HubrisOne, Crypto-Bank for Everyday Banking Needs
This article is the first of a series of articles which aims to present information regarding HubrisOne. HubrisOne is a mobile application which combines the benefits of both cryptocurrency and traditional banking system. In this article I would like to present information regarding the idea behind the project, the problems it intends to solve, the solutions and value propositions it will provide and my comments on these.
Founders of HubrisOne believe that cryptocurrencies and fiat currencies will integrate into each other to start operating as a single global currency in the future. They also think that there is a need to have a regulated, trusted and licenced platform which will help new investors to enter the cryptocurrency market. On the other hand, both currencies have lack of trust to each other which causes problems.
HubrisOne believes that the services and processes of the traditional banking system shall be improved by using blockchain technology and cryptocurrencies.
HubrisOne idea emerged to become the first cryptocurrency friendly digital bank which is fully compliant and regulated in United Kingdom.
HubrisOne team believes there are problems related with both of the currencies.
Cryptocurrency market is infant
According to the team; lack of regulation, trust, global financial inclusion together with price volatility and manipulation are the problems of the market which are caused by the infancy of cryptocurrency market.
Trying To Separate Cryptocurrencies and Fiat Currencies
There is a general idea among cryptocurrency users that cryptocurrencies will replace fiat currencies. On the contrary HubrisOne team do not agree this and observe that the market is evolving and developing to find an operating medium in between the two currencies. They further claim that it will not be easy for cryptocurrency to go mainstream unless there is a trustworthy, secure and regulated solution which will legitimise them.
Banks Have Significant Importance
Global banking system have many positive impacts on peoples’ lives such as; providing secure payment networks, making peoples dreams come true when its related with buying something, providing jobs, paying salaries, moving money across the globe etc.
Cryptocurrency Ecosystem Needs a Bank
We have been experiencing banks, credit card companies and payment processors banning their users to transacting with cryptocurrency related businesses.
Complacency & Poor Costumer Service
According to a survey (FIS, 2015), only 23% of the customers globally are happy with their banks.
Extortionate Global Exchange Fees
Banks may charge people up to 13% when they want to transfer money to a different location where there is another currency used.
Profitability of Banks is Becoming a Challenge
The competition is aggressive and adapting rapidly. Traditional banks now need a 360-degree view of each customer in order to focus their resources efficiently (BoC, 2017)
Solutions & Value Propositions
Growth of Smart Phone Usage and Unbanked
There are over 2 billion adults who has no access to a bank account. Besides according to Statista (2016) smart phone users will grow from 2.1 billion in 2016 to approximately 2.5 billion in 2019.
Increasing Cryptocurrency Adoption
HubrisOne application will help cryptocurrency adoption with its’ integrated bank accounts. The applications’ cryptocurrency market access feature provides an easy tool for users to own cryptocurrency.
Instant Digital Bank Accounts
It is very easy and fast to create a digital account at HubrisOne in GBP, USD and EUR currencies. After completing KYC and AML users will be able to use their digital accounts. Users will be able to do everything with these accounts like they do with their normal bank accounts.
Instant International Transfers
Stellar blockchain will be utilized for international fund transfers. This way, people will enjoy the extremely fast international money transfers which will happen in seconds opposite to the present 3-5 days lasting antiquated process.
Secure Cryptocurrency Wallets
Users will be able store and access their cryptocurrencies via HubrisOne application. Funds will be easily transferable between cryptocurrency wallet and HubrisOne bank accounts and be spendable globally via HubrisOne secure debit card.
Secure Digital Account and Card Management
HubrisOne will enable users to do everything they do with a bank representative over the phone via the HubrisOne application. This will give users full control of their accounts 24/7.
Fair and Cryptocurrency Backed Loans
Users will be able to borrow loans in fiat currency backed by their cryptocurrency locked in their wallets via HubrisOne application. Loan applications will be approved/declined in 2 seconds without the need for a credit score check.
Real Time Transaction Monitoring
HubrisOne application will enable users to see their transaction history in real time. They will no longer have to wait their monthly statements.
Hubris Wealth Management Solutions
HubrisOne allows users to consolidate their new and existing portfolios under one roof whilst maintain their fund management company.
Integrated Cryptocurrency Exchange
There will be an auto exchange function provided by the HobrisOne application which enables instant exchange between bank accounts and cryptocurrency wallets with 0.6% fees. There will be up to 200 cryptocurrencies and selected alt-coins will be available upon launch.
Third Party Open Marketplace
HubrisOne open marketplace will enable users to connect other blockchain and non-blockchain service providers. These additional services can and only will be available to Hubris Token holders.
Secure Contactless Personalised Card
Users will be able to connect their debit cards to their bank accounts, cryptocurrency wallets or set their accounts to auto-spend from a nominated account within a few taps. These cards will be able to do everything a bank card do including, contactless payments, spend at any place with Visa logo and secure with 24/7 account monitoring.
Security & Ownership
By understanding such an application which would hold an individuals’ funds need to be highly reliable and safe, HubrisOne has been established on a very strong security infrastructure. Some of the safety features which could be found on the platform are; PCI-DSS Compliancy, 24/7 real-time anti-fraud machine learning account monitoring, AML and KYC verification, encrypted SSL, 2fa, AES-256 encrypted wallet and private keys held by user.
As with many others say, cryptocurrency is now the ‘Wild West’. No regulations at all and there is a risk of fraud on every corner. Scam projects, unregulated services/products, price manipulation causes people to lose funds. Although it provides huge opportunities, present condition of cryptocurrency ecosystem doesn’t seem friendly and trustworthy to the ordinary people outside cryptocurrency. So, proposing a solution which would help legitimation of cryptocurrency is a great idea.
The team believes cryptocurrency would not dominate as the major global currency or fiat currency would not be abolished. On the other hand, they believe that both currencies will work together in the future. I don’t share the same ideas with them but the truth about this does make this project good or bad. The point is that observing fiat currency as a partner made this project happen. The solution provided via traditional banking system would bring legitimacy and reliability to the cryptocurrency.
Banks have been in our lives more than 200 years and they have been providing many benefits to individuals and entities. Therefore, combining cryptocurrency with a well-known and respected infrastructure is great as a business idea.
On the other hand, cryptocurrency ecosystem needs banking. It is still our bridge to the ecosystem. If it wasn’t traditional banking system, we wouldn’t buy or sell cryptocurrency. Besides, traditional banking system do not have good relationships with the crypto related businesses at all. Therefore, HubrisOne solution would be a perfect fit for the crypto community.
Solving the extortionate global exchange fees by utilizing one of the fastest and cheapest blockchain technologies, namely Stellar Lumens, would make life easier and profitable for those who need to do such transactions.
Providing all the services with the app which customers could do through a call centre operator, improves the customer/user satisfaction. This would attract more and more users by itself.
With all the features of traditional banking system which make individuals life easier combined with cryptocurrency buying and selling options, I agree that HubrisOne will help cryptocurrency adoption.
For any application which is capable to control funds, security is top priority. HubrisOne is aware of this fact and implemented top notch security measures. This will sustain the reputation to be gained in time by continuously protecting the user funds.
As for the progress made up to date, there are a lot of things completed. Just a couple of milestones to be covered remained. This brings reliability to the project.
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