Blockbank Review – What Is It? Is Blockbank Legit & Safe?
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Scams are still today, a real issue in the crypto market. Giant leaps have been made in terms of keeping users’ funds secure, but unfortunately, human creativity knows no limits even when it comes to doing bad.
Scammers are always one step ahead of those working relentlessly to stop their spread and safeguard users’ funds. The process of scamming someone isn’t that hard, basically, all you have to do is convince them to give you their money.
What it all boils down to, is the inescapable fact your funds are always your responsibility. Make sure you know you’re giving your money too, and that he’s trustworthy.
Today, we’ll be looking at a company that has some unclear business practices, Blockbank. Is it an honest mistake or is there something shady happening?
Blockbank Overview
BlockBank is an Ai assistant application that integrates numerous blockchain projects, smart contracts, and trading and asset management platforms all into a voice-controlled application. That’s one huge and ambitious task to say the least, maybe among the most daring projects I’ve seen in a long time. But can BlockBank back that up?
Via the AI the company claims to support safer and smarter trades as well as asset protection, even if it’s not really clear how. All are additionally integrated with their native $BBANK token.
The team of developers is surprisingly good. The people behind the project have years of experience working with tech companies, some even in Silicon Valley.
Product Vision
Full Service Banking and DeFi
BlockBank aims to integrate full-service banking with DeFi with what they call “state-of-the-art technological solutions”. The platform integrates convenient full-service banking with a DeFi mobile and web application. The vision is to create a simple action flow so as to satisfy anything the user would need.
BlockBank will additionally offer AI-enhanced trading assistance that is supposed to offer a full-service financial management platform. They claim to be putting the DeFi ecosystem with a neo-banking experience, creating a unique platform.
Use Of Blockchain Technology
BlockBank at its core seems to be a CeFi company therefore its functions are not dependent on blockchain technology.
Although by digging deep we found that it does leverage blockchain technology to its advantages of the blockchain for things such as AI accountability, data loss prevention, Proof of Order, and data integrity.
Blockbank module functionalities dependent on blockchain technology include:
Trades and token swaps, that are executed and added to blockchains with information including trading pairs, amounts, wallet addresses, and BlockBank’s unique identifier code.
BlockBank Wallet
Via the custodial wallet users can access many different purposes such as staking, storing assets, trading through API’s into CEX, insuring assets, borrowing, fiat on/off ramp (off-chain/on-chain) along with KYC/AML
BlockBank also integrates with a wallet that allows users to buy crypto with their debit card, manage their crypto assets 24/7, and store their crypto in a non-custodial smart wallet with a built-in fingerprint and PIN security system.
The Wallet works via AI technology and is designed to stop users’ funds from being stolen or hacked. By leveraging the BlockBank patented Intelligent Assistant the company increases security by monitoring user holdings and behavior, then flagging anything that is deemed suspicious, requiring manual confirmation.
BlockBank also uses what is known as TAP, a token authentication protocol used to verify all transaction details that happen in the ecosystem for added security. The pro of the feature is that you can send tokens on your integrated contact and do not need to input token addresses each time. BlockBank internally automatically inputs and verifies user addresses receiving tokens on behalf of the sender.
Additionally, Blockbank also integrates their service with the non-custodial wallet that provides a WEB3 browser, multi-asset chain support (ERC, BSC, HECO, etc) allowing users to easily transfer funds using cross-chain swaps & fiat on/off-ramp.
BlockBank Token
BlockBank also includes its native $BBANK token. The first and clearest benefit is the 20% return on staking
By using the $BBANK token only to stake you can receive up to 20%. BlockBank does this to provide additional incentives for holders. But what’s the real use case?
The $BBANK token holder unlocks gives users a lot more features inside the Blockbank ecosystem, unlocking different levels of information from the robo advisor, giving holders exclusive offers, cashback on purchases using the card, insurance, 3rd party rewards, different banking tiers without having a monthly fee, and reduced fees.
The company also has a buy-back strategy to increase demand as well as have enough $BBANK to reward users moving forward.
The $BBANK token has dropped almost 80% since its IDO in May. Well, that’s certainly not a good look, it’s safe to say that something is going wrong with Blockbanks plans. In fact, the rapid decline of the token makes believes that it was in fact a ragpull.
The Development Team
Darren Franceschini
Co-Founder and COO
Darren Franceschini is the co-founder and COO of BlockBank. She has ample experience working on the development of a number of technology startups. Darren has also worked with over 100 cryptocurrencies, ICOs, and start-ups focusing on their market strategy, branding, and applications.
Kelghe D’cruz
Co-Founder and CEO
Kelghe D’cruz is the co-founder and CEO of BlockBank. Before this role, D’cruz worked for over 16 years as an entrepreneur founding and building up a lot of companies within sectors such as healthcare, education, training, and software.
Anastasija Plotnikova
Co-Founder and Chief Legal Officer
Anastasija Plotnikova is co-founder and CLO of Blockbank. She specializes in cryptocurrency regulations consulting and efficient implementation for companies and individuals developing blockchain and crypto projects. Anastasija has worked for the European Union’s Eurojust Judicial Cooperation Unit, where she assisted the regulator of Lithuania in drafting crypto laws.
Gregory W. Murphy
Co-Founder and Chief Legal Officer
Gregory W. Murphy, CFO of BlockBank, has over 35 years of experience in international, traditional, and digital capital markets. Murphy has worked as a senior finance executive for securities lending, derivatives, corporate finance, structured finance, hedge fund management, and compliance.
Overall the team is top-notch. They have decades of experience in the field each bringing his specialty to the table. But can they deliver?
Verdict
BlockBank can be described with, “to improve DeFi, control it”. The company seems to set out on a quest, The company in fact seems to opt for CeDeF architecture in all its products including both a centralized and decentralized web 3 wallet. They go as far as stating in their Whitepaper that what DeFi needs is more stringent KYC strategies. By integrating AI into DeFi they seek to do just that, increase your security and take away your freedom. Is this the world Satoshi dreamt about when creating Bitcoin?
But I digress, other than being the total polar opposite to what crypto should represent, BlockBank offers some interesting features. The company integrates CeFi, DeFi and it’s preparing to roll out its full AI features. The success of the platform, as well as the $BBANK price action all, depends on how well the flagship BlockBank AI comes out.
As for now, we can see that the $BBANK token price action has not been satisfying at all, with over 80% lost since the release back in May. This could be caused by a typical ragpull, and it’s plausible to assume that it might happen again in the future. But other than this risk, I predict that green times are ahead for the $BBANK token.
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