Bankera

Regulated bank for the blockchain era

About Bankera

Bankera is building a digital bank for the blockchain era, with the aim of integrating traditional and cryptocurrency related banking and becoming the one-stop-shop for all financial services. Bankera will offer three core lines of service:

  • Payments: Payment accounts with personal IBAN, debit cards, interbank foreign exchange rates, and payment processing. All services will support both fiat and crypto currencies. In the long term, Bankera will implement innovative solutions such as GDP-linked currencies or use equity traded funds as a substitute for money.
  • Loans and deposits: Not only savings, but also current deposits will receive interest. All Bankera clients will be able to benefit from higher interest rates due to proprietary information about borrowers’ cash flows, as most loans will be given to business clients who use the payment processing solution.
  • Investments: Low-cost investment products such as equity traded funds (ETFs), crypto-funds (a portfolio of various cryptocurrencies and crypto-tokens), and robo-advisory solutions for wealth management. Later on, Bankera will offer investment banking services including financing corporate strategies of business clients.

Bankera is an operational fork of SpectroCoin, a web-based bitcoin wallet and exchange provider, which serves as Bankera’s MVP (with features such as Bitcoin debit cards and payment processing), and will also be hosting its pre-ICO. SpectroCoin will continue to provide a solution for cryptocurrencies, while Bankera will provide the banking services listed above.

Bankera ICO Review

Bankera plans to have significant infrastructure in place prior to the initial coin offering (ICO). The company claims to already have the necessary regulatory and IT arrangements to offer individual international bank account numbers (IBAN) which can handle payments in the Single Euro Payments Area (SEPA), and says it will apply for additional banking licenses in key jurisdictions so as to be able to handle a wide variety of fiat currencies and facilitate cross-border transactions. Although Bankera will not have physical branches, it will issue payment cards that can be used at ATM’s and also plans on partnering with retail providers of cash deposit and withdrawal services, and on developing such a network of retail agents in developing areas. Bankera’s wallets will initially cover 22 fiat currencies, including major currencies such as USD, EUR and GBP, and in addition will also support cryptocurrencies such as Bitcoin, Ethereum, DASH, NEM and others.

Furthermore, in order to facilitate the acceptance of cash payments via Bankera’s gateway, Bankera will also provide businesses with extensions of its proprietary know-your-client (KYC) and fraud screening technologies, and offer incoming payments financing (as an alternative to invoice financing) or short-term finance products to bridge businesses’ cash flow gaps.

To obtain the capital necessary for implementing its vision, Bankera is launching an ICO and issuing ERC20 tokens called Bankers (BNK). Bankers token holders will be entitled to receive pro-rata shares of 20% of Bankera’s net transaction revenues in ETH on a weekly basis.

Most of the capital raised in the ICO will go towards satisfying capital adequacy requirement ratios and obtaining banking licenses in new jurisdictions. Currently, Bankera has a payment institution’s (PI) license and is authorised to operate in European Economic Area (EEA) regions. Bankera expects to obtain an electronic money institution (EMI) license before the ICO, which will enable all services except deposits and investments. After the ICO, the company’s key objective will be to obtain a banking license in the EU. Bankera will also work on obtaining membership in key financial networks such as card schemes and remittance channels, as well as additional banking licenses in key jurisdictions.

Bankera ICO Review

In accordance with margin calculations detailed in its whitepaper and estimates based on SpectroCoin’s current cost structure, Bankera expects a revenue of 11M EUR in its first year with stable growth to 500M EUR within ten years, while most of the company’s expenses will consist of wages (for 200 employees in the first year, growing to 2000 employees within ten years), as well as legal and IT expenses. Due to its strong foundation, operational product, and the initial SpectroCoin user base, Bankera expects to be profitable right from the start.

Lead Team (information taken from company website):

  • Vytautas Karalevicius, CEO: Vytautas is currently completing a Ph.D. in Cryptocurrencies at KU Leuven University in Belgium. Has an MPhil degree in Finance from Cambridge University and has interned at Bloomberg (London office).
  • Mantas Mockevicius, CCO: Mantas has over eight years of experience in managing operations and compliance for electronic and digital money exchanges. He holds a bachelor’s degree in Economics and master’s degree in Finance.
  • Justas Dobiliauskas, CTO: Justas has nine years of experience in developing software for medium and large financial institutions as well as five years of experience working with blockchain technology and cryptocurrencies. He is an expert in P2P technologies and holds a master’s degree in Information Systems Security.
  • Craig Grant, VP Business Development: Craig has experience in the payment processing industry including three years at Skrill (now a part of the Paysafe Group) as a senior business development manager.
  • Egle Eidimtaite, VP Business Development: Egle has 3+ years of experience in business development in the e-gaming industry. Before entering the corporate world she worked at the European Parliament.
  • Ruta Cizinauskaite, VP Marketing: Ruta is a B2B and B2C marketing expert with experience in both the corporate and governmental sectors. Before coming to Bankera, she accumulated experience in social media, SEO, project management, and sales while working for a startup based in Brussels, the US Embassy, and the Lithuanian government.
  • Tse-Hsin Lu, VP Communications: Tse-Hsin is an expert in digital marketing, especially for financial services, who gained her SEO and social media experience working as leader of the SpectroCoin marketing team. She has lived in the USA, Taiwan, and Belgium.

Advisors (information taken from company website):

  • Lon Wong, President of the NEM.io Foundation, CEO of Dragonfly Fintech
  • Antanas Guoga, Member of the European Parliament, serial entrepreneur, and a well-known poker player.
  • Eva Kaili, Member of the European Parliament, chairman of the EP’s scientific foresight unit.
  • Modestas Kaseliauskas, formerly Director General of the State Tax Inspectorate (STI) in Lithuania (2005-2014), tax partner at TaxLink (Correspondent of Mazars).
  • Damon Rasheed, CEO and founder of Rate Detective.
  • Dr. Eugene Dubossarsky, head of the Sydney Data Science group, the Sydney Users of R Forum, and Datapreneurs, and the creator of ggraptR.
  • Warren Lush, was head of PR at PartyPoker and held similar roles at Ladbrokes and Sky Sports; worked for Rt Hon William Hague MP (former leader of the opposition and Foreign Secretary).

Crowdsale Details

Token Sale Dates Pre-ICO launch on 28-August to 28-September.

ICO launch in mid-October.

Total Supply Total supply will be determined by the amount of tokens sold during the pre-ICO, which will count as 5% of the total. Of this total amount: 70% will be offered for sale in the ICO, 20% will go to the management team and employees over time, as well as toward bounties, and 5% will go to the advisors. Any tokens left over from the ICO will belong to Bankera.
Raise Limits N/A, depends on pre-ICO.
Pricing Structure During the pre-ICO: 1 BNK = 0.01 EUR

ICO price will depend on the number of tokens issued in the pre-ICO, ranging from 0.012 (if 500M or fewer) to 0.017 (if more than 2,500M).

Project Highlights

Technical White Paper       http://bankera.com/Bankera_whitepaper.pdf

Comprehensively presents an ambitious business plan.

Team Presents with substantial collective experience in business and finance, with particular emphasis on handling cryptocurrencies (via SpectraCoin), though not so much on blockchain development itself (which may be fine given the straightforward functionality of the BNK tokens themselves). Advisors bring in expertise related to blockchain, government, financial services, data science, and public relations.
Location SpectroCoin headquarters are in the UK.
Blockchain Ethereum
Project Code N/A
Prototype https://spectrocoin.com/
Token Rights Pro-rata shares of 20% of Bankera’s net transaction revenues in ETH on a weekly basis.

*Disclosure – At the time of writing, cryptorated staff owned no Bankera tokens.

Interested in deeper analysis – Bankera?

3.6
Product

Product

Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

4.0
N/A
4 - Captivating.
Target User Base

Is it mass market or niche?

5.0
N/A
5 - General audience / mass market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.
2.4
Use of Blockchain

Use of Blockchain

Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

3.0
N/A
3 - Automation; making something easier to do.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

4.0
N/A
4 - Generally disruptive.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

1.0
N/A
1 - None really, just fundraising.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

1.0
N/A
1 - Essentially centralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.
3.0
Whitepaper

Whitepaper

Comprehensiveness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

3.0
N/A
3 - More information required.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

2.0
N/A
2 - Missing critical information.
2.6
Roadmap

Roadmap

Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - An overall plan, major milestones stated.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

2.0
N/A
2 - Very ambitious.
Vision

Is there a larger, long-term vision?

4.0
N/A
4 - Long term.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.
2.2
Compliance

Compliance

Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

3.0
N/A
3 - Prototype / MVP / alpha.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

3.0
N/A
3 - Limited to blanket standard.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

1.0
N/A
1 - None available.
3.4
Company and Team

Company and Team

Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

4.0
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

4.0
N/A
4 - Fully assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

3.0
N/A
3 - Correlated to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

3.0
N/A
3 - Somewhat uncertain, probably okay.
2.8
Token Sale

Token Sale

Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

3.0
N/A
3 - Justifiable.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

2.0
N/A
2 - Only loosely related to plans.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2.0
N/A
2 - Use of funds only loosely defined.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

4.0
N/A
4 - Solid exposure and interest, good impression.

Product

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

3.0
N/A
3 - Prototype / MVP / alpha.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

4.0
N/A
4 - Captivating.
Target User Base

Is it mass market or niche?

5.0
N/A
5 - General audience / mass market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

3.0
N/A
3 - Partial, a novel approach or aspect.
Product Score:
3.6

Use of Blockchain

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

3.0
N/A
3 - Automation; making something easier to do.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

4.0
N/A
4 - Generally disruptive.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

1.0
N/A
1 - None really, just fundraising.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

1.0
N/A
1 - Essentially centralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

3.0
N/A
3 - Interesting.
Use of Blockchain Score:
2.4

Whitepaper

Category Breakdown
Comprehensiveness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - Covers most key issues; a few holes.
Readability

Is it easy enough to understand?

4.0
N/A
4 - Easy to read and understand.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

3.0
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

3.0
N/A
3 - More information required.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

2.0
N/A
2 - Missing critical information.
Whitepaper Score:
3.0

Roadmap

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

3.0
N/A
3 - An overall plan, major milestones stated.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

2.0
N/A
2 - Very ambitious.
Vision

Is there a larger, long-term vision?

4.0
N/A
4 - Long term.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

2.0
N/A
2 - Not fully available or trustworthy.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
2.6

Compliance

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

3.0
N/A
3 - Prototype / MVP / alpha.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

3.0
N/A
3 - Limited to blanket standard.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

1.0
N/A
1 - None available.
Compliance Score:
2.2

Company and Team

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

4.0
N/A
4 - Established with some fundraising history.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

4.0
N/A
4 - Fully assembled and committed.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

3.0
N/A
3 - Correlated to project requirements.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

3.0
N/A
3 - Somewhat uncertain, probably okay.
Company and Team Score:
3.4

Token Sale

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

3.0
N/A
3 - Justifiable.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

2.0
N/A
2 - Only loosely related to plans.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

2.0
N/A
2 - Use of funds only loosely defined.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

3.0
N/A
3 - Sufficient company/community interest balance.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

4.0
N/A
4 - Solid exposure and interest, good impression.
Token Sale Score:
2.8

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