superior banking services: money transfers, remote payments for goods and services, currency exchange, and much more.”

Basically, today’s financial institutions don’t want to expand to developing parts of the world. Yes, there are lots of unbanked or underbanked individuals in these areas, but there’s not a lot of opportunities for profit. Global Crypto Bank wants to go to these areas and become the best banking option.

These unbanked individuals worldwide cannot access things like credit accounts or savings accounts. With that in mind, Global Crypto Bank will offer these services to customers:

“We will also offer additional quarterly and annual bonuses for depositing of funds of our customers,” explains the whitepaper. So it seems that the company has some type of bonus system in place for those who hold funds in accounts.

How Does the Global Crypto Bank Token Work?

The Global Crypto Bank token goes by two names: GCB or BANK. The whitepaper specifically mentions that “every token is a share part of our bank” and that “by purchasing tokens you become co-owners of huge, million-dollar-strong business.” Obviously, Global Crypto Bank isn’t concerned about the Howey test. The tokens are very clearly a share in the company.

In any case, 50% of profits collected by Global Crypto Bank will be paid to token holders at the end of each financial year. That same section of the whitepaper claims that 94% of profits will go to investors, with 4% going to founders and 2% going to bonuses – so it’s not totally clear how profits are breaking down.

The Global Crypto Bank Token Sale

The Global Crypto Bank ICO took place from October 30, 2017 to November 19, 2017 (note: the whitepaper writes November 19, 2018 as the end date for the ICO, but we assume they mean 2017).

During the token sale, 1 BANK token is priced at $1 USD. The company is selling 50 million tokens during the pre-sale and is seeking to raise $50 million.

The ICO appears to be taking place until December 31, 2017. During the ICO, 1 BANK = 0.003 ETH. As of November 27, the company has raised $1.005 million USD, according to data posted on the official website.

How To invest In Global Crypto Bank

To invest in Global Crypto Bank, you have to buy their tokens during the ICO and the pre-ICO. At the time of this report, the pre-ICO was going on and it lasts until November 18. You can buy 1 BANK, their cryptocurrency for 1 USD or 0.003 ETH.

If you buy during the pre-ICO, you can receive bonuses that vary from 35% on the first day to 30% in the last week of the pre-ICO.

The BANK tokens are going to be only issued during the ICO and they will only be exchanged between their owners later. Annually, the owners of BANK tokens will receive their share in the profit of the company. 50% of the profit will be divided between the people that invested during the ICO.

Who’s Behind Global Crypto Bank?

Global Crypto Bank lists its team on its homepage, including Jim Thomson (Founder), Ross Crunk (CFO and Co-Founder), Daniel Courtney (CTO), and William Gordon (CEO).

All of these people are legitimate individuals, and the Global Crypto Bank website links to each one’s LinkedIn page. However, none of these people have listed “Global Crypto Bank” anywhere on their LinkedIn page, and they’re all actively working at other organizations. This suggests that Global Crypto Bank has used their identities to make their project seem legitimate.

There are other unusual things: the company’s CPO, Erik Crowley, is described as “an experienced product manager” from multiple large international organizations, but his LinkedIn page explains he’s an assistant golf manager in California.

Why is this team qualified to run an international bank for 5 billion customers? The whitepaper has an “Our Expertise” section where they explain that they’ve previously held a private round of investing worth $150,000. This point is mentioned twice, and no other points are mentioned.

In terms of a timeline, the company was founded in February 2017. The $150,00 funding round took place in May 2017. The ICO took place towards the end of 2017. The next step is to list the BANK coin on exchanges, then build a payment system and license – something Global Crypto Bank plans to do between June and July 2018.

Global Crypto Bank lists a location in Zurich, Switzerland, although we can’t find any evidence the organization is based at that address.

Global Crypto Bank Verdict

The Global Crypto Bank is definitely an ambitious company. With their global reach and their plan to work worldwide, they seem like an interesting bet to invest in. So, if you want to invest in a crypto company, Global Crypto Bank seems like an interesting choice. But after the research we have done, Global Crypto Bank appears to be a scam.

The company has a number of red flags. The website has poor grammar and spelling. The whitepaper features no technical details about the platform. There’s no concrete information about the goals or platform, and much of the information in the whitepaper seems to contradict itself.

The biggest sign that Global Crypto Bank is a scam, however, is the “Team” section. The Team section lists about a dozen people involved with the project – including a CEO, CFO, and other executive positions. None of these people have ever publicly mentioned Global Crypto Bank, however, and the company isn’t listed anywhere on their LinkedIn profiles. This leads us to believe that the real creators of Global Crypto Bank have used these peoples’ identities without their knowledge – which is something we’ve seen other scams do in the past.

Even if Global Crypto Bank isn’t a scam, the company doesn’t have any type of working platform in place, and they don’t seem to have any plans to develop such a platform in the near future. At worst, it’s a scam. At best, it’s a bad investment.

Ultimately, there are way too many red flags surrounding Global Crypto Bank. The company seems to say the right things, and it might seem legitimate at first glance, but it seems like a blatant scam.

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