World Bit Bank, found online at WBB.io, claims to be the world’s first legal cryptocurrency bank. Find out how it works today in our review.
What Is World Bit Bank?
World Bit Bank is a cryptocurrency bank with a legal banking license in Estonia. The company has posted its two banking licenses for anyone to view online. You can view them at the official government of Estonia website. They appear to be legitimate banking licenses given to a legitimate banking company.
The World Bit Bank ecosystem revolves around the use of Wibcoin tokens.
The goal of World Bit Bank is to create cryptocurrency banks in different countries around the world. Instead of building a brand new bank from the ground up, however, World Bit Bank plans to acquire existing banks in countries like the United States, Canada, Brazil, Germany, UK, Switzerland, Turkey, India, Japan, and Australia.
A token sale for World Bit Bank tokens will begin in late April 2018.
How Does World Bit Bank Work?
World Bit Bank aims to deliver a range of financial services to customers. Core financial services offered by the company will include:
- A cryptocurrency exchange
- A leasing company
- An insurance company
- A cryptocurrency fund
World Bit Bank is specifically registered in the EU as a platform for trading virtual currencies against fiat currencies. Their virtual currency wallet is also licensed as a financial service in the EU. As the official website explains, “Being under European jurisdiction, all real and digital assets of investors will have the highest security.”
World Bit Bank will use the Wibcoin, or WBB token. This is an Ethereum blockchain-based ERC20 token designed to facilitate payments within the platform.
World Bit Bank clients will be able to purchase VISA/MasterCard debit cards to allow for payments in fiat currencies and cryptocurrencies. The company plans to launch cards that support bitcoin, Dash, Ethereum, and ERC20 tokens, allowing clients to easily spend their cryptocurrency funds wherever VISA and MasterCard are accepted. The cards will have contactless NFC-based payments. Users can top up their cards via the mobile app.
Finally, World Bit Bank will have a mobile banking application that users can use to facilitate international payments. This app will cut transfer costs by 90% and reduce transaction times to “about three seconds”, according to the official whitepaper. World Bit Bank plans to integrate their mobile banking app with PayPal, PayTM, Apple Pay, and other payment solutions.
World Bit Bank Features
Some of the key features of WBB include:
- International banking
- Easy usage and cross-platform support
- Instant transactions
- Clients have full control of their funds at all times, and client funds cannot be handled without the client’s approval
- Low or zero transaction charges
- Cryptography-based security
- Debit cards
- API with an open source code
- Full transparency on the source and movements of funds between accounts
Who’s Behind World Bit Bank?
The World Bit Bank project was originally launched by Vitsolutions, LLC, which had been exploring the idea since 2016. However, the project itself is led by World Bit Group, which was established in 2018 and is registered in the EU.
Key members of the team include World Bit Bank’s founder, Igor Romanenko, who has 20+ years of managerial experience as director and senior executive in private, public, and strategic companies, including “vast experience in planning, management of finances and assets,” according to the official whitepaper.
Other listed members of the World Bit Bank team include Vitsolutions, LLC co-founder Vlad Romanenko, Vice President Nikolai Miroshnik, and Vitsolutions CEO Maksim Boyko.
World Bit Bank is based in Tallinn, Estonia.
The World Bit Bank Token Sale
World Bit Bank is creating a total supply of 1 million WBB tokens. Each token has a value of 1 EUR.
World Bit Bank has set a soft cap of 250 million EUR for the ICO and a hard cap of 500 million EUR. Money raised during the ICO will be used to acquire 9 existing banks, including banks in Japan, India, Australia, the United States, Canada, Turkey, Switzerland, Germany, and Brazil.
The Wibcoin token will be the unit of account for all transactions within the World Bit Bank ecosystem. It will also serve as the foundation for interacting with other digital services.
The pre-ICO for World Bit Bank tokens begins on April 23, 2018.
World Bit Bank In Conclusion
World Bit Bank is a cryptocurrency bank with legal banking licenses in Estonia. The company currently has two banking licenses. They seek to acquire several more licenses. With the money raised from the upcoming ICO, the company hopes to acquire 9 banks worldwide.
To learn more about World Bit Bank and their upcoming token sale, visit online today at WBB.io.