Project Rundown Interview With The Bancambios Project
Hey guys! Happy to connect with you today and learn more about the Bancambios project! Can you tell us more about the founding of the project and what problem you’re addressing?
Hey everyone! It’s such a huge pleasure to be with you today to discuss our project. Yes, we’re launching the first product of Bancambios Financial Technologies, which is the Bancambios Exchange.
Our go-to market strategy is aiming to convince older generations who relate to the word “Bank” (as a safe place to store their money) to join the financial renaissance as we call it. By educating them about the immense benefits of crypto, we’ll onboard them on the platform and they’ll enjoy better interest rates by converting their fiat money into stablecoins. We’re also preparing new asset reallocation strategies so retail, small and large enterprises to corporate money market managers can have access to the new asset class.
We’re fundraising our project through the token sale of our exchange token Bancambios XA with ticker “BX” via private sale, pre-sale, IEO and IDO. The BX token won’t only be an exchange token, but it would also serve as the native token of Banfi Network, the DeFi ecosystem we’re building on the Ethereum blockchain. Besides the above function, the BX token would also be used for DEX trades, Liquidity Pools, LP Tokens and other DeFi innovations on the network.
Thanks to this strong tokenomics model, the token will maintain a healthy value over time, as the platform builds up transaction volume off-chain and on-chain. This would help attract both people entering the crypto space via centralized exchanges and the Decentralized Finance wallet users.
Why do you think education is so important in the crypto space, and what are your plans in this regard?
Indeed, education plays a big role in crypto adoption. As such, we’re launching Bancambios Academy to inform, guide and educate users on various important points they need to know.
We’ll teach them basic things like how to copy and paste securely, how to safeguard their crypto holdings and how to safely use the exchange. Webinars on blockchain technology, stablecoins, buying crypto, staking, crypto trading, and blockchain development are also in the works. We’ll also provide them with resources on how to become a trader, and what software and platforms to get accurate information from.
Finally, the Bancambios Academy will house a knowledge base where users can get specific information about each project and blockchain network, the different trading pools on the platform, as well as guides like how to safely store their private keys, how to use a DEX, how to mint NFTs, what is an STO, and much more.
“Knowledge is power,” as they say, so we want to empower our users to become blockchain citizens by arming them with the right kind of knowledge.
How do you think the pandemic impacted the world?
The pandemic was a difficult time for humanity. The fact that the governments, corporations, universities, global health associations were caught unawares is a shame. As we’ve seen, internet (and mobile phone) usage went up substantially, as people turned to the internet. However, people now spend time and attention on things that don’t sufficiently educate them or provide them with the opportunity to venture into new financial products like DeFi or cryptocurrencies.
A lot of people lost their jobs during this pandemic, but it’s a fact that the blockchain space did really well during this period. Some people made hundreds of thousands or even millions, multiplying their crypto holdings by five to 20 times. In other cases, users from decentralized platforms were eligible for surprising airdrops like UNI, 1Inch, PAINT, Badger. Those tokens have exploded from the time of the airdrop to now, and they’re now worth more than $20,000 combined, no other place or industry would be offering this life-changing opportunity, which is why we’re dedicating the rest of our lives to serve and grow this space. Now that we have more people connected to the internet, it’s very important to educate them on the benefits of crypto and bring them onboard the decentralized ‘train’.
What are your plans for security tokens trading or issuance?
First of all, we’d like to mention that we place a strong emphasis on building an eco-friendly business model; we believe green technologies are here to stay. A lot of investors are playing Investment Banking 2.0 or Capital Markets 2.0 supporting companies that aren’t good for the environment — that would not be our case. There are several eco-friendly industrial initiatives that are profitable, with huge potential, and this is the time to support them.
Also, STOs are usually for accredited investors, leaving behind the average person, we want to make co-ownership of prominent assets available to everyone. Nowadays, with the mass adoption of the Sharing Economy, people know about Crowdfunding and Community-Owned income producing properties, enterprises and assets.
To that end, we’re working to simplify the entry of everyone into these new financial opportunities.
NFTs have been in the news lately, do you have any plans to participate in this market?
Yes, I’m actually still holding some NFT from 2017, so we’ve always been big believers in NFTs not only in art, music and gamification.
Still, we believe there’s a huge market potential in Supply Chain: replacing barcodes on products with QR codes linked to the blockchain, which allow to document the authenticity and distribution of products, as well as NFTs that represent financial assets to foster more efficient ownership and co-ownership of these assets.
And that’s a niche we want to impulse on Bancambios Labs and Bancambios Launchpad. We welcome teams to build new projects that can be attached to real use cases on enterprise, DeFi, supply chain, chronology, verification of authenticity and other exciting solutions.
Could you please give us a rundown of the most important things about the Bancambios platform?
Well, in terms of operation, security is our number one priority, and we’re working with the top global cybersecurity companies to find vulnerabilities, as well as a vigilant internal operations team to squash bugs and limit human error. In terms of service, our aim is not to compete with other crypto exchanges. We want to compete with banks who are giving negative interest rates, expensive transaction fees, overdraft charges, slow and inefficient loan services, financial services from 5 to 5pm from Monday to Friday. We want to convince more traditional bank customers to join the “Financial Renaissance” at Bancambios Wallet.
So, going into 2021 and beyond, how will your project make an impact on the world?
Thank you. Like I mentioned before, Bancambios has a strong commitment to protecting the environment, for example we’re not going to issue any plastic cards like other projects, challenger banks or neo-banks around the world. That should distinguish us from the rest.
The World Economic Forum estimates that by 2025, the oceans will be filled with more plastic than fishes. And many other ecocides happen on a daily basis. We believe there’s enough plastic and the future of payments is contactless. In our opinion, it’s a shame that projects keep printing plastic cards, so we aim to change the petrol-based economy that empowers the use of polymers or polluting materials.
Our planet is suffering irreversible damage from the business models of the past 200 years, we want to empower new business models and CleanTech, GreenTech projects in Bancmbios STO Launchpad to emancipate an industrial renaissance which must be environmental friendly.
In Bancambios, we aim to be environmentally friendly. We believe that in th future people won’t even need a smartphone to pay for things, just their biometrics would be enough.
Now, could you tell us about your accomplishments so far, and in the history of the project, please tell us what you are most proud of.
Well, we are very proud actually that we registered the URL of our website in 2014 and we registered our trademark in 2015. When the first project of Bancambios failed, we envisioned some things during those early days that actually just happened six years after. It was too early then, but now is the perfect time to re-launch this project.
Now, we’re proud to be founding members of global organizations that are actually changing the global financial landscape like the case of Global Digital Finance, we are proud than Don Tapscott from Blockchain Research Institute accepted us to join their ecosystem and share offices around the world like Mexico, Latin America, Estonia, South Korea. Even more, we’re proud of being well accepted by companies that are very exclusive and selective on who to work with, and finally with all the World Class advisors and true DLT professionals that believe in this project. But the proudest moment would arrive when we start gaining satisfied users, and we’re working hard and we’re definitely planning to onboarding users during Q2 2021.
Now, give us a quick rundown of the future of the project. For example, what new things are you seeking to bring to life and what will it mean for Bancambios?
Our first and most important product is the Bancambios Exchange, as it is the most powerful matching engine in the world, capable of transact 8,000,000 Transaction per Second in a Centralized Matching Engine, which can facilitate massive volume from both mobile and desktop.
Retail, Capital Markets, Hedge Funds, MM, and many others could seamlessly trade without any potential downsides. We’ll follow up with Bancambios DeFi, Bancambios Academy, Bancambios Events, Bancambios Labs, Bancambios DAO, Bancambios Financial NFT Marketplace and Bancmabios STO Launchpad.
How does Bancambios try to help mass adoption of cryptocurrency and why is mass adoption important?
Our aim is to gain mass adoption. There 1.2 billion people using legacy banking systems, 1.7 people are unbanked, around 800 thousand people are underbanked, and there are 5 million internet users. These figures only paint a picture of a long way towards mass adoption, but the nature of our project is mass adoption-oriented.
There are two main points to take in consideration for real global mass adoption.
One is “on-ramping” more fiat, and the other is locking digital assets on a long term. The reason why DeFi is so successful is because it was designed to materialize long lock-up periods to increase the Total Value Locked (TVL).
We believe we’re going to have upsides and downsides until this technology is globally adopted as the only way to transact value. We believe this is more an evolutionary era instead of just a mere economic update.
What are the key differences between a centralized exchange and a decentralized exchange, and could you tell us more about Bancambios.Exchange?
Centralized exchanges engage in off-chain trading, meaning we’re doing trades which aren’t directly attached to the blockchain and the custodian of those coins is the Centralized Exchange on behalf of the User. We can think of centralized trading as keeping coins inside a shoe box, and users can gain access using email and password, if they forget their password they can ask for a new one.
Decentralized exchanges all engage in on-chain trading, meaning all trades are directly interacting with a Blockchain and Smart Contract. Let’s say we’re trading coins directly from the blacksmith and to access those coins, we need to present a 12 or 24-word key phrase and if we lose this phrase we lose access to our coins, as the user is the sole custodian. Hence the saying, “not your private keys not your coins.”
Tell us about your team. Who are the people behind the screens?
Behind the screens, there is a dedicated group of people with experience in different technologies and different skill-sets.
We’ve got developers with different programming languages like Angular, Golang, Solidity, Rust, C++, Python; graphic designers; experienced derivative traders; capital market professionals to name a few. The team is composed of experts in their own fields all working towards a common goal of bringing crypto to the global stage. Stay tuned to learn about our operational team and the announcement of our world-class advisors.
What are remittances and why are they important?
The global remittance market size is valued at about $600 billion dollars per year. The World Bank calculates that the cost of sending is average 6.5% per transaction, this is the cost of sending and receiving money internationally, plus the cost of buying a foreign currency and the cost of converting a foreign currency into domestic currency.
We believe that, with use of blockchain technology today, the cost of a remittance should be no more than .01%. Furthermore, we believe the future of remittances should be owned by the community that made it happen.
In the near future, Bancambios will obtain money transfer licenses to provide a faster and affordable service to serve the most important remittances corridors in the world, starting with USA-Mexcio, LatAm-USA, UAE-India, Hong kong-China, USA-China, USA-Phillipines.
Bancambios Remittances is a project subject to licensing, and that’s why we need a powerful matching engine from the start. For this, we’re using Multi-Party Computation technologies to make it efficient, instant and ultra safe to transact on the platform.
Which partnerships have you engaged so far, and which ones are the most impactful?
We’re very excited about our partnerships. However, we’ve signed NDAs with our several partners, so we cannot disclose their names for now. Still, we can say our technology partners have been providing DLT as a Service for many years and have processed billions and trillions of dollars in value without any bad experiences.
We’re engaging with the World Class partners that are actually providing services to the most successful Blockchain Startups. Some of them we can mention are the Cyber Security Companies we are going to engage with like Peckshield, Hackenproof and CERtified, Certik, Quanstamp, and On-Chain Tracing Systems CypherTrace, Chainanalysis, and other off-chain analytic systems to take us to the edge of “the game”.
We’ve been in talks with different new blockchains like NEAR, Polkadot, Avalanche, Solana, Casper Labs, TomoChain, Ocean Protocol, Hadera Hashgraph, R3, Plasma Pay, IBM Blockchain,Consensys to mention some, and the open-source protocol IPFS, and open-source enterprise protocols like Hyperledger Fabric.
If people would like to follow you on your social media pages, visit your website or read your important documents like your whitepaper, what are the links they need to visit? Please list them below.
Yes, the link for the exchange is https://bancambios.exchange where the users will be able to find all our documentation.
You can connect with us through our social channels below.
Twitter: https://twitter.com/bancambios
Telegram: https://t.me/bancambios
Medium: https://medium.com/@bancambios
Discord: https://discord.gg/6zDctVPqTY
LinkedIn Company Page: https://www.linkedin.com/company/bancambios
Facebook : https://facebook.com/bancambios
Publications of NFT on Instagram: https://instagram.com/bancambios
YouTube: https://www.youtube.com/watch?v=FdhC8oghEmo&ab
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