GCBIB will bridge the gap between emerging and traditional financial services by being the first fully compliant crypto-friendly bank having the necessary regulatory framework and technology infrastructure. Though there are other financial institutions, banks and crypto-exchanges operating in the same space, many are not fully compliant with prevailing banking laws, while some lack a strong technological backing.
|Hard cap||200,000,000 USD|
|Soft cap||50,000,000 USD|
|Total raised||6,134,750 USD|
|Country||United Arab Emirates|
|Whitepaper||Click Here For View Whitepaper|
|Website||Click Here For Visit ICO Homepage|
Cryptocurrencies like Bitcoin, are a form of electronic cash, technologically based on Blockchain, and are in no way comparable to the money held in a typical bank account.
Blockchain ensures the accuracy and consistency of verifiable data through a decentralized mechanism of encryption, eliminating the need for any intermediaries during a transaction, and inevitably, lowering the cost of these transactions.
Despite a growing foundation of legislations and knowledge about Blockchain technologies, institutions are reluctant, or do not wish to work with cryptocurrency-based businesses. In addition to scalability issues, a lack of understanding in the space, and the general fact that traditional establishments do not appreciate change, there are various issues that create roadblocks to mass adoption and implementation of cryptocurrencies in the financial services industry as can be seen in Fig 1.3. A brief overview of the status quo will give us an insight to the potential problems that can be addressed.
The GCBIB Banking and Investment platform provides a host of products and services to its
customers that enable them to facilitate traditional banking operations, while being able to
integrate some of these operations with their cryptocurrency holdings. Like any other bank,
customers can open an account with GCBIB and deposit their fiat as well as crypto holdings. It is important to note that all crypto holdings will be converted and held as GXB tokens.
Many traditional exchanges function on the exclusivity of a single class security. Some
restrict trading features or platforms for multiple securities, while others neglect the
inclusion of emerging and innovative technology-based assets which lead the forefront
for a more autonomous market. GCBIB solves this limitation by allowing both traders and
the exchange itself to freely explore other security markets, exchange platforms, social
trading features, trading pairs and currency conversions to increase revenue and profits.
Triple-entry accounting is an enhancement to the traditional double-entry system in which all accounting entries involving outside parties are cryptographically sealed by third entry. Thus, placed side by side, the bookkeeping entries of both parties to a given transaction are congruent. The third entry in the system, entered into the blockchain, is both a receipt and a transaction. It’s proof that some type of transaction /interaction has taken place between two parties, which goes beyond the receipts / entries that each party holds in double entry.
GCBIB will provide its customers with a Crypto Debit Card that will allow customers to
access their crypto savings on the go. GCBIB will manage the conversion of crypto to fiat
in on request. This means that the customer can withdraw fiat from supported ATMs
while only having crypto in their bank account. Just like any traditional debit card, the
GCBIB banking platform will convert any fiat currency as needed via Smart Contract and
process the payment.
GCBIB will provide its customers the option to make and receive currency transfers to other account holders on the platform. The GCBIB exchange platform will support currency transfers between two account holders in the GCBIB banking ecosystem. Transfers will be supported for the top 25 cryptocurrencies, fiat currencies like the dollar, pound euro etc. and in the native GXB Token.
Patrick M. Ruegsegger PROJECT MANAGER, FINTECH & FINANCE
Mohamed Samir CRYPTO-ANALYST
Alessandro Gasparini FINANCE – INSURANCE
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