In the world of technology and startups, many new companies are positioning themselves as providers of blockchain technology. As a culture, we are at a point where most people’s knowledge of blockchain starts with cryptocurrency. As people are becoming more familiar with the subject, we see an increase of cryptocurrency adoption, blockchain solutions, and ICOs.
Recently, we have seen several companies fundraise large amounts of money via ICOs. Companies are using the coin based style of fundraising to work on a multitude of things such as foreseen problems with Bitcoin & Ethereum, secure voting and poll results, and improvement in traditional banking.
Change Bank states, “Change is a concept that was born out of financial technology (FinTech) changing the traditional banking industry.” Their point of emphasis is that financial technology companies have been able to use technology to increase the overall quality of business services provided by traditional banks. It is true that banks have positioned themselves as a “jack of all trades”, which demonstrates their inability to provide top-notch financial services.
Change plans on becoming the world’s first crypto bank by establishing themselves as the marketplace for financial tech companies. Change will offer the marketplace, a universal crypto wallet, and even a Change Card for online and offline payments.
This card seems to be a serious differentiator from other coin-based companies. According to their white paper, the first users to receive a card will be the first 500 investors (at least 50 ETH) and the top 100 investors. The Change Card will be able to use your assortment of cryptocurrencies for any merchant that accepts card payments. They even offer a rebate (similar to cash back) for using their card and, it doubles if the user pays with a Change token.
The image is a bit confusing, but basically, you will select the cryptocurrency that you want to use and then use your card common to current debit/credit cards. There is enhanced security with a dynamic CVV for each transaction. This may be the feature that will set Change ahead of their competition.
Their ICO started September 16th and will end on October 16th, so if you are interested in their company, check out their website!