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Creating Cryptobank Loyal To Crypto Community And Services Related To Crypto Currencies And Blockchain Technology
What is MyCryptoBank
MyCryptoBank — is an online bank allowing any client registered in the electronic bank system to make a full range of bank operations, additional operations with cryptocurrency (payment processing, debit cards, credits and cheap investment products, use of cryptoassets as credit security and many others) based on Blockchain technology without visit of department. So, MyCryptoBank provides services of client’s remote access to accounts, products and bank services in order to make banking operations.
MyCryptoBank offers its clients a multifunctional platform of banking service, which represents a hybrid system combining digital and traditional currencies. The use of digital currencies makes operations faster and cheaper, while traditional currencies guarantee practically all-round acceptance and validity. One account combination allows clients simultaneously using advantages of both types of currencies.
MyCryptoBank is intended to solve this problem. It will become the first bank for cryptocommunity, allowing clients to receive and send funds in cryptocurrencies and fiat money and also exchange between cryptocurrencies and fiat money inside the bank. With MyCryptoBank it will be possible to create deposits, receive loans and credits. The bank will create an infrastructure which will allow setting acquiring and merchants for goods payment for companies and online services. Clients will be able to receive bank cards and with the help of it they will take available funds through any ATM in the world and also pay in shops, restaurants etc. For client convenience, the bank plans to install ATM and crypto ATM, assisting in making operations on cryptocurrency purchase and cash receipt with minimum fees. In the usual sense, it will be typical bank with the whole range of services but loyal to cryptocurrencies and cryptocommunity. It will give an undeniable advantage over other financial institutions, attract many clients and their funds for creation of bank’s positive liquidity and allow supporting and developing all products of MyCryptoBank.
Main service, available for all clients of MyCryptoBank:
1. Wallet (mobile cryptobank);
2. Bank card and Payment Rings;
3. Exchange of cryptocurrency/ cryptocurrency, cryptocurrency /fiat;
4. Money transfer all over the world;
5. Financing and loans P2P;
6. Cryptocurrency acquiring;
7. Crypto-ATM and cryptomachines;
8. Deposit percents;
9. Forex Trade;
10. Consulting and legal services, including taxes;
Wallet (mobile cryptobank)
This is a mobile application, representing a set of payment services for its clients. Services include emission of virtual cards of payment systems. Until this bank receives a license this service will be performed with the participation of bank-partners but soon, MyCryptoBank will be able to issue cards independently.
All main operations of MyCryptoBank will be available through mobile bank: cryptocurrency exchange, cryptocurrency conversion to fiat money and vice versa, immediate fund transfer all over the world, request and issue of credits, bank deposit opening and Forex trade. Loyalty programs will also be organized with the possibility to receive cashback on operations or balance. However, the interaction with Apple Pay, Samsung Pay or Android Pay will be organized and contactless payment possibility will be performed too.
Bank Cards and Payment Rings
To make cryptocurrency transactions in payment system trading networks will be issued virtual cards Visa, Mastercard and UnionPay and mobile services Apple Pay, Samsung Pay or Android Pay will also be attracted. This allows not only paying through standard POS-terminals with PayPass, payWave, QuickPass support and sites, receiving bank cards for payment but also withdrawal or deposit cash through ATM, working with paypass payments.
An issue of cryptocurrency debit cards will be also performed offering users simultaneous control flexibility of several cryptocurrencies and fiat money. Debit cards also serve as a comfortable means of payment during travels because in many cases cryptocurrencies do not depend on limits and concrete states due to easy conversion in different currencies.
Any debit card is also combined with user cryptowallet and fiat accounts. With the help of online banking any user can make a selection – attach card to the account of concrete currency or traditional fiat account. The card also is suitable for payment of purchases in Internet and offline-shops.
MyCryptoBank also plans to issue payment rings — a paypass card analog, integrated in bank payment system and allowing to make payment similar to a bank card. A miniature chip (NFC module) is integrated in the ring such as in paypass bank card. To make a payment, it’s enough to bring the ring to the payment terminal and the necessary amount will be written off.
Such rings are ideal for making small purchases — rings save time, because a client does not need to get any bank card or mobile phone. MyCryptoBank payment rings also may be used for online purchase payment: each ring receives a number, validity period and CVVverification code.
Due to new technologies, MyCryptoBank payment ring has high strength and is not afraid of loads, it’s possible to do sport with this ring, rings are water-proof and there’s no need to take it off to wash hands or swim.
Due to the special protection of the payment ring, it’s impossible to read any information invisibly by special reading devices. Standard plastic cards can’t guarantee it and a holder may be calm for security of his money.
Data storage and transfer is one of the ring’s functions. Each MyCryptoBank ring is identity (personal) contains all necessary information on client and may serve as a key of access to mobile bank or client identification in crypto АТМ MyCryptoBank.
For a connoisseur of jewelry it’s possible to manufacture MyCryptoBank payment rings from precious metals.
Those people, who invest large sums of money in this project, will receive payment rings as a present.
It’s also possible to make from payment ring a cold wallet for cryptocurrency storage.
Digital Multi-card is a full replacement of typical wallets. It allows attaching several cards: debit, credit, discount, gift cards or even fitness club cards etc. In other words, any card can be tied up to it with a BAR-code or EMV-chip.
Such cards are equipped with NFC technology, allowing making paypass payments. Because these cards align with usual plastic cards, they may be used not only during paypass payments but if necessary, with the terminals too. It’s also possible to withdraw cash through ATMs. In order to select the payment card, digital multi-card is equipped with a small display and several buttons. It’s enough to make Smartphone photos of new card in order to add it to the wallet.
Such card is impossible to forget or lose. Built-in GPS will transmit signal to mobile phone if distance between card and Smartphone exceeds set value.
Wallets-cards perfectly keep charge, they may be charged once in 30 days and charge itself is compact and portable.
MyCryptoBank allows immediately converting cryptocurrency to fiat money and vice versa and also keeping it, quickly and easy receive, send and exchange cryptocurrencies. The personal account is necessary for the performance of all operations. This multicurrency account is available all day from any point of the world both from PC or mobile devices. Cryptocurrency exchanges are not necessary to be used because they are very uncomfortable: it requires any time to perform purchase bids or sales calls and also have large fees to withdraw or deposit cash. MyCryptoBank fund conversion is performed immediately and at a favorable rate due to integrated liquidity based on different cryptocurrency exchanges and own bank reserves.
Fund transfer all over the world
MyCryptoBank provides the ability to send money all over the world at the speed of e-mail sending. All cryptocurrency payments are carried out with minimum fee, immediate, work from every point of the world, if Internet is available and can be performed in any classic currency or cryptocurrency. MyCryptoBank wallet gives the possibility to send cryptocurrencies and fiat money to other users or send it to a debit card account. Office visits and queues are not necessary for it. Only bank account and Internet access are enough to make transfers.
Classic currency transfers will be performed with the help of SWIFT technology. This classic technology is used everywhere. Open blockchain platform with autonomous smart-contracts and internal cryptocurrency will be used for cryptocurrency transfers. This platform is designed for blockchain service creation with self-executable smart-contracts and public data register. The platform can process more 100 000 transactions per second, executing operation at a speed from 0.01 sec., at minimum commissions.
MyCryptoBank Credits and P2P loans
MyCryptoBank plans to organize granting of credits for bank clients on security of their cryptocurrencies. Based on credits given the Bank will charge a one-time fee and also take the credited party’s cryptocurrency as security for the term of the credit given. MyCryptoBank will take in security only the most popular top-10 (BTC, ETH etc.) cryptocurrencies and also our MCB token. The volume of credit given will not exceed 70% of the security commercial value. To protect itself from security devaluation, MyCryptoBank will integrate a hedging scheme, where purchase/sale positions per security volume will be opened at exchange. In case of security price falling below 50% of credit grant price, our cryptobank has the right to complete the transaction and sell this security at the common rate. All these actions will allow MyCryptoBank creating positive liquidity and do not suffer losses from loss assets and market fluctuations.
Except MyCryptoBank credits our clients will have possibility to get a loan from other bank users using P2P credit system.
Р2Р loans is a specific type of financial services giving a possibility to get loan from one individual to another one. Money may be granted for any purposes and it’s not necessary to prepare big documentation package for loan agreement creation.
So, this platform combines loaners and creditors, most part of credit risks lies with investors. At the same time the bank controls all data on loaners monitor overdue amounts and provides acceptable payment conditions. MyCryptoBank uses algorithms which are based on loaners scoring and system statistics and make decisions on granting new loans and its conditions. Also, these formulas consider loan return rate. As a result, loaners get easy possibility to form express credit at below bank rates.
It’s possible due to Blockchain technology. Blockchain is a continuous daisy block chain built according to specific rules and containing information. The main Blockchain advantage is an impossibility of record faking. So, all client transaction history is recorded. This maximally simplifies any check procedure of payment and the credit history of a potential loaner: a possibility appears to form an exact and actual rating based on which any creditors can operationally make decisions on granting of a loan.
Broadly, acquiring is a bank service which involves the performance of technologic, account and informational service of organizations on payment operations with the help of payment cards and equipment supplied by the bank.
In other words, for use of all acquiring advantages it’s necessary to sign an agreement with bank-acquirer (bank, rendering services of acquiring, i.e. bank — owner of payment terminal, ATM), which will install special equipment at any outlet, restaurant or other organization: payment terminals or pin pads, if necessary will provide reception of cards together with cash desks of sales organization.
MyCryptoBank crypto-acquiring supports all three schemes of cryptofiat calculations:
1. Crypto-Crypto — a store withdraws client’s cryptocurrency (any) and receives cryptocurrency
2. Fiat-Crypto — a store withdraws client’s usual money (currency has no meaning), but receives cryptocurrency (selected);
3. Crypto-Fiat — a store withdraws client’s cryptocurrency (any), but receives fiat money (in currency selected).
4. Fiat-Fiat — a store withdraws client’s fiat money and receives fiat money.
Due to the fact that the bank provides cryptocurrency acceptance but the seller’s account receives typical money retailers have no more barriers to accept cryptocurrency – organizational, legal and account problems. All these results will be achieved due to an integration of a special payment application in acquiring equipment.
Deposit percents (Bank deposit)
Bank deposit is a sum of money which individual or legal party transfers to the Bank for a specified term in order to gain profit, deposit percentage defines such sum. For clients of MyCryptoBank both express deposits and demand deposits with adjustable or fixed percentage rate will be available.
MyCryptoBank Deposit Advantages:
1. Absence of utilization fee;
2. Fixed Profit;
3. Possibility of deposit in fiat money and cryptocurrencies;
4. Strictly specified deposit term;
5. Insurance of the whole deposit sum;
6. Possibility of cumulative scheme application (fund addition);
7. Comfort in control (on-line application, bank cards etc.);
8. Possibility of decreasing inflationary and deflationary risks.
MyCryptoBank Official Youtube Presentation
Depending on how many tokens are hold by the users, they obtain following statuses