Blockbank partners with Kenya's Spire Bank to spur crypto banking
One of the leading commercial banks in Kenya, Spire Bank, will be instrumental in facilitating a wide variety of international Crytpto banking activity in association with Blockbank, to present the world's first fully licensed crypto bank with low-cost funding availability.
Spire Bank, Headquartered in Nairobi top commercial banking entity, fully licensed by the Central Bank of Kenya is valued at having total asset worth of around 180million USD. Originally established as a finance company in 1983 and later commencing operations as a fully-fledged commercial bank, Spire Bank brings a wealth of FinTech knowledge and experience to the table to assist Blockbank in their endeavour. With 350,000 existing customers and a firmly-established high quality reputation, the prestigious Kenyan bank provides a solid foundation for Blockbank's first step into supplying secured and affordable financing options for emerging economies.
This partnership will initiate integration of commercial banking services into crypto entities, businesses, and governments globally – creating dynamic access to more affordable funding opportunities to accelerate economic growth.
The strategic FinTech partnership with Spire Bank will see the incubation of a DDMS smart contract blockchain system – the backbone of Blockbank's platform – enabling Blockbank to provide lower cost funding solutions via Spire Banks' infrastructure. With the capacity to provide a plethora of international banking services, Spire Bank is predicted to be a real asset to the Blockbank assembly, driving the expansion of global banking capabilities for both parties.
The collaboration of these two organizations will be a major breakthrough in fostering the development of low-cost funding options for governments and commercial entities worldwide – particularly in developing economies without current access to these services. In many developing countries, borrowing is still very expensive; with rates sometimes hitting 20%. In some countries borrowing is so expensive, the borrower has to pay enough money to pay the whole loan in 5 years just in interest payments.
Block Bank’s ICO is currently in the ICO stage, which lasts until 28th October. Token value will be driven by the demand of loans they process: The project will distribute issued tokens in the following way,
28,800,000 tokens dedicated towards the ICO sale (72% of the total tokens);
8,000,000 tokens dedicated towards the treasury (20% of the total tokens);
2,000,000 tokens distributed amongst advisors (5% of the total tokens);
1,200,000 tokens will be a bounty reward (3% of the total tokens);
A $12,830,000 worth of their BBRT tokens has already been sold during the pre-ICO phase.