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Nowadays, along with the spread of globalization, the exchange between nations on trade, investment, education, tourism, etc. are blossoming. According to IMF, in 2017, the size of the cross-border remittance industry has reached 600 bln USD. In fact, the real number from hand-carried cash and other unofficial channels is much higher than the reported figure, which fluctuates from 2.2 to 3.7 trillion USD. The World Travel and Tourism Council reported that the world international tourist arrivals in 2017 are approximately 1.3 billion people, with a total visitor export of $1.4 trillion.
While these channels are so prevalent, banks and MTOs (Money transfer organizations) are facing three main issues called 3Cs:
- Cost: Bank Operating Cost especially the cost of maintaining AML and IT systems are heavily expensive. Customers normally bear double cost from the spread of Foreign exchange due to the lack of supply in rare currencies.
- Coverage: Most banks and MTOs are facing the problem of expanding their network to remote areas where transferring money often takes a large amount of time and money.
- Compliance: Governments are tightening control over money transfer with very restricted AML laws. Many MTOs has left the industry, which results in lower supply and higher remittance fees.
While Banks and MTOs cannot meet the growing demand of the market, customers often choose hand carry or resort to unofficial channels with lots of risks.
ZeroBank – a breakthrough money transfer and exchange platform utilizing the power of blockchain
ZeroBank decentralizes traditional banks and MTOs by using blockchain and utilizing sharing economy, where the network of ZeroBank agents come into play instead of any centralized institutions. The agents are enabled to transfer value from one place / one currency to another by the use of ZeroBank “money barter” tokens. The network of agents can expand very quickly based on the group of community workers in every market ZeroBank operates, which can apparently be anyone.
Low costs due to true decentralization and increased convenience thanks to the large network of service agents are the first key difference that makes ZeroBank the most feasible ICO project in the remittance and money exchange industry.
As Kai Yee Goh, the CEO of ZeroBank explained: “The future of remittance is definitely keeping costs down and making it very convenient so everybody can use. Right now if you want to do a money transfer, you have to go to a bank, you need to have a bank account, and it costs you a lot of money…We create something called sharing economy. Anybody who has a mobile phone can become a money transfer agent. Just like anybody who has a car can become an Uber or Grab driver.”
The all-star team of ZeroBank
The second difference is the ZeroBank team. The team has compiled a team of experienced specialists and senior business executives in the top money transfer and exchange institutions and in IT system architecture and management for top-tier banking and financial services.
CEO Kai Yee Goh is a senior executive in the field of money transfer and payment, having held business development and strategic roles in Transfast, Paypal, Western Union… Along with him, CTO Bao Ly Van is an expert IT architect in banking and financial services with extensive experience working as a consultant and architect for BNP Paribas Fortis, AXA and HSBC Global Banking and Markets.
Not to mention many other team members who are also prominent individuals in the fields, ZeroBank team makes another essential key to drive for success in building up this brand new model, which can disrupt the current money transfer and exchange service markets worldwide.
In order to expand its global network, ZeroBank has signed strategic partnership agreements with many financial organizations working in money exchange and remittance industry. Some of them are BacA Money Transfer, AlphaWhale Capital, M4M Asia… and specially QFPay – one of the largest payment gateways in China.
ZeroBank ICO and Roadmap
ZeroBank has made extensive preparation to study the feasibility of the brand new model and finalized with the angel investors and partners from Q4/2017 to Q1/2018, and the beta version will be released from August to end of 2018.
ZB tokens are built on the Ethereum with ERC223 standard which is compatible with various types of Ethereum wallets, much more robust and secure than old standards.
The number of total tokens issued would be of 1,600,000,000 ZB and the tokens on sale 640,000,000 ZB, the price of 1 ZB token at ICO is 0.075$.
The ZeroBank pre-ICO will start on be from July 10th until to July 30th while the main ICO will be from August 1st to August 25th. To achieve all these goals, the ICO has a $6 million soft cap and a $48 million hard cap.
The WhiteList phase is successful with more than 81 million ZB token have been sold to early investors. Which means the soft cap of the project is close to being completed.
Many global digital asset exchanges have been discussed with ZeroBank team to prepare for initiating the procedure of listing ZB tokens on their exchange market like Binance, Houbi, Okex, Idax, Xstar…
The whitelist is open now until the beginning of the pre-ICO. You can join here.