ZeroBank To Possibly Disrupt Traditional Transfer And Exchange Models
A recent announcement suggests that ZeroBank will be issuing its own token through Initial Coin Offering (ICO). The project currently targets the troubles within the cross-border remittance market, and by coming up with a viable solution, ZeroBank can promote faster and immediate money transferring and receiving.
ZeroBank is a money transfer and exchange platform that plans to create a peer-to-peer system for users ranging from immigrants, students and/or tourists. Its main goal is to minimize costs for users, which will be done by eliminating the role of banks and MTOs altogether.
According to ZeroBank, there are three C’s that are disrupting the way in which the remittance market operates in today’s society: Cost, Coverage and Compliance.
Cost is a major one to consider as most traditional operations consist of bulky, and old systems which result in increased maintenance costs that will be forced onto consumers. Next, the availability of such money transferring platforms is not equally spread out, as remote and small areas are not exposed to such activities. Lastly, when way too many regulations are in place, firms will be forced to ensure legality holds, which is another cost that will added on to one’s services.
As for the solution to the three C’s, ZeroBank believes that its platform can maximize efficiency within the money transfer industry, while ensuring that consumers are not swamped with fees. In particular, their focus appears to be on the use of blockchain, smart contracts and the sharing economy model, as an approach to defeat traditional methods.
The decentralized system will naturally reduce costs, induce convenience and could eventually make ZeroBank one of the most practical ICO projects within the remittance sector. The ZeroBank team allegedly includes skilled individuals that have contributed in the banking and finance industry, some of which include the likes of Kai Yee Goh (CEO) and Bao Ly (CTO) to name the least.
When considering ZeroBank’s ERC223 token, ZB, it appears that the pre-ICO will be from July 12th to July 30th, with the complete ICO following suit. 30% of the total tokens be given out during the token sale, where the team expects to raise approximately $48 million.