How did I miss this? This was huge news and it just flew by over the mayhem of the December 2017 holiday! In this article I will discuss the significance of the Arise bank and Bitshares partnership as it relates to Steemians and cryptocurrency holders in general.
The world’s first decentralized cryptocurrency bank, AriseBank, announced that they have reached an agreement with a Federal Deposit Insurance Corporation (FDIC) insured bank that has been in operation in the US for over a century. The acquisition, in addition to a partnership with Bitshares, will occur before the end of the year.
Arise Bank is the worlds first decentralized cryptocurrency bank. That is amazing! You would think by now that this would have already been accomplished but that was not the case. AriseBank is the first mover here and they have all their ducks in a row considering their FDIC approval.
The FDIC is an independent agency created by the US Congress to maintain stability and public confidence in the nation’s financial system. By acquiring the bank AriseBank would have full financial capabilities of traditional banking united with the power and platform of real-time crypto-banking including a global network of ATM’s, debit cards, and an AI trading platform according to a report in the Huffington Post.
There are a lot of projects and platforms that have been trying to accomplish this very same task in 2017. They tried and they failed. It was just yesterday that I heard VISA pulled their deal from TENX which leaves them as a worthless, failed project as far as I understand it.
The fact is that AriseBank merges the traditional banking world with the world of cryptocurrency in an amazing way. I'll be taking fiat money out when I need it with my AriseBank debit card but it will be pulling from my designated cryptocurrency bag.
AriseBank also aims to raise a billion dollars in a record ICO to launch its services as the world’s first cryptocurrency bank. Co-founder and CEO of the bank, Jared Rice Sr., stated:
We are very excited to be at the forefront of history today. We feel like this was going to happen eventually and wanted to get the process started for the industry as a whole … The bank we are acquiring has hundreds of banking partnerships across the world and many certifications and licenses that make sense when it comes to interacting with our decentralized cryptocurrency platform.
So they have a partnership with Bitshares, they are approved by the FDIC and now they are going to do an ICO. I've got to keep my eyes on these guys. My nose for smelling out good ICO's has been alerted to this one's odor! Considering the fact that Bitshares was created by the same developer as Steem and SBD, there is a strong arguement that what is good for one, is good for all. Trust the code.
So how does Bitshares play a role?
The procurement comes parallel with the announcement of a strategic partnership with the world’s busiest financial blockchain, Bitshares. The decentralized exchange Bitshares will provide a comprehensive platform for real-time delivery of incorruptible financial products and services for AriseBank’s clients. BitShares offers a stack of financial services including exchange and banking on a blockchain. It has a current market cap of $977 million and handles over a million blockchain transactions per day.
So AriseBank will be working with Bitshares closely to develop their own real-time cryptocurrency platform. That definitely sounds promising! I've been using the Bitshares DEX for quite a long time and generally it works to suit my needs. If they take this system and give it some major upgrades it can easily become the industry standard for cryptocurrency banks!
According to the report, Bitshares has also teamed with the United Precious Metals Association (UPMA) to provide concurrent metal-backed cryptocurrencies into the mainstream. BTS has seen steady increases this month from $0.09 to a current high of $0.39, this week alone has seen a 140% increase in the altcoin’s value.
I would also argue that this is just the tip of the iceberg. As more releases come out about this new partnership it is sure to send BTS prices beyond the moon and out to the farthest reaches of the galaxy!
What do you guys think about this new AriseBank and its move towards becoming the first cryptocurrency bank with its own trading platform?
Thanks for reading @techblogger!
Source:
World’s First Crypto Bank AriseBank Announces BitShares Partnership, Acquisition of FDIC-Insured Bank - Bitcoinist
Image Source:
Bitcoinist
Arise Bank
How about EOS? They are created by the same person. Any good news?
EOS is one of my biggest holdings. I continue to add to my position weekly! Its current price is silly compared to where it will go. I would say its a 50$ token as we speak that is trading for $10.
Interesting. Do we know which company will be dealing with debit cards? Visa just pulled the plug on any chance TenX. Or was that to spread some fud and buy some discounted TenX...
I assume VISA is happy to support FDIC approved banks with their debit card needs. Not sure about TenX but I don't think they are a real bank, just a cryptocurrency project. This move appears to be a cut above the rest. Bitshares seems to have one-upped players like TenX and have propelled themselves to a status the likes of XRP. Thanks for your thoughts @mojorisin.
Highly interesting news indeed. I wonder how this will play out within the Euro Zone? Have gained FDIC approval should provide the initiative the legitimacy it needs to secure the backing of European regulators. Some of the most intriguing possibilities for me would be the direct conversion of SBD to fiat along with debit and credit card services. I'll be sure to keep an eye on this partnership. Super good post, many thanks.
Interesting ideas. The ability to convert sbd or bitshares for fiat or even spend it directly excites me a lot. This is looking more possible everyday!
This is very exciting news, I get a little lost in these dealings sometimes, but the thought of being able to use SBD to buy items and services directly is an extremely positive prospect. I shall be following carefully to see how this pans out!
That seems to be the bottom line. First we will be paying for things with our Bitshares (BTS) but yes, I'd assume that after that SBD and STEEM and EOS are all a possibility considering they were all made by the same developer. Thanks for the comment, I'll be checking out your work today @theexplorer.
Same here thanks guys for make it Clare to me
Really interesting news that I too somehow missed! It's great to see banks finally starting to move decentralisation, and I agree that with the improvements that Arise Bank could make to Bitshares Dex UI and UX, it could and probably will become the industry standard for cryptocurrency banks. It's one to watch in 2018 - if you are interested, I will do a full overview of Bitshares over the next day in order to show our fellow Steemians its potential for 2018!
Absolutely. Bitshares is an extremely hot topic at the moment, I feel its undervalued right now based on its huge potential and its active use cases. Come drop by with a link when you finish it and I'll give it a good read!
Yes, i agree that it's undervalued! Thanks, I will do. I overview a different coin every day, so if there is ever a coin you want me to do just mention it in a comment. Thanks again for the great post!
New bitshares post up @techblogger. I gave you a mention to thank you for sharing this news with me yesterday. You can read the post here.
What ceiling do you see for BTS in Q1 2018?
In all honest I'm not sure without some more research first. I'll do a post on BTS in about 12 hours where you can see my thoughts in more detail.
Great, looking forward to it. Followed!
Thank you!
This is pretty huge, but it makes me.wonder if this allows govt more reach and oversight into the privacy that drives people to cryptos in the first place... will the crypto market be ok with fdic regulating their coin wallets?
This is literally history in the making. I foresee a fair distancing of some banks from XRP as better options become available in the future, though Ripple still has first mover advantage in its avenue and will probably stay ahead of the pack for most of 2018 at least. Hope to see BTS and XLM overtake XRP by year's end.
This is a wonderful development, it is going to make crypto grow to a greater height.
great work!
I am tired of people saying Arise Bank is a scam. Evander Holyfield is about to change the game. He has a lot of powerful friends.
Even this news is historical
I will remember well that@ techblogger He told us the best news about cryptocurrency.
Thanks for this news...I got a tiny bit of bts , I guess it’s time to swap a few other things for more!
I agree, proof of work attacks the problem from a very narrow angle, our only evidence so far is that it seemingly works in the very primitive computing scenarios we are currently placing the new technologies in.
In many ways I look at ledgering as our new technology being able to provide the simple ledgering calculation mechanisms the first computers did, when we supersede the implementation techniques that we currently rely on we'll raise the bar on what the technology is capable of.
Such an amazing step up for the cryptocurrencies. This I feel will pave a way for other companies or banks who had smilies thoughts to establish more cryptocurrency banks. If this should happen cryptocurrencies will be posivite most of the time and partnership with bitshares will see the coin skyrocket🚀🚀
Really awesome news .
I am surprised this news ..
Cryptocarency bank and bitshare really unbelievable.
Thanks @techblogger
It's seems a great new. Can't wait to see what will happen next. Nice post @techblogger.
This is good news, 2018 is very promising for cryptocurrency. I will keep my eyes open. Thanks for sharing.
This is good news, 2018 is very promising for cryptocurrency. I will keep my eyes open. Thanks for sharing.
TenX had already a partnership with another issuer and the new cards will soon be sent for the current card owners. They're also working on a banking license which is planned for Q2 and Q3 2018 which would allow TenX themselves to issue cards. So it's a major setback in short term but mid-long term they are going along with their roadmap uninterrupted.
But aside from that, I haven't even heard about this decentralized cryptocurrency bank of 'Arise Bank'. But the deal with Bitshares sounds good and I bought some Steem and Bitshares so I'm ready for the ride!
AriseBank stated it had purchased an FDIC-insured bank named KFMC Bank Holding Company. The SEC shows this, as well, was a lie: KFMC is not an FDIC-insured financial institution.