The world’s first decentralized cryptocurrency bank, AriseBank, announced that they have reached an agreement with a Federal Deposit Insurance Corporation (FDIC) insured bank that has been in operation in the US for over a century. The acquisition, in addition to a partnership with Bitshares, will occur before the end of the year.
The FDIC is an independent agency created by the US Congress to maintain stability and public confidence in the nation’s financial system. By acquiring the bank AriseBank would have full financial capabilities of traditional banking united with the power and platform of real-time crypto-banking including a global network of ATM’s, debit cards, and an AI trading platform according to a report in the Huffington Post.
Crypto Bank ICO
AriseBank also aims to raise a billion dollars in a record ICO to launch its services as the world’s first cryptocurrency bank. Co-founder and CEO of the bank, Jared Rice Sr., stated:
We are very excited to be at the forefront of history today. We feel like this was going to happen eventually and wanted to get the process started for the industry as a whole … The bank we are acquiring has hundreds of banking partnerships across the world and many certifications and licenses that make sense when it comes to interacting with our decentralized cryptocurrency platform.
Arise will also be acquiring a 25-year-old investment bank to facilitate the creation of a crypto-investment house for clients across the globe. There are big plans ahead according to Eddy Taylor, a current advisor to AriseBank;
The world’s first federally compliant, decentralized bank invites visionary strategic partners from all countries. Arise features will include quantum computer-safe operating systems, multi-crypto debit cards, cell to satellite global outreach and much more. We plan on growing investor confidence outside of our decentralized platform, which will enable many other outside services in areas like real estate, among many others on a global scale.
BitShares On Board
The procurement comes parallel with the announcement of a strategic partnership with the world’s busiest financial blockchain, Bitshares. The decentralized exchange Bitshares will provide a comprehensive platform for real-time delivery of incorruptible financial products and services for AriseBank’s clients. BitShares offers a stack of financial services including exchange and banking on a blockchain. It has a current market cap of $977 million and handles over a million blockchain transactions per day.
According to the report, Bitshares has also teamed with the United Precious Metals Association (UPMA) to provide concurrent metal-backed cryptocurrencies into the mainstream. BTS has seen steady increases this month from $0.09 to a current high of $0.39, this week alone has seen a 140% increase in the altcoin’s value.
Note: Bitcoinist had originally reported that Bitshares had teamed up with the United Precious Metals Association (UPMA). We have since learned that no such partnership exists. The UPMA is not involved with Bitshares or AriseBank in any way. The article has been updated to reflect this new information.
Would you use a crypto-bank or keep your stash in wallets? Add your thoughts in the comments below.
Images courtesy of AriseBank, BitShares, AdobeStock
