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Knabu (PreICO)

Fiat Infrastructure for the Decentralised Economy

In short, we are a blockchain technology company that has started the authorisation process to be a utility bank in the UK. Our tokens will be sold to the public by auction which will determine the token price. Our minimum funding goal is £30m. The total token supply is 1B tokens of which 750M will be available for sale. We want to enable innovators and future thought leaders to focus more on the quality and strength of their proposition. We will help them do that in two ways. First, actors in the crypto economy should not have to worry about getting a business bank account or the stress of it being closed at short notice due to unjustified ‘risk’. Having an operational commercial bank account in our opinion is a basic right that should not be denied to crypto companies because they are doing something new. At the same time, the bank model is outdated. We are engineering our utility bank to use blockchain technology and build upon decentralised mechanisms that can remove inefficiencies that exist today. Second, we want to enable our economy by building a stake and reputation driven platform where credible token projects are incentivised. This DApp aims to reward and support good actors with community consensus and easy to use tools so that innovators can focus more on the quality and strength of their proposition.A utility bank is also known as a clearing bank. In the UK, clearing banks have settlement accounts with the Bank of England. The entire UK payment system settles across these Bank of England accounts. There are currently only seven UK clearing banks. In the last 250 years, there has only been one clearing bank to enter the UK market. We are looking to further break this monopoly and be the first blockchain technology business to offer clearing. In addition to deposit taking and transaction processing of our own customers, we’ll facilitate the actual movement of money from one account to another between customers of other banks and payment service providers (PSPs). We’ll do this as a B2B business, being direct members of fiat payment schemes (eg Faster Payment and CHAPS). Utility should be the order of the day in providing valuable services and helping the economy to grow. So we plan to introduce products and services which are blockchain aligned and which leverage the efficiencies of self clearing assets towards a universal settlement layer.

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Benchy 3.2
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75 days 15 hours left
2018-11-20 - 2019-02-28
Token
KBU
Bonus
Available
Bounty
Platform
Accepting
ETH
Minimum investment
2 ETH
Soft cap
2000000 GBP
Country
UK
Whitelist/KYC
KYC & Whitelist
Restricted areas
USA, China
More on ICO
Report

About Knabu

We are a Distributed Ledger Technology (DLT) company based in London. Our token platform is designed to enable credible token projects to launch with easy to use tools while incentivising good behaviour. We have also started our bank authorisation process to be a utility bank. It is designed to use DLT to support the cryptoeconomy.

Our #1 goal is to enable more efficient trade and transactions. This paper describes how we plan to tackle some of today’s alue transfer inefficiencies and incentivize good actors who drive credible token projects.

We are looking to help build the future, where significant DLT innovation: (a) powers new and underserved segments and (b) enables globalization with 24/7 transaction processing. We are a new hybrid model looking to drive and support the decentralised economy rooted in peer-to-peer (P2P) transactions within and across borders. Our aim is great outcomes for new and underserved businesses. This means greater access, greater efficiencies, better value and faster settlement transaction times. Unfortunately, today’s mainstream financial services infrastructure is slow and customer costs are high. Yet, the Bitcoin Blockchain Network is a proven P2P system, designed to remove the costly inefficiencies of having a centralised trusted third party.

We want to help drive transparency, competition and innovation in the financial services and crypto-economy sectors. We want to improve the landscape and create great outcomes for all of us.

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