Genius Digital Bank
A bank that will work with cryptocurrencies as equal values as classic money.
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The new world, created by the emergence of crypto industry, has posed many challenges and problems for the finance and investment industries about how to function in the light of new technological opportunities and regulatory rules.
Acting business practitioners, software developers, lawyers, governments and regulators of individual states, work on this.
We, having more than 25 years of experience working in the classic investment banking industry, and having been practicing in the crypto industry since its inception, invite everyone to go along with us to create and develop a new institution — a bank that can respond to new challenges by offering services that meet the interests of all participants in the crypto industry.
The main problem of crypto industry is that for classic banks it is often impossible to provide service to such customers as crypto currency exchanges and any other companies to some extent linked to crypto currency due to various reasons, from not taking risks, to simply not being able to understand the industry itself. The world, incomprehensible to them, brings about fear and misunderstanding, which causes rejection and refusal to enter into any form of cooperation.
Of course, we already see banks trying to find their income in the free niche, such as Metropolitan Bank, which became Coinbase bank, and a number of banks, listing the names of which does not make sense, for the reason that they are still limited in their activities by local regulators.
Our task is by combining the functionality of the licensed crypto exchange SIMEX and the bank being created, to build an infrastructure that allows to perform all types of transactions related to the functioning of crypto currency, digital assets in the form of all types of tokens and classic currencies regulated by various states, such as the US dollar, Euro, Yuan, British pound and so on.
Currently, we differ from the others, taking into account the fact, that without attracting any investments, on our own funds, we have created the whole necessary functionality of the bank, capable of operating in full with all the requests from all participants of the crypto industry.
It is necessary to legalize the whole functionality through obtaining licensing and further dissemination of the bank’s work, through opening correspondent accounts and developing a network in the cyber- space in order to work with the maximum possible list of classic currencies and within the framework of various jurisdictions.
The following functional opportunities have already been realized so far:
- Opening of accounts
- Opening of subaccounts
- Internal transfers between the customers (bank) of all types of assets (money, tokens, crypto currency)
- International transfers (SWIFT, SEPA)
- Issuing of bank cards (that is, their integration with all types of assets on the accounts and with instant conversion into one another)
- Crediting each other against the pledge of existing assets
- Investment opportunities at primary and subsequent placements of STO
- Placement for corporate clients of their shares, through tokenization directly on the stock exchange through IEO.
- All possible services of maintenance of digital user assets
Financial needs for the implementation of this project are conditioned by the requirements of regulators who request deposits for considering the applications of issuing licenses (with the availability of a ready-made developed software product, investors' money is not spent at all, but only provides support for passing legal procedures).
According to the list of all deposits that can be viewed in open sources, $ 20 million is needed for the full implementation of the project.
Upon receipt of 1 million dollars, we can already proceed to registering the bank in the Cayman Islands or in some other jurisdiction , with a subsequent exit to the mainland USA (opening correspondent accounts) in Europe and Asia.
The amount of the deposit is determined by the regulators of various jurisdictions and the maximum possible amount is $ 5 million.
Investment is raised through the sale of SMB tokens issued by SIMEX Inc., the developer of the SIMEX platform bearing the same name, at the rate of one token equaling to 10 US dollars and the total number of two million tokens. After registering the bank, all tokens will be exchanged for common or preferred shares of the bank depending on the investment preferences of the investor.
This project will be supervised by the current SIMEX team with the participation of professional and experienced people needed to achieve its full functioning.
In the "Documents" section, CVs of candidates to the Board of Directors will be uploaded, each investor can express his opinion on each candidate presented.
During the ICO boom, a lot of different teams conducted successful fundraising, declaring the creation of crypto banks, capable of competing with ordinary banks as they develop and provide the entire range of crypto services to companies.
As a result, such teams, having received licensing, either turned into ordinary banks that did not solve the problems of crypto companies (we ourselves tried to open accounts in such banks, but could not do it for the same reasons as we would do it in ordinary classic bank), or could not, basically, realize the potential that the crypto industry gives for such solutions.
A number of banks from the “old world” have met crypto industry and offer services for crypto companies, but as a rule they live in old stereotypes and their range of services is limited either by local regulation or conservatism of the internal policy of the bank.
For these reasons, we believe that our concept will be the most progressive and will allow us to successfully compete with both old banks and those who already work in the crypto industry and advance in it, gaining the experience of cooperation. Our main competitive advantage is that we have come to create a bank out from direct tasks and real business practices within the framework of our divisions and work with our clients.
All tasks were solved coming out of the needs and requirements of our users.
All risks will be typical for risks related to the regulation of both crypto industry and banking itself in particular.
The main risks are the risks connected with the security of data and assets, to which our company attaches special importance.
In our opinion, beyond these risks, there are no events that determine the company's activities.
The competition that arises from such kind of an activity is not so special as it could be in any other industry. We believe that our competitive advantages are sufficient to take a leading position in the provision of services based on the advanced development of our software product and the capabilities of our team, due to the experience and connections of its participants, both within the industry and the societies and professional circles of these communities.
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Federally Chartered Banks and Thrifts May Provide Custody Services For Crypto Assets
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks' and federal savings associations' authority to provide cryptocurrency custody services for customers.
National and state banks and thrifts have long provided safekeeping and custody services, including both physical objects and electronic assets. The OCC has specifically recognized the importance of digital assets and the authority for banks to provide safekeeping for such assets since 1998. In the letter published today, the OCC concludes that providing cryptocurrency custody services, including holding unique cryptographic keys associated with cryptocurrency, is a modern form of traditional bank activities related to custody services. Crypto custody services may extend beyond passively holding "keys."
"From safe-deposit boxes to virtual vaults, we must ensure banks can meet the financial services needs of their customers today," said Acting Comptroller of the Currency Brian P. Brooks. "This opinion clarifies that banks can continue satisfying their customers' needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency."
The OCC also recognizes that, as the financial markets are increasingly digitized, the need will increase for banks and other service providers to leverage new technology and innovative ways to serve their customers' needs. By doing so, banks can continue to fulfill the financial intermediation function they have historically played in providing payment, lending, and deposit services.
Today's opinion applies to national banks and federal savings associations of all sizes and is consistent with a number of states which have already authorized state banks or trust companies to provide similar functions.
Bryan Hubbard
(202) 649-6870
Американским банкам разрешили хранить криптовалюту клиентов
Федеральное агентство по контролю деятельности банков (Office of comptroller of the currency) разрешил американским банкам предоставлять услуги депозитария по хранению криптовалюты частных клиентов. Об этом говорится в письме регулятора.
Ранее функции криптодепозитариев исполняли только хедж-фонды и несколько независимых депозитариев, в чьи обязанности входило страхование и хранение криптоактивов клиентов, а также ключей к криптокошелькам. По данным компании Gemini, на конец 2019 года в депозитариях хранилось криптовалюты на 1 млрд USD.
"Новая услуга позволит банкам усовершенствовать систему защиты активов клиентов, в том числе и криптовалюты, которой владеют десятки миллионов американцев", - объяснил руководитель Офиса Брайн Брукс.
На данном этапе функции криптовалютного депозитария могут исполнять только национальные банки США и федеральные кредитные организации. Также власти отдельных штатов могут выдавать разрешения для работающих на территории штата банков открывать депозитарные отделения для хранения криптовалютных активов, говорится в сообщении.
Налоговая служба США рассматривает криптовалюту как собственность, а не валюту для налогообложения
Банки из Южной Кореи зарабатывают на криптовалюте.
Три банка из Южной Кореи во втором квартале смогли заработать на обработке криптовалютных транзакций $14,71 млн.
По сообщениям местных СМИ, Shinban Bank, K bank и NH Nonghyup Bank подтвердили, что суммарно их выручка от обработки сделок с цифровыми активами составила 16,9 млрд южнокорейских вон в прошлом квартале.
Четыре крупнейшие корейские криптобиржи Upbit, Bithumb, Coinone и Korbit сотрудничают как раз с этими банками в рамках реализации правительственного распоряжения по идентификации трейдеров. В первом квартале 2021 года кредитные организации заработали на комиссиях $6,8 млн.
Во втором квартале объем торгов значительно вырос на фоне обострения волатильности, что и способствовали увеличению транзакционных сборов, подчеркнули аналитики.
Напомним, южнокорейские власти с прошлого года усиливают контроль за трейдерами и биткоин-биржами. Недавно регуляторы опубликовали документ, обязывающий торговые площадки проходить лицензирование и обслуживать только тех пользователей, чьи личности идентифицированы.
Цифровой банк с инвестициями Баффетта планирует IPO на $2 млрд
Nubank, обслуживающий 40 миллионов клиентов, планирует провести IPO на бирже Nasdaq в конце 2021 года, и рассчитывает привлечь более $2 млрд. После листинга оценка компании может вырасти до $40 млрд.
С новыми инвестициями Nubank станет самым дорогим цифровым банком в мире и одним из крупнейших финансовых институтов в Латинской Америке.
Интересен тот факт, что еще 8 июня Уоррен Баффет проинвестировал $500 миллионов в Nubank — без лишнего шума старик вложил огромную сумму пусть не прямо в криптовалюту, но в банк, основным продуктом которого станет Bitcoin ETF. В Баффета чутье на прибыль, он прекрасно понимает за чем будущее.
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