• Change Bank

    3
  • The First Truly Decentralised Crypto Bank

About Change Bank

The rapid proliferation, expansion, and adoption of cryptocurrencies is incredibly disruptive to traditional banking, driving forward its evolution even as a myriad of rival solutions emerge (for everything from payments and remittances to investments). Change Bank aims to be one of the more comprehensive, user-centric solutions (along the lines of CoinsBank and Polybius, or Bankera), by building a decentralised cryptocurrency based bank and marketplace that allows users to access financial services from a worldwide network of partners. Change Bank appears to be focused on developing a peer-to-peer services network, rather than on integrating with traditional banking institutions and mechanisms.

The features listed in Change Banks’ whitepaper include:

  • Global Onboarding:  A mobile app with an electronic Know Your Customer (KYC) platform capable of onboarding users from anywhere in the world and automatically validating user transactions with third-party service providers through tokenized KYC information sharing.
  • Universal Crypto Wallet: An intuitive and easy to use in-app crypto wallet that facilitates the storage of all major cryptocurrencies.
  • Card Payments: A Change Card that allows users to spend their digital funds online and offline wherever credit/debit cards are accepted.
  • Attractive Fee Structure: Users aren’t charged for having an account, transferring funds, or making payments.
  • Rewards (Redefining Cash Back): Users are rewarded for using the Change Card and third party services on the platform (online or offline) by receiving part of their transaction back in the form of Change Coins.
  • Enhanced Security: The  Change Card can be locked from the app at any time.
  • Marketplace: Investment in stocks, P2P lending opportunities, real estate, travel, and more.

Change Bank ICO Review

The Change card is a Mastercard card which allows users to spend cryptocurrencies to buy goods and services and withdraw funds from ATMs all over the world. Users are not required to convert their crypto-assets into fiat; upon payment or cash withdrawal, the system checks whether the user has sufficient cryptocurrency in their wallet and deducts the necessary amount. Exchange rates are displayed in the app in real-time. For every payment made with the Change card, users receive a  0.05% rebate in the form of Change Coin. The rebate will double if the user pays using Change Coin. Merchants will be charged a 2% fee on payment transactions.

Change says that its value lies in re-bundling unbundled financial services, providing users with access to a multitude of financial services such as investments, insurance products, and loans. Moreover, these financial services can be located anywhere in the world, with no geographical restrictions. Change Bank will provide initial screening and approval for service providers, but ultimately plans for the marketplace to be self-regulating, with published ratings and usage statistics. Third-party service providers will share 20% of their revenues generated from Change users with Change, of which 1/6 will go to marketplace investors and 5/6 to Change Coin holders.

Change Bank is based in Singapore and is supported by the Estonian government’s e-Residency project – a strategic partnership that will validate and make Change Bank’s services available to more than 22,000 global e-residents. This will also allow users to access all the third-party services on the platform using a single digital identity. Change Bank will also make it easier for service providers to integrate with the platform by building a library of SDKs and standardized APIs for different services classes based on their requirements.

Change Bank ICO Review

 

*Disclosure – At the time of writing, CryptoRated staff owned no Change tokens.

Interested in deeper analysis – Change bank?

Team

Change is headed by CEO Kristjan Kangro (previously CFO of Expara, an early stage Venture Capital company in Singapore), Partner Artur Luhaäär (CEO of Smartly, a Singapore based robo advisor), Partner Gustav Liblik (CEO of Catapult, a blockchain-powered exchange for growth companies in Southeast Asia), CTO Edgars Simanovskis (CTO at Danabijak, a peer-to-peer lending company in Indonesia), and Partner Karl Vään (CEO of BitOfProperty, a real estate crowd investing platform in Singapore). Smartly CTO Nakul Pant is also on the team, along with blockchain developers Henry Kehlmann and Dragos Giugula, as well as business developer Francisco Bernardo and administrative/financial manager Kenneth Loh. Company advisers include Lesly Goh (Financial Services Industry Lead at Microsoft Asia Pacific), Roger Crook (former CEO at DHL, currently CEO of Capital Springboard, a peer-to-peer invoice financing platform for SMEs in Singapore), Vinay Mohan (Asia-Pacific Head of ConsenSys), Miguel Soriano (Professor at the National University of Singapore), Philipp Kristian (Fortune 500 Finance Innovation Leader and author of The Trust Economy), and David Moskowitz (Project Head at Indorse: Decentralized Professional Social Network).
Kristjan Kangro
CEO
Gustav Liblik
Partner
#
Edgars Simanovskis
CTO
Karl Vään
Partner
Henry Kehlmann 
Blockchain developer
Drago Giugula
Blockchain developer
Francisco Bernardo
Business developer
Kenneth Loh
Administrative/Financial manager

Crowdsale Details

Token Sale Dates

16-September to 16-October

Total Supply

312,500,000 CAG

250,000 ETH worth of Change Coins in ICO will be 40% of the total supply.
15% will be allocated for rewards and bounties; 10% will be allocated to early investors and future partnerships; 15% is reserved for the team and motivation packages; and 20% will be held by the company, under scrutiny of the community, to reach future sustainability through network revenue distributions.

Raise Limits

Hard cap of 250,000 ETH for the entire ICO.

Pricing Structure

1 ETH = 500 CAG
Minimum investment: 0.5 ETH

Bonuses: first 24hrs – 20%, 1st week – 15%, 2nd week – 10%

 

Project Highlights

Technical White Paper

Whitepaper explains the vision, lays out the features, goes into various aspects of card functionality and security, illustrates payment and marketplace usage scenarios. Does not disclose technical details of the platform or its API.

Team

Well immersed in the financial services sector and positioned to integrate the partners’ various enterprises; strong advisers; transparent involvement.
There’s also a meet-the-team video.

Location

Based in Singapore, supported by the Estonian e-Residency project.

Blockchain

Ethereum

Project Code

N/A

Prototype

N/A, but there’s a Change Beta Demo @ ETV Show (with subtitles)

Token Rights

Transactions and fund transfers on the platform; rebates; profits from the marketplace.

Ratings

Product

View Breakdown
Readiness

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

1
N/A
1 - Nothing yet, just an idea.
Appeal

Does this solution have a distinct edge?

4
N/A
4 - Captivating.
Target User Base

Is it mass market or niche?

5
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?

2
N/A
2 - Quite a few / somewhat better competitors.
Innovation and IP

Is there (patentable) innovation and intellectual property?

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

View Breakdown
Blockchain Development

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

4
N/A
4 - Innovative use of blockchain technology.
Disruptive Blockchain Advantage

Is it safeguarded against misuse and corruption?

4
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?

2
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

Does the token provide holders with value other than as an investment?

3
N/A
3 - Hybrid; decentralized as far as circumstances allow.
Contribution to Blockchain Ecosystem

Does the solution contribute to the evolution of blockchain infrastructure and economy?

3
N/A
3 - Interesting.
Whitepaper

View Breakdown
Comprehensiveness

Does it cover the full scope of the problem and solution?

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

Is it easy enough to understand?

3
N/A
3 - Readable, takes some time.
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
N/A
3 - Basic honesty with some hype.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

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

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

3
N/A
3 - More information required.
Roadmap

View Breakdown
Concreteness

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

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

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

2
N/A
2 - Very ambitious.
Vision

Is there a larger, long-term vision?

5
N/A
5 - Paving the way for the future.
Dependencies (other services or capabilities required)

Does it seem as though a lot of know-how and experience went into the development plan?

3
N/A
3 - Imperfect but available, or using substitutes.
Current Position

Is the project currently sufficiently far along in its development plan (relative to its vision and plans)?

1
N/A
1 - Nowhere yet.
Compliance

View Breakdown
Token Utility (intrinsic value through usage)

Is there a concrete business plan (vs. market descriptions, general sentiments, and fluff)?

4
N/A
4 - Distinctive use cases.
Token as Security (tradable financial instrument)

Is the business model realistic? Is it based on reasonable goals and timelines?

3
N/A
3 - Partly; compliance not fully assured.
Token / Smart-Contract Infrastructure Readiness

Are the solution's revenue streams, profit mechanisms, key KPIs, etc. clear and easy enough to understand?

1
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

Is the project raising an amount of money that makes sense given what it needs to reach profitability?

4
N/A
4 - Specific, detailed.
Legal Review or Agreement

Is it safe from legal, moral or investor abuse?

4
N/A
4 - Professional.
Company and Team

View Breakdown
Company Stage and Foundation

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

2
N/A
2 - Initial stages of formation.
Background of Lead Team Members

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

4
N/A
4 - Verifiable relevant experience.
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?

3
N/A
3 - Mostly assembled and committed.
Team Skill Set Relevance

What is the level of presence, added value, and commitment of the advisory board?

3
N/A
3 - Correlated to project requirements.
Team Skill Set Balance (biz / tech / blockchain)

Are there enough sufficiently experienced blockchain architects and developers on the team?

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

View Breakdown
Raise Amount Max

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

2
N/A
2 - Somewhat greedy or unrelated to plans.
Raise Amount Min

Is the minimum raise reasonably enough to carry out the majority of the development plan? Are there raise amount dependent milestones?

1
N/A
1 - None or nonsensical.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3
N/A
3 - Rough estimates, but sensible.
Token Allocation

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

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

Is the ICO well planned in terms of time, phases and scenarios?

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

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