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UK-based Razormind plans to launch two banks in Europe for full Blockchain banking.
The Blockchain consulting company, Razormind, announced that it is planning to set up two bank locations (in Belfast and Paris) which will be using Razormind’s DeOS platform. The banks will allow deposit/withdrawal services for local Bitcoin payments. Razormind reports that both facilities should be active and ready to use by 2017.
DeOS is Razormind’s operating system which uses Blockchain technology for storage. Documents, pictures, etc are all placed on the secure decentralized storage Blockchain. DeOS tokens will be used to register assets, create smart contracts and identities. It will be released in October 2016.
Phil Sturgeon, Razormind’s Director of Legal and Compliance, says:
“We believe innovation is about building the world into a better one each day, and that the time for tackling poverty and predatory loan practices is now. We’re excited to spur growth in Northern Ireland and France and develop Blockchain systems which offer advantages to everyone in the economy. Our commitment to responsibility is good for the community, good for our business and good for the European economy.”
Razormind will be investing €5 million into the development of these two banks, which will be running entirely on the Blockchain systems to increase security and encourage decentralization.
The company is also planning to partner with local companies to invest in Bitcoin ATMs, incentives for merchants and access points for banking.
Jawad Yaqub, CEO of Razormind, states:
“Razormind is extremely grateful for its continued success in Europe and proud that this investment supports communities across the continent. This represents Razormind’s biggest project in Europe to date. The entire team is thrilled to be expanding operations, creating local jobs and introducing some of the most advanced tech yet to make life easier.”
According to Blockchain-Finance both locations will offer similar benefits. The Belfast location will have zero-interest short-term loans, an alternative to high-interest payday loans which already exist. Also, the facility will provide grants for outdoor education spaces for schools. The Paris location will offer similar credit services as well as participating in creating better communities.
Razormind says that they will offer several of the traditional banking features. To date, there are no locations which are providing banking facilities that offer traditional banking, but with decentralized systems. Facilities such as Decentral’s Bitcoin ATM offer an ATM in an office but not full banking capabilities such as credit services and Bitcoin payments.
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