Polybius, a project which bills itself as ‘a financial institution for the next generation’, has launched its crowdfunding ICO.
The ICO begun on 31 May 2017 and will continue for five weeks. Investors can buy Polybius investment tokens with cryptocurrencies. These tokens are a smart contract that guarantees the holder a share in the projects profits.
So what does a financial institution for the next generation look like?
In development for over a year and bringing together some of the most prestigious financiers in Europe, the project wants to bring blockchain and AI into the classic bank model. The information security will be provided by BettaSecurity, who currently service Russia’a biggest banks.
The essence of the new ‘cryptobank’ model is:
- Ethereum blockchain will be the foundation of Polybius investment tokens
- banking documentation will be stored on the Emercoin blockchain
- bank transactions will use a private blockchain developed by AtticLab
The Polybius Bank Project will look to offer a range of traditional financial services such as deposits, credit financing and bank card issuance to crypto stratups, businesses and individuals.
In a blog post, the company states:
The point is to reinvent what can be reinvented and optimise what can be optimised in a modern financial institution, within the boundaries of the Procrustean bed of currently existing legislation.
European legislation, of course, has never been known for its brevity. From one perspective, this is a positive: the very fact that the bank is located within European jurisdiction guarantees a European level of protection for investors’ rights.
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