There is no shortage of intriguing cryptocurrency-related projects as of right now. Some of these concepts will raise a lot more questions than people are comfortable with, though. The European Crypto Bank initiative, for example, is quite interesting, although its ticker symbol will also attract a lot of unwanted attention.
The European Crypto Bank Explained
As the name somewhat suggests, this project is all about combining the key aspects of financial markets, cryptocurrency, and convenience. This venture is the vision of a group of financial experts who want to create a pan-European wealth management and private banking initiative. More specifically, it seems this platform is designed to help others make money with cryptocurrency.
How Does it all Work?
The team wants to establish a few critical components to make the European Crypto Bank become a success. First and foremost, they will develop a brand new secure trading and exchange platform. On top of that, they aim to help users take care of their “domestic internal revenue services”. Cryptocurrencies can also be converted into traditional assets without users having to worry about money laundering or tax evasion concerns.
So far, this doesn’t exactly sound like a venture most people really need. After all, this can all be achieved with a bit of effort by individual cryptocurrency enthusiasts. At the same time, one has to agree that some cryptocurrency investors struggle to convert their funds back to traditional assets. With banks further cracking down on Bitcoin and altcoin activity, this uneasy situation will only get more annoying to deal with in the near future.
The European Crypto Bank initiative aims to make a big impact in this regard. The service allows anyone in the world to convert their cryptocurrency back to traditional assets without any major problems. Whether or not this project will succeed as a crypto private bank is a different matter altogether. It’s certainly an intriguing idea, but there is a lot more to offering banking services than meets the eye.
The ECB Token
Naming the European Crypto Bank token ECB may not necessarily have been a smart decision. The European Central Bank will certainly have a say in this matter. The token itself will be used for tax services, remaining anonymous, and the incorporated reward program. There are actually two different tokens, as Token S will be used for those purposes, whereas Token I will be used for investment and private bank services. The latter token will also be subject to a yearly 6% buyback program.
The Road Ahead for European Crypto Bank
An ambitious project like this one will not come to market anytime soon. As of right now, the company is still developing its infrastructure and the tax platform. The financial analysis features will be introduced later this month, with the trading exchange scheduled to go live in July. The actual tax platform will not be available until March of 2019, with UK and European banking agreements to be signed in mid-2020 and 2022.