It was the seventh day of ICO-crowdfunding "Polybius", it was getting dark ... Okay, it’s still light outside, but on the ICO-calendar the first week just came to an end. For which we have already collected $ 12 million and passed through four main stages of crowdfunding out of five. This means that Polybius, the first full-fledged European bank created by crypto enthusiasts, is to be.The situation is changing so quickly that we had to change the amount on the solemn picture right during the writing of this post. True story
Before the beginning of the ICO, in our series of articles “what we should build a bank,” we already told that from the range of European licenses for financial institutions, we focus on one of three: from a simple and relatively inexpensive format of a “payment institution” for $ 1.5 million to a full-fledged European bank for $ 6 million. This amount includes the costs of obtaining the license itself and launching the company. What scenario we implement and decide on the results of the ICO.
Now, with a reserve of resources to launch the actual bank, we are already halfway to our most ambitious goal:
The idea of "Polybius" arose in response to the opportunities opened by the newest European legislation on the fintek-sector in the European Union and initiatives for its development in Switzerland. We must pay tribute to the European bureaucrats: their regulation now is one of the most advanced in the world. In particular, they allow the use of the blockchain as the basis for document flow and recording of banking transactions. Strictly speaking, they do not prohibit the use of the blockchain - they are not interested in the type of database used by the bank, but in its reliability, transparency and accountability to the inspection bodies. At the same time, certain countries relate to blockchain projects more loyally than the others - this is Switzerland, mentioned above, as well as Lithuania, Luxembourg and Finland.
Polybius Bank will be registered in one of these countries. As we promised, we will make a final decision on the closure of ICO. In the meantime, you can read, what is the difference between these countries in terms of registering a bank: “ Choosing a country for the residence of“ Polybius
ICO still in progress
There are still four weeks ahead. Over the next seven days, all bought Polybius investment tokens will receive a bonus of + 15% to them. Investing in Polybius tokens now means not only an opportunity to make money on a promising project, but also to take part in changing the way fintek interacts with a person. Our next target is $ 25 million. And the plans go beyond the limits of “just a bank”, including the use of specialized artificial intelligence in crediting and the digital passport's own digital identity technology, which is a digital and secure substitute for identification through paper documents and personal presence. In the end, we want to ensure that modern financial services work the way you expect from any modern service: remotely, quickly, inexpensively.