BlockBank FAQ
Tags: Financial Services, AI, Blockchain, Blockbank, Crypto

What you need to know about the company building AI-powered traditional mobile banking experience with seamless crypto integration.

BlockBank is building and developing the infrastructure and decentralized financial services for “Banking 3.0. Here you will find the frequently asked questions about the AI-powered financial app.

1. What is BlockBank?

BlockBank is on a mission to offer an AI-powered, traditional mobile banking experience with seamless crypto integration. We aim to combine the best of DeFi and CeFi worlds in one place, incorporating AI technology to bring financial empowerment to clients in a very simplified manner.

2. What is BlockBank´s vision?

BlockBank wants to simplify the user experience without compromising security, privacy, or decentralization. The complex nature of DeFi platforms requires elegant trade execution and earning strategies to avoid high gas costs and slow speeds. We optimize multi-step DeFi purchasing processes and add a powerful AI assistant to guide our users to make intelligent and informed decisions.

3. What is BlockBank’s value proposition?

Blockbank stands out because we are bridging DeFi, CeFi, and banking all while adding AI technology on top of this. This is revolutionary in so many ways and will be a deal-breaker for our users as they will be able to make better decisions advised by our intelligent advisor.

4. Can I download BlockBanks application?

Yes, you can. We launched our Beta version in late 2019 and been adding features based on our community feedback. At the moment we have around 25k users and 100M TVL. At the moment our users can enjoy a simple and convenient non-custodial wallet with a credit top-up function and multiple gift cards to cash out. The latter function is heavily used by our users in countries with many restrictions on the use of crypto.

We are building out the next evolution of the app which will bring in the full banking experience and bridge the DeFi Gap. Along with that, our users will get access to a sophisticated robot advisor to help them navigate this space. The developer team and AI team are working hard to bring as many features as possible in the V2 of the app.

5. BlockBank has 3 highlights: Blockchain, DeFi and Artificial Intelligence, how do these 3 complement each other?

Blockchain, DeFi and AI are indeed building blocks of the infrastructure. DeFi is the underlying base for everything in crypto, it offers transparency, security and freedom. CeFi brings us convenience and payments, makes all processes easier and simpler. AI is what make every user more qualified to do everyday transactions, make decisions. So these 3 verticals are being integrated into one to offer a more complete and integral experience. And lets not forget about banking. This is the missing piece for almost all users having major hardships trying to use their assets in everyday life.

6. What are the security measures implemented by BlockBank?

Security is something that we take very seriously, we have an experienced internal who is working around the clock on this to make sure all security measures are being implemented and everything will be audited by the third party before the deployment (Zokyo or Certik). Additionally, our AI will be monitoring the smart contracts for known vulnerabilities, it is in process of testing.

7. What is the current status of BlockBanks application?

We are in the process of releasing an application update of the current beta version to include web 3 that will enable access to DeFi dApps in wallet and use funds stored in their non-custodial wallet. Our V2 application is being developed in parallel which is an absolute rebuild from the ground up. This was necessary as we are integrating true banking into the platform and have many regulatory and compliant development features to be accepted by central banks who will allow us to access the banking infrastructure.

Our AI advisor is also in development in conjunction with our application as it needs to be interconnected to each aspect of the platform to ensure it functions most efficiently. We are also adding the CeFi aspect to our application a custodial wallet, fiat on and off-ramp, and some other exciting features we will announce in the future.

8. What are the future plans for BlockBank?

Payments and Crypto licenses are already in progress. In the near future, you will see BlockBank launching the new version of our app, signing off with strategic partners such as banks, wallets, and other projects.

9. Who are BlockBank´s partners?

Here are some of our amazing partners and there are more to come.

BlockBank and Artificial Intelligence

1. Why do we need AI in financial services?

Our AI assistant’s patented technology brings the analytical power equivalent of hundreds of highly skilled financial analysts to the palm of our users, leveling the playing field between retail and institutional investors. It will monitor, gather, and provide data in real-time based on investment preferences to maximize gains and minimize unnecessary losses. This is a feature that has been extensively used in traditional finance these last few years, especially with companies investing in ETFs & index funds. Bringing this to crypto, and especially to a non-custodial wallet, will be game-changing.

2. What company is providing the AI technology?

Blockbank has partnered with a company called Skael. They have true AI technology being used by fortune 100 companies including one of the American top banks. Blockbank not only has received the exclusive rights for crypto and blockchain but also the distribution rights for the technology in these sectors as well.

Skael has over 70 employees and a dedicated technology team to Blockbank and will be scaled up as needed. We are extremely excited that we will be able to offer AI services in any fashion a company would like to utilize the technology.

3. AI assistant brings the analytical power equivalent to hundreds of highly skilled financial analysts. How is this possible?

This patented AI technology is being used in fortune 100 companies, as well as one of the largest American banks. Data being accumulated, analyzed, learned, and compiled all with one main function which is to provide insights on market trends and investment strategies is its core function. It will be expanded over time to more interactive functions like trade execution or APY chasing, however, that will take more time on the technology learning the interaction between each user including their risk profile, current strategies, and their intended returns they wish to achieve.

4. Advisor robot provides real-time data that will help maximize profits and minimize unnecessary losses, but is that data reliable and accurate during volatile and indecipherable markets?

Being in the crypto space for quite some time you start to realize that from an analytical perspective the markets aren’t as indecipherable as one might think. Volatile yes but due to the oracles, data sets, and other variables we are incorporating into the Robo advisor we believe it will become the most trusted unbiased tool in our market. The processing power of our tool is immense and because the data is being pulled in real-time it can effectively quantify all data to provide accurate results. This technology already is being used by fortune 100 companies in the real world today and has proven to be up to 99.8% accurate.

BlockBank and Banking

1. What is the relationship between BlockBank and the banking platform?

The services provided by banks, such as fiat gateway, cards, and bank accounts, are essential for user convenience and everyday usability. BlockBank has two banking partners that will allow fiat top-up in the accounts/withdrawals. Also, we are negotiating with other banking institutions — as we have ambitious objectives for expansion. We are starting the process of obtaining our own licenses, it will allow us to provide lower fees and add extra use cases for $BANK tokens.

2. How does BlockBank enable the banking platform through the blockchain economy?

The blockchain economy is growing rapidly — more institutional investors hedge funds, VCs and banks are exploring and some have already joined the space. Simultaneously, the number of retails users is growing at record levels. In all this booming crypto-economy we still do not have enough competition and tools that empower retail users. It is much easier for large institutions to get all the banking, custodial, and trading services while retail users face challenges and pay higher fees. BlockBank is addressing this, providing the same playing field through the applications that allow every user to get top-quality services, AI assistant and access to banking, all in one.

Blockchain based services also reduce our costs when it comes to KYC/AML, reporting and audits (thanks for blockchain transparency!). This allows BlockBank to merge the best of two worlds into one convenient application.

3. BlockBank is building and developing the infrastructure and decentralized financial services for “Banking 3.0”. Why is it so important to focus on a seamless user experience?

A seamless experience is key for massive adoption. The biggest barrier for crypto is that it’s never been that simple, users who might be interested get quickly turned off with the level of complexity. BlockBank aims to integrate the best of DeFi and CeFi worlds while keeping it simple for the average user, our app will bridge both of these worlds and everything will happen in the back-end.

Our application was launched back in 2019 and now we are coming back with all the feedback collected by our early adopters. We understand all those pain points and unnecessary complexities that will be removed, creating an all-in-one application that will offer better UX and UI. Making it simple and coupling it with our AI, will only give our users the upper hand.

BlockBank and DeFi

1. What is the relationship between Blockbank and Defi users?

BlockBank is on a mission to simplify the user experience without compromising security, privacy, or decentralization. The complex nature of DeFi platforms requires elegant trade execution and earning strategies to avoid high gas costs and slow speeds. We optimize multi-step DeFi purchasing processes and add a powerful AI assistant.

We are not discriminating against our users — they can continue using pure DeFi services without KYC/AML via our web3 browser and noncustodial wallet. DeFi market share is growing, innovation is blossoming and we support DeFi values, have planned partnerships with other DeFi projects to provide greats et of tools such as decentralized insurance or lending to all users.

Our patented AI technology will be greatly beneficial to every DeFi users on BlockBank platform to get all information, advice and better APYs

2. How does Blockbank change the relationship between Defi users and the banking platform through blockchain technology?

Our goal is to remove the barriers between these two financial services. DeFi economy and users are only growing and they need better options to use “traditional” banking if they want so. This is why we are developing a technological solution that our DeFi users, after going through internal KYC will get access to all perks and benefits of banking features.

About $BANK token

1. Why do we need $BANK token and what are the benefits of holding?

Using the BANK token only to stake you can receive up to 20%. We are providing our staked users the incentive to stake their tokens with us and are happy to offer such a high percentage as they are effectively taking these tokens out of circulation and should be rewarded.

Being a $BANK token holder unlocks many different features in the application as well (unlocking different levels of information from the Robo advisor, exclusive offers, cashback on purchases using the card, insurance, 3rd party rewards, different banking tiers without having a monthly fee, and reduced fees). To receive the additional 10% APY in $BANK this comes from users who stake other assets in our platform for specific periods of time the longer they stake the more bank bonus reward they can receive. We also have a buy-back strategy to always ensure the reserves stay at a specific level to ensure we consistently have enough $BANK to reward users moving forward.

2. $BANK can increase the APY from 10% to 30%. How can BlockBank achieve this high percentage?

Using the BANK token only to stake you can receive up to 20%. We are providing our staked users the incentive to stake their tokens with us and are happy to offer such a high percentage as they are effectively taking these tokens out of circulation and should be rewarded.

Being a BANK token holder unlocks many different features in the application as well (unlocking different levels of information from the robot advisor, exclusive offers, cashback on purchases using the card, insurance, 3rd party rewards, different banking tiers without having a monthly fee, and reduced fees). To receive the additional 10% APY in BANK this comes from users who stake other assets in our platform for specific periods of time the longer they stake the more bank bonus reward they can receive. We also have a buy-back strategy to always ensure the reserves stay at a specific level to ensure we consistently have enough BANK to reward users moving forward.

3. When is Initial DEX Offering — DEX?

BlockBank Public Sale IDO on Ignition: April 28, 2021; 11am UTC**. Find out the details here.

BlockBank Public Sale IDO on BSCpad: April 28, 2021; 8am UTC**. Find out the details here.

You can follow our progress in our telegram chat here.

4. When will BANK be listed on big exchanges?

In terms of big exchanges, we are actively in discussions with them however our immediate release upon listing will be uniswap and pancakeswap at the same time as we are excited to be having an IDO on ETH and BSC.