There is a divide among cryptocurrency users whether or not more regulation -whether government or institutional- is a good thing for the health of the cryptosphere. It is a contentious debate with strong and legitimate points on both sides. One project which believes a bit more regulation may be a necessary for the market is called Polybius.
A regulated bank for cryptos
Polybius is a project hoping to introduce a regulated bank for cryptocurrencies. It is looking to combine the well established practices of finance with the innovative and technical advancements that the Blockchain can offer. They are hoping to make an elegant solution to the disconnect between the fiat banking world and the rise of cryptocurrency.
They are well on their way to making this goal a reality. Just recently they raised enough money to get a full license as a bank in Europe. This means that they can begin focusing on another part of their project, their Digital Pass.
The Digital Pass is an all-European single access Know Your Customer (KYC) that will serve as a connective bridge between European financial, media, legal, and educational facilities. The secure sharing of this kind of information is vital in this world, but perhaps particularly in the EU, as many different nationals can move to any of the other countries within the common market without needing a visa to live or work there. This would make accessing and sharing information for whatever institutional reason easier. The pass would not be a storage of this information, as the project realizes the potential information security issues that go along with centralized storage of large amounts of personal and sensitive data. Instead, this is more of an authentication of the user, individual, or group for access to this information.
However, the Bank they are setting up will be the initial use-case for their rather clever Digital Pass. The bank will not just be fully digital, but also focus on aspects of the market that traditional banks are less concerned with. A few of the areas they are keenly interested in exploring are Peer to Peer (P2P) models of crediting, single-place user verification and authentication, ultra-mobile access to accounts, digital asset management, and processing of cryptocurrency payments for businesses. Being able to break into this untapped part of the financial market has been the dream of many projects, and Polybius may be on way to doing so.
They currently have an ICO going on right now as well. It will only last for a few more days. The token (PLBT) is a representative share of the company and entitles the holder to receive dividends from the company for their stake. The collective share of all the stakeholders will be 20% of the company’s profits. That 20% would then be distributed out to the stakeholders via Ethereum at the end of every financial year.
The project’s blog: https://medium.com/@PolybiusBank/
The ICO and website: https://polybius.io/
Disclaimer:This is a sponsored article and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment or trading advice, always do your own independent research.