Last month, we reported that LakeBTC, the popular China-based bitcoin exchange service planned to spin off its LakeBanker Project and launch a token crowdsale. LankBanker is aiming to develop a P2P based crowd banking platform. We now have further details on the presale for the new token to be called banc (symbol BAC) which will be issued to participants who contribute BTC and ETH.
The team behind LakeBTC.com has planned for a while to spin off the LakeBanker Project and launch a crowdsale (or ICO, initial coin offering) under an independent entity, the LakeBanker Foundation. The team stated that a formal whitepaper will be published in the near future. More information about the project can be read below:
A pre-ICO for the LakeBanker Project is set to be held on Tuesday, August 15, 2017, 3 pm UTC – August 20, 2017, 3 pm UTC.
Mission: Free Banking for the World
Despite advances in technology, the traditional banking sector remains inefficient, expensive and for many impossible to access. Today, the under-banked/no-banking population of the world is 5 billion people. The LakeBanker Project’s mission is to utilize technology to make banking services free, for everyone, forever, and to deliver more advanced financial services, including access to cryptocurrencies, at a significantly lower cost.
Concept: Crowd Banking
The concept is to establish a Peer-to-Peer (P2P) market that will crowdsource a solution to the problem of inefficient banking. The system will be accessed by an easy-to-use mobile app designed for individuals and merchants when sending a payment, exchanging money, or investing in the latest blockchain technologies. Anyone can use the LakeBanker platform to supply banking services. The LakeBanker Project plans to have few employees but millions will work in a P2P and for each other.
Without the need for high-street branches, ATM machines, cooperate offices or thousands of salaried employees, the LakeBanker system wants to achieve levels of efficiency far in excess of traditional banking. Correspondingly, the cost of banking services is substantially lower: money can flow with little friction, from one individual to another, from one currency to another and from one country to another.
Team behind LakeBanker
The LakeBanker Project is developed by the team behind LakeBTC.com. LakeBTC started in 2013. It has 10 million user accounts created from 162 countries. It supports 42 currencies and 52 payment methods with hundreds more to come. LakeBTC is has had no incidents of stolen coins, security scandals or flash crashes. It has one of the most valuable brand names in the industry, LakeBTC has been proven to be robust, reliable, and trustworthy. Thomas Xie, the CEO, and co-founder of LakeBTC is a cryptocurrency veteran and serial entrepreneur.
2016 – 2017Q2
- LakeBanker concept emerged and the proof-of-concept was tested.
- Early versions LakeBanker developed and deployed in stealth mode, without any formal announcements or media coverage. Still, the strong demand well exceeded the existing capacity.
- LakeBanker spin-off and crowdsale.
- Add 10 new currencies/tokens and currency pairs.
- Deliver LakeBanker App for both iOS and Android.
- Improve LakeBanker training materials, including online courses, documents, videos, exams.
- Increase the capacity by training and supporting 200 Tier-1 LakeBankers around the globe.
- Add 30 new currencies/tokens and currency pairs.
- Train and support 100,000 LakeBankers.
- Aquire significantly more users via the stronger LakeBanker network and free services.
- Integrate the big data analytics tools and risk management system.
- Issue digital credit cards to selected users.
- Further grow the LakeBanker and penetrate to more areas, especially developing countries.
- Issue digital credit cards (personal loans) to all qualified users.
- Start providing personal loans, car loans, micro loans, small business loans, and mortgages in selected areas.
- Work with partners and vendors in commercial banking, insurance, wealth management, p2p lending to offer more diversified financial services.
- With the big data accumulated, credit risks will be dramatically reduced.
- Securitize the loans and introduce ABS (asset backed securities).
- For selected countries, we plan to distribute millions of smart phones to local LakeBankers for free, with LakeBanker App pre-installed. We will use our accrued profits to achieve this, and one of our partners are specialized in designing and manufacturing smart phones for all budgets.
More information can be found on the official LakeBanker Project site.