PeerBanks claims to be the world’s first cryptocurrency based on Waves for use in IRA companies. Find out how PeerBanks works today in our review.

What Is PeerBanks?

PeerBanks is a cryptocurrency that can be used by companies that manage retirement accounts. The company describes itself as “the first asset for IRA companies” and “the new IRA bank”.

PeerBanks’s crowdsale is scheduled for July 18 to August 22, with a second crowdsale scheduled for September 1 to September 15.

The platform is currently in development. When the platform is complete, it will allow IRA companies to offer their pension plans to clients through the use of PeerBanks. Using PeerBanks, clients can automatically get their money in their local currency upon retirement.

Right now, the PeerBanks website and whitepaper is a bit of a mess. The first page of the whitepaper, for example, contains the following sentence:

“Will have initial cost of USD$100 to USD$150 for individual and USD$1000 for IRA’s company, if you saving your Peerbanks and do you not sale, in a time of 5 to 10 years you get increase to 200,000 % in each Peerbanks for then do you can live forever of your PeerBanks ICO Assets.”

Word for word, that’s the first paragraph of the PeerBanks whitepaper. Based on that paragraph, we assume that clients can buy into the IRA fund for $100 to $150, while IRA companies can buy into the fund for $1000. Clients and companies who save their PeerBanks tokens for 5 to 10 years will see an increase of 200,000%. At that point, you “can live forever” off your assets.

Like other blockchain-based companies, PeerBanks promises to be provably fair and transparent. It’s a web-based Waves platform where the code is decentralized and immutable. The platform also has a smart contract layer that runs entirely on the Waves blockchain. It’s auditable, transparent, and verifiable – all of which are important qualities when dealing with someone’s retirement funds.

Obviously, there are some big red flags about PeerBanks. When someone online is offering an investment opportunity with 200,000% returns, you should immediately be cautious.

PeerBanks ICO

The PeerBanks token creation event will begin on July 18 and end on August 22. A second token sale will take place during the first two weeks of September.

You can participate in the ICO using Waves tokens. After the token creation event, no more PeerBanks tokens will be created. The whitepaper explains that tokens “will be created after this period only for purchase for a value greater than 3000% of its original cost and one at a time” (whatever that means).

Is PeerBanks A Scam?

The PeerBanks whitepaper is very difficult to understand. It’s worded in awkward, broken English that’s totally unintelligible at times. However, the parts we do understand sound shady: basically, PeerBanks claims you can buy their tokens, hold onto their tokens for 5 to 10 years, and then enjoy returns of 200,000%.

That’s a ridiculous increase in value – especially for a digital asset that doesn’t appear to have any backing in the real world.

The whitepaper tries to explain where the value of PeerBanks comes from, but it doesn’t do a very good job. Here’s how they explain the value of each token:

“Our proximity to the business world, large marketing companies and financial groups that we are committed to the development of PeerBanks, so the increase in the price of Peer is more than assured.”

Once again, that tells us virtually nothing about what’s going on with PeerBanks, or why a digital asset created by the company would have value. Based on that limited information, the value of PeerBanks certainly doesn’t seem to be “more than assured”.

Despite the lack of information, PeerBanks estimates that its tokens will have a market cap of $369 million USD, with a total of $2 million of PeerBanks assets exchanged every 24 hours.

Who’s Behind PeerBanks?

Typically, a blockchain company’s whitepaper goes into great detail about the company and its team members. The PeerBanks whitepaper, however, discloses no information about the corporation or its team.

The corporation’s name – I’m not joking – is listed as “PeerBanks Corportation” [sic] on the whitepaper. The misspelled company lists its location as the following address in Miami:

382 NE 191st Street Suite 88441
Miami, Florida 33179

A Google search for that address leads to a bland office building north of Miami. That address is linked to a corporation called Whetstone LLC that served title loans in Miami. The corporation appears on Ripoff Report, where you can find plenty of reports about scams and fraud. It’s unclear if Whetstone LLC is linked with PeerBanks in any way, but the two share the same address.

PeerBanks Conclusion

It’s very difficult to understand the PeerBanks business model based on all of the information available online at this time. The English whitepaper is nonsensical in many parts, and it’s difficult to figure out how the platform works. The parts we do understand sound unrealistic. PeerBanks, for example, claims to grow your initial investment by 200,000% in 5 to 10 years, allowing you to live your entire retirement based solely off a PeerBanks investment.

PeerBanks has an ICO scheduled for July 18 to August 22, with a second ICO scheduled for the beginning of September.

There’s a possibility that PeerBanks is a scam. There’s no information about the founding team on the official website or whitepaper, and the only address we could find is for a nondescript office building in suburban Miami that was previously linked to title loan scams. Other signs of a scam include the poorly-worded whitepaper and the absurd investment promises – like the fact that your investment will grow by 200,000% in 5 to 10 years, which is ridiculous.

Ultimately, it’s hard to understand anything about PeerBanks or their business model based on what we can find online at this point in time. Visit to learn more about the platform and how it claims to work.


  1. Hi Bitcoin Exchange Guide, I am Nanita from PeerBanks, I see that in our case you did not fully understand our project, by strategy and avoiding that they clone our project did not want to explain the whole project in its Start, in fact if you look, we have not uploaded the platform to Github. To protect our work, we invite you to see now, our whitepaper and our FAQ, we have been open to explain the project in more detail, we are At your complete disposal, if you want more information you can contact us directly by visiting

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