Blockbank has purchased stake in Spire bank and declared strategic FinTech partnership, as a means to provide international Crypto banking services
One of the leading commercial banks in Kenya, Spire Bank, will be instrumental in facilitating a wide variety of international Crytpto banking activity in association with Blockbank — to present the world's first fully licensed crypto bank with low-cost funding availability.
Originally established as a finance company in 1983 and later commencing operations as a fully-fledged commercial bank, Spire Bank brings a wealth of FinTech knowledge and experience to the table to assist Blockbank in their endeavour. With 350,000 existing customers and a firmly-established high-quality reputation, the prestigious Kenyan bank provides a solid foundation for Blockbank's first step into supplying secured and affordable financing options for emerging economies.
This groundbreaking partnership will initiate integration of commercial banking services into crypto entities, businesses, and governments globally – creating dynamic access to more affordable funding opportunities to accelerate economic growth.
The strategic FinTech partnership with Spire Bank will see the incubation of a DDMS smart contract blockchain system – the backbone of Blockbank's platform – enabling Blockbank to provide lower cost funding solutions via Spire Banks' infrastructure. With the capacity to provide a plethora of international banking services, Spire Bank is predicted to be a real asset to the Blockbank assembly, driving the expansion of global banking capabilities for both parties.
The collaboration of these two organizations will be a major breakthrough in fostering the development of low-cost funding options for governments and commercial entities worldwide – particularly in developing economies without current access to these services. In many developing countries, borrowing is still very expensive, with rates sometimes hitting 20 per cent.
Block Bank’s ICO is currently in the ICO stage, which lasts until 28 October. The token value will be driven by the demand for loans they process: The project will distribute issued tokens in the following way:
– About 28,800,000 tokens dedicated towards the ICO sale (72 per cent of the total tokens)
– About 8,000,000 tokens dedicated towards the treasury (20 per cent of the total tokens)
– About 2,000,000 tokens distributed amongst advisors (five per cent of the total tokens)
– About 1,200,000 tokens will be a bounty reward (three per cent of the total tokens)
A staggering US$12,830,000 worth of their BBRT tokens have already been sold during the pre-ICO phase.
