Interviews with the project team Bankera:
1. Besides that your bank is using cryptocurrency, could you briefly explain how is your bank different from traditional bank?
We will be a fully-digital bank without costly brick and mortar branches. We will be partnering with existing cash deposit and withdrawal providers as well as acquiring a vast network of agents to handle cash transactions, as the alternative. In addition to traditional fiat currencies, Bankera will support multiple cryptocurrencies like Bitcoin, Ethereum, Dash, and others. Bankera also aims to address long-lasting problems by reinventing how users see money today. Many consumers do not invest their money adequately enough to keep up with inflation. Bankera will offer low-cost investment products, such as exchange traded funds (ETFs) and crypto-funds denominated in “baskets” as proposed by the Nobel prize-winning economist Robert J. Shiller. This will help capture inflation and allow customers to keep their funds constantly employed to maximize potential returns.
2. Bankera’s founding team already owns and operates a cryptocurrency exchange, e-wallet, prepaid card provider and payment processor under the brand of SpectroCoin. If you consider your business model successful, then why don’t you re-invest money from your Spectrocoin’s net-profit into Bankera?
We do, and Bankera would be developed into a bank with or without an ICO. We are doing an ICO for scaling purposes. In turn, we will have more capital to meet capital adequacy requirements. With 5M EUR in capital, for example, we would be able to issue loans worth only 25M EUR; while 177M EUR would allow us to have a loan portfolio worth nearly a billion EUR, which would enable us to compete with existing banks on a similar operational level. The ICO will help us to achieve our goals quicker.
3. You have fairly noticed that nowadays it’s difficult to enter the banking industry due to compliance requirements. In order to take deposits and issue loans, it’s important to obtain licenses and comply with capital requirements. Besides that you need to rise big capital during ICO, there are no guarantees that your model will be profitable. Don’t you think that it’s too risky for investors?
There is risk in any business, especially ICOs, however, the risk is lower for our contributors as we already have an operational product, SpectroCoin. We will launch Bankera’s exchange platform during the first half of 2018 and we are moving forward in expanding our services in other ways. Also, our client base of 535,300+ users and 30,500+ contributors is one of our main assets.
4. One of Bankera’s revenue sources is Investments. Wouldn’t that qualify your tokens as securities? How do you plan to deal with possible SEC issues?
For Bankera’s business model, licenses and compliance are one of the key issues; therefore, we are focused on obtaining the required licenses before offering any investment products to our clients. Initially, we will not offer our services to US customers and when we will, all required licenses and confirmations will be obtained to ensure longevity of our solutions.
5. Tell me more about your team and what makes it qualified for such a large project.
I have been working with Bankera’s team for quite a while now and I am still amazed by the diversity of skills and flexibility in the team. The Fintech and finance sector is very dynamic and changes all the time, so people in this field must face the challenges effectively and have unique business insights in order to be few steps ahead of the competitors.
What I really like about Bankera’s team is that we are focused on steady growth and the delivery of actual results. Our team gained experience in cryptocurrencies, blockchain and P2P technologies, as well as payment processing from running SpectroCoin. The team managing to prepare for the ICO, while successfully running SpectroCoin and developing the demo version of Bankera’s exchange is the best proof of that. Having our own development, customer support, and marketing departments allows us to deliver products and services faster. Direct interactions with multilingual communities allows us to create customer friendly platforms and obtain real-time expectations from our users.
Our team continues to expand their knowledge by inviting experts from various fields such as Regulations and Compliance, Politics, Public Relations, and Banking to Bankera’s advisory board. Eva Kaili, for example, besides of being a member of the European Parliament, is one of the most influential women in the blockchain industry. Working with her helps us to broaden our business network and to create new partnership channels.
6. Could you tell me more about appreciation model of your token, and why is it profitable for a person to buy your token, instead of buying something else?
Our pre-ICO participants were able to get BNK tokens at the fixed rate of 0.01 EUR and benefit weekly just by holding Banker tokens, since they receive 20% of our net transactional revenue share. So far, 15 weekly payouts have been made to every participant of the pre-ICO and ICO – in total, more than 1469 ETH (~438,714 EUR) have been distributed between them.
We also believe that tokens should be used daily, so we decided to make them the home currency of Bankera’s exchange. No fees will be applied to BNK exchanges on our platform, so customers will be able to save money. Also, BNK tokens will be accepted as payment for Bankera services at a discounted rate.
7. What returns are expected for an average investor? Have you modeled possible profit ratio?
We do not speculate on our expected token returns as that would be unprofessional from our side. We do, however, aim to develop a successful and functioning product, which, in return, would be highly valued by the market.
8. What’s your competitive advantage over similar projects?
Bankera already has its own MVP – SpectroCoin, where clients can currently try our services. These services include the ability to claim International Bank Accounts, P2P transfers, prepaid card solutions, and much more. Having an operational MVP allows us to pay a net transactional revenue share to our clients weekly, and it also provides the IT and regulatory infrastructure for Bankera. Second, Bankera will be a proper crypto and fiat wallet from day one, and will evolve into a bank within 1-2 years. Third, we will offer actual banking services such as loans and deposits and, as a side-effect of withdrawal and deposit options, remittance solutions. Last, but not least, we have a great team and an advisory board that will lead us through the following years.
9. How will you ensure safe debt collection? How are you going to force your debt collection on international scale?
First and foremost guarantee of safe debt collection is collateral. Collateral could be provided in multiple forms of assets, ensuring that the client has a lot of options on selecting how he wants to structure his loan payments. In case the client is a merchant, loan repayments could be guaranteed through card providers like Visa.
10. What’s your expected revenue and net profit for the first 24 months of operation?
It depends highly on the crypto and payment markets. Currently, our net transactional revenue has been doubling every two weeks, but we expect to see a correction in the coming future. Our average net transactional weekly revenue is expected to be above 1M EUR in 24 months. The amount of profit will depend on our investments and expansion. For this reason, it is difficult to speculate.
11. Do you have any existing partnerships with exchanges that are willing to add your token?
Yes, BNK tokens will be listed on our MVP SpectroCoin, which is a cryptocurrency wallet, exchange, card, and payment processing provider. Also, we have recently launched the demo version of our own Exchange platform. Bankera’s exchange will support most cryptocurrencies, including Bitcoin, DASH, Ethereum, NEM, Litecoin, as well as ERC20 and NEM mosaic tokens. It will ensure that BNK tokens are listed on a world-class exchange and there will be no fees for BNK exchange on our platform. The live version of our platform is expected to be launched during the first half of 2018. We aim to list BNK tokens on other well-known exchanges as well.
12. Do you have any specific coin limit or any mechanism that will regulate the supply? And what’s your planned supply cap?
The total supply is 25 billions BNK tokens. After the ICO, the circulating supply will be 10 billion tokens. We expect no more than an additional 1bn BNK tokens (in addition to the 10bn pre-ICO + ICO tokens) to be distributed within the first year of the Bankera project, consequently, making the total circulating supply of Bankera tokens 11bn with more than 90% of the tokens attributed to pre-ICO and ICO participants.
A secondary coin offering (SCO) of an additional 7.5 billions tokens will only be conducted if additional capital will be required to expand Bankera’s operations after the price of one Banker token will be higher than 0.1 EUR. The percentage attributed to advisors and team members will be distributed over the lifetime of the Bankera project.
13. What will be the difference between SpectroCoin and Bankera? What’s the abbreviation for Spectrocoin?
SpectroCoin is Bankera’s MVP. It has already introduced products such as a currency exchange, prepaid cards, and IBANs, to name a few. SpectroCoin is also where our ICO is taking place. We see Bankera as the natural extension and evolution of SpectroCoin. At this point Bankera’s developments are aligned with SpectroCoin, but, eventually, the developments will happen under different brand names. SpectroCoin will remain the leader in providing wallet and exchange services for cryptocurrencies, while Bankera will focus on banking solutions and efficient payments.
SpectroCoin has given us 4 years of experience and a direct line of communication with our customers. That allows us to bring them the best solutions possible. Bankera’s demo exchange platform is a great example. To develop it, we are working closely with our customers, in order to meet their expectations. We want to put the focus on community management, as we believe the power of word-of-mouth is much more effective than hype or expensive marketing campaigns.
14. Are you planning to create another card or Bankera will use SpectroCoin card?
Yes, Bankera will work on its own brand name and will provide card solutions that should be available, globally, in the first half of 2018.
For now, we have the SpectroCoin card available for EEA regions. This card can be used like a regular VISA card. We already issued more than 65,000 cards denominated in FIAT currencies like EUR, USD, and GBP.