USA, March 1, 2021 Swiss bank Grow enters the market with it’s DeFi DAO – a project that will change your entire view of the banking system!
In easy words, Grow Bank is a full-fledged mobile bank app for managing your funds, including in the form of cryptocurrency assets. But in fact, Grow is ready to provide much more.
Naturally, the first thing we think about before entrusting our funds to someone is, of course, reliability. Grow has a classic banking license, EMI & FCA, and its users are protected by Swiss law. Each user opens an IBAN account, supports transfers by requisites, SWIFT, SEPA, 64 fiat currencies.
The incredible interest of individuals in fintech and the stock market is changing the way we understand banking products. The request for a fair distribution of profits from the bottom up can no longer be ignored. This is evidenced by the next historical peaks in cryptocurrencies, decentralized DeFi instruments and anarchic short-quotes by individuals bankrupting greedy hedge funds.
The current market conditions are more than favourable for the launch of fintech services, primarily focused on the profits of the average investor and user. The Grow project was announced as a hybrid of the best that you can get from NEO bank: reliability, convenience, integration with digital assets and readiness to fairly share profits with clients. But first things first.
Everything is clear with fiat money, but what about cryptocurrency? In addition to providing traditional banking services, Grow Bank is also a secure multi-currency crypto-purse that supports more than 20 popular cryptocurrencies, with the possibility of conversion with minimal fees and “smart-dividends”. The most interesting thing is that the Swiss fintech is ready to generously share its earnings from commissions with users.
What’s with the blockchain? Imagine that you own one share of a large top-10 bank. The share is a piggy bank, which is replenished with a kopeck every time some bank customer made a transaction to exchange cryptocurrency with the most cost-effective in the market commission, up to 0,1%-1%, withdrawal of fiat funds via SEPA or SWIFT payment, cash withdrawals from ATMs of third-party banks, and so on.
In this case, the distribution of income from transactions per share (in this case a digital asset of the bank) is as transparent as possible. The distribution takes place without board meetings or financial reports. It happens instantly. Does that sound fantastic? However, thanks to Ethereum blockchain, it becomes a reality and the Grow project plans to share its revenues honestly and transparently with holders of the internal digital currency within the DAO community.
Grow is issuing 100 million tokens, the price of which will be truly fair. And the project is ready to enter the market in Q1 2021. Agreements with exchanges has been signed and very soon Grow Bank token will be listed on Balancer, Uniswap and 3 more centralized exchanges.
The project team is working tirelessly to provide its users with enhanced opportunities for preserving and increasing their capital, and already in February 2021 it will be possible to open a bank account, and order a bank card, purchase tokens and use the services of an exchanger.
The commission on transactions within the bank will be 0%, including deposits from other banks. Withdrawals cryptocurrencies to the Grow card has zero fee, fees for fiat-fiat, fiat-crypto, crypto-fiat, crypto-crypto conversion and withdrawals from the bank to third-party banks will be 0.1–1% depending on the transaction volume.
The fair rate of Grow’s digital unit will be recalculated by a blockchain algorithm once a day, most of the bank’s fee income will be distributed by a smart contract to all the digital currency tokens issued by Grow Bank. Tokens can be sold or exchanged within the Neo Bank system at any time.
The turnover of the bank’s digital unit placed on third-party DeFi platforms will be regulated by a trading bot that buys tokens at a fair price, i.e. a price equal to the sum of the corresponding amount of deductions from transactions in the system at the current moment.
The current token rate will be displayed in the application. The bot will insure against token falling or rising too sharply, thus preventing the token from turning into a speculative instrument and ensuring continuous liquidity.
Behind the bot technology is ideological and legal protection in the form of the Swiss central bank’s insurance and neo-banking technologies, which have nothing to do with HYIPs but are set up to manage internal liquidity in customer bank accounts.
Within the framework of strict regulation client’s funds cannot be misused, and clients themselves can make speculative transactions within the regulated limits, allowing to get a reasonable return on investment of funds in Grow Bank. The creators of Grow themselves call their model «smart dividends», where the wealth of each Grow digital unit holder grows in proportion to the increase in transactions in the system. Another neologism for the Grow token is Growcoin, similar to Stablecoin.
Interest in blockchain is moving to a new level, but now without the hype of private investors. This time, instead of crypto-anarchists, the blockchain economy is being pushed forward by governments, banks and progressive fintechs. Neo banks are able to build a new economy, the main principles of which will not be greed of shareholders, but a fair business model, the successful development of which will benefit everyone.
Perhaps it is the Grow Bank that will become the first stable and progressive instrument in the modern banking sphere. If you are tired of the problems of traditional banks and their lagging behind the requirements of modern economy, grow with Grow. Now is the time.
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