Bank 11: Revolutionizing Finance Through Decentralized Banking
INTRODUCTION
In the current economic landscape marked by fluctuating cryptocurrency and stock prices, geopolitical uncertainties, and trade tensions, the imperative of ensuring secure and reliable international payments and investments has never been more critical. Amid this backdrop, Bank 11 emerges as a promising startup poised to tackle these challenges head-on. Through its decentralized hybrid Web 3.0 bank solution, Bank 11 seeks to harness the potential of cryptocurrencies and blockchain technology, aiming to transcend limitations and contribute to the long-term transformation of the international settlement system.
Platform Overview
Operating as a hybrid CeDeFi (Centralized Decentralized Finance) bank, Bank 11 seamlessly integrates the benefits of smart contracts and rapid transactions from decentralization with Know Your Customer (KYC) protocols from centralization. Distinguishing itself from traditional banks, Bank 11 operates under Panamanian jurisdiction as an online blockchain bank, eliminating the need for conventional licenses.
A groundbreaking aspect of Bank 11 is its status as the world’s only neobank that neither utilizes fiat currency nor stores customer funds. This unique positioning sets it apart from other neobanks and cryptobanks that predominantly function as regulated fiat gateways. By adopting this unconventional market stance, Bank 11 targets freelancers, small and medium-sized businesses, and online enterprises, including those in high-risk sectors like gambling and betting.
Bank 11 specifically caters to clients facing challenges within overregulated banking systems and sluggish payment processes for international transactions. The platform addresses these issues by offering a robust payment infrastructure without the necessity for licenses. Within this framework, only Stablecoin, a cryptocurrency pegged to a stable asset, is utilized instead of fiat currency. This approach provides visibility of counterparties in transactions while ensuring the privacy of customer account information, establishing a secure and efficient payment experience.
Key Features of Bank 11
- Classic Banking:
Bank 11 offers traditional banking services, including deposit accounts, loans, and various financial products commonly associated with conventional banks. This implies accessibility to fundamental banking services such as savings and checking accounts. - Trust:
Emphasizing trust as a central feature, Bank 11 focuses on building robust relationships with its customers. This commitment manifests through stringent security measures, transparent policies, and a dedication to safeguarding customer funds and data. - Enhanced User Interface:
Bank 11 provides an improved and user-friendly interface for its banking services. This encompasses intuitive online banking platforms, mobile applications, and digital tools, ensuring convenience for customers in managing their accounts and executing transactions. - Crypto & DeFi:
Bank 11 supports cryptocurrencies and decentralized finance (DeFi) services. Clients can securely store their crypto assets, benefit from fast transactions, and access various crypto-related services such as trading, staking, lending, or borrowing, often with lower fees than traditional financial institutions.
Mission of Bank 11
The mission of the Bank 11 platform is rooted in empowering individuals by restoring control over their finances and alleviating limitations imposed by traditional fiat banking systems. By implementing centralized finance (CeFi) solutions, Bank 11 ensures compliance with the necessary financial industry standards, establishing a reliable and trustworthy framework for users to manage their money securely. Concurrently, Bank 11 leverages the transparency and decentralized nature of blockchain technology inherent in DeFi solutions, enabling users to experience the benefits of a decentralized financial system.
Client Benefits Offered by Bank 11
- Instant Money Transfers Anywhere:
Bank 11 facilitates quick and seamless money transfers to any location, ensuring instant access to funds. - Low Fees on International Money Transfers:
Clients can enjoy affordable fees for international money transfers through Bank 11’s gateway, making it a cost-effective option. - Fast Registration:
The registration process with Bank 11 is streamlined and efficient, enabling clients to open an account quickly and easily. - Verification Within 24 Hours:
Bank 11 aims to verify client accounts within 24 hours, ensuring a swift and hassle-free onboarding process. - Opportunity to Earn on P2P Lending:
Clients can participate in peer-to-peer lending, allowing them to earn interest on their investments. - Withdraw Fiat via Geocash:
Bank 11 offers the convenience of withdrawing fiat currency through geocash, providing easy access to physical cash. - Cryptocurrency Payments:
Clients can use Bank 11 to pay bills and make purchases using cryptocurrencies, adding flexibility and versatility to their financial transactions. - No Limits on Transaction Volume:
Bank 11 imposes no limits on transaction volume, providing clients the freedom to conduct business without constraints. - Escrow Deals for Payments:
Facilitating escrow deals for payments related to goods and services, Bank 11 offers a secure and trusted platform for transactions. - Client Fund Control:
Bank 11 emphasizes that it has no control over client funds, providing reassurance and maintaining the client’s autonomy over their finances.
Services Offered by Bank 11
- Collateralized Lending:
Bank 11 provides loans where borrowers pledge collateral to secure the loan, reducing the risk for the bank and allowing borrowers to access funds based on the value of their assets. - P2P Lending:
Facilitating peer-to-peer lending, Bank 11 connects borrowers and lenders directly through its platform, enabling individuals to lend or borrow funds from other individuals at competitive interest rates. - P2P Exchange and Withdrawal:
Bank 11 likely offers a platform or service allowing users to exchange and withdraw funds directly to and from other individuals, involving peer-to-peer transfers without traditional intermediaries. - Arbitrage:
Bank 11 may provide services related to arbitrage, allowing users to take advantage of price differences between different markets to generate profits. This could involve offering tools or platforms to support users in executing arbitrage strategies. - Escrow:
Bank 11 offers escrow services, holding funds on behalf of two parties until a specific condition or agreement is met. This ensures security and trust in transactions, particularly in real estate purchases or business transactions. - Acquiring Crypto:
Bank 11 likely supports the acquisition or purchase of cryptocurrencies, providing a platform or functionality for users to buy cryptocurrencies using traditional fiat currencies or other assets.
Road Map
Q1 - Q2 2022
- Documentation development
- Individual design development (prototyping)
- Emergence of the Development Team
- Company registration in Panama
- Hypothesis testing
- Project tokenomics.
Q3 — Q4 2022
- Service landing page
- Registration and login
- KYC/KYB
- Invoice generation and payment
- Stablecoins exchange
- 1–3K registrations planned.
Q1 2023
- ESCROW Module
- IOS/Android application launch
- Buy Ethereum with a card
- Geo-Cash + P2P withdrawal to card
- Possibility of buying an X11b token and staking it
- Internal chat
- Taking over the African market (10–30k users).
Q2 — Q4 2023
- Crypto-acquiring functionality
- KYB
- ESCROW Module
- Listing of X11b token on centralized exchanges
- Connecting companies to the crypto-acquiring module
- System testing
- Team extension (20 people).
Conclusion
X-eleven emerged as a trailblazing finance, banking, and asset management company, founded by entrepreneur Pavel Andreev. Focused on developing innovative fintech products, X-eleven’s offerings include the Bank11 neobank and the X11 Finance decentralized hedge fund. Uniquely, these products exclusively leverage cryptocurrencies and stablecoins for client settlements. The company, spearheaded by Pavel Andreev’s extensive experience in the crypto industry since 2016, plans to expand its non-fiat services in the future, utilizing blockchain and cryptocurrencies for further advancements.
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Writer: sunshine
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