LakeBanker promises to provide free banking to the world. Find out how they plan to do that today in our LakeBanker review.
What Is LakeBanker?
LakeBanker, found online at LakeBanker.com, is on a mission to revolutionize the world of banking. The company’s goal is “to make banking free, for everyone, forever, and to deliver more advanced financial services, including access to cryptocurrencies, at a much lower cost.”
The company is targeted towards those in under-privileged parts of the world who have trouble accessing traditional banking services. We’ve seen other fintech startups target these populations with low-cost, blockchain-based financial services. LakeBanker sees a similar opportunity.
Some of the key goals of LakeBanker include setting up a crowd banking system on a decentralized platform. Users will interact with this platform through the use of BAC tokens, or “banc”.
If LakeBanker sounds familiar, then you may have heard of LakeBTC. LakeBanker is a spin-off from LakeBTC. LakeBTC launched in 2013 and has 10 million user accounts in 162 countries around the world. The Shanghai-based company supports 42 currencies and 52 payment methods.
LakeBanker will spin off of LakeBTC as an independent entity during its upcoming token sale. In the future, LakeBTC will be a professional exchange for all digital assets – including bitcoin, Ethereum, altcoins, and ICO tokens. The LakeBTC technology will form the core of the LakeBanker project. That means LakeBanker plans to launch with multi-country and multi-currency support, as well as a large existing userbase.
How Does LakeBanker Work?
LakeBanker is currently available in beta form. The mobile app offers basic banking features. The majority of LakeBanker’s users are found in the UK, Canada, India, Japan, Indonesia, South Africa, and the EU. LakeBanker is not yet available to residents of the United States or China.
Essentially, the LakeBanker system revolves around receiving training as a “LakeBanker”.
As a LakeBanker, you can open your own local bitcoin exchange. You can sell bitcoins locally at the best price, and you can run local bitcoin ATMs. You can also operate a startup business with flexible hours, no commute, zero overtime, and positive cash flow.
Here’s how the company describes life as a LakeBanker:
“LakeBankers are just LakeBTC users who own some balances and can accept payments. Any user can act as a LakeBanker.”
As a LakeBanker, you earn profit by receiving the “Banker Fee” as payment. You also save on withdrawal costs and bank fees. Depending on volumes, LakeBankers can make sizable profits every day. banker fees are dynamically determined by the system based on supply-demand, reputation, and the transaction amount.
How To Use The LakeBanker System
Here’s a step by step guide for how the LakeBanker system works in practice, from both the user and merchant standpoint:
- Step 1) A user wants to make a deposit and purchase bitcoins. That user creates a deposit request.
- Step 2) A LakeBanker receives the deposit request through a smartphone app or desktop platform, then chooses to accept it.
- Step 3) The user sends the payment to the LakeBanker.
- Step 4) The LakeBanker taps another button to confirm the transaction, and the deal is over.
Who’s Behind LakeBanker?
LakeBanker is led by CO Thomas Xie, a cryptocurrency veteran since 2011 and co-founder of LakeBTC. Other key members of the team include Andrew McCarthy (CSO).
The concept for LakeBanker emerged in 2016 and was in development throughout the end of 2016 and beginning of 2017. LakeBTC developed the project in stealth mode with no formal announcements or media coverage.
The company is planning a LakeBanker token sale for Q3 2017. During this time, they also plan to develop the LakeBanker app for iOS and Android. Over the coming years, they plan to expand the banking platform worldwide, or even distribute millions of smart phones to local LakeBankers for free (in 2019).
LakeBanker and LakeBTC are headquartered in Shanghai, China.
The LakeBanker ICO
The first phase of the LakeBanker is scheduled for the middle of September. That token sale will mark the official spin-off of LakeBanker from the LakeBTC project as an independent entity called the LakeBanker Foundation.
During the ICO, users will be able to purchase BAC tokens using BTC or ETH.
The ICO will begin on September 15 at 3pm UTC and is scheduled to end on September 20. During the first phase, the ICO is capped at 10 million BAC.
The second phase is called the “Dutch Auction”. It’s scheduled to launch in October 2017 and run for 15 days, during which LakeBanker will distribute 240 million BAC tokens.
LakeBanker is a unique system that aims to allow users in under-served parts of the world to access the world of cryptocurrency and modern banking. To do this, LakeBanker will train independent bankers to operate their own local bitcoin ATMs and bitcoin trading services.
LakeBanker was developed by the LakeBTC team. In September 2017, however, during the crowdsale, the organization will spin off to become its own independent entity.
You can learn more about the LakeBanker project at their official website at LakeBanker.com.