SpaceBIT Challenges Traditional Banking With Banking Above The Clouds
When people think of traditional banking, they often think of the building down the street full of tellers taking money into a vault. It’s associated specifically with traditional national currency and has been that way for years. But what if someone decided to take a more science fiction take on the idea of banking? Something associated with a futuristic utopia or even one of the Futurama television series? To SpaceBIT founders Pavlo Tanasyuk and Ian Angell, the invention of crypto-currency opened up opportunities that people one never thought were possible.
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A new start-up company called SpaceBit has announced plans to launch a satellite, carrying a 'Space Vault' into orbit around the earth. This vault will form the basis for a new cryptocurrency bank aptly named 'Space Bank', which is being described as 'the world's first satellite banking platform'. According to an official press release the futuristic new banking service will cater to users of both Bitcoin and Ven (a digital currency used by the social network and publishing platform Hub Culture). The whole idea of a banking service based in space conjures up thoughts of the ultimate tax....
I recently had a chance to sit down and speak with Pavlo Tanasyuk, the man behind SpaceBIT, the first decentralized space company. SpaceBIT is a very ambitious project being run by an accomplished team. The SpaceBIT team consists of professionals from around the globe, from myriad industries, rather than just Bitcoin professionals. They know and understand that the blockchain is the real innovation and plan on using it and building on top of it. Their first mission they are announcing is Space Vault. Space Vault is a very interesting concept: having a decentralized vault in space that....
The growing popularity of Bitcoin as a powerful transaction tool and its ability to bank the unbanked has finally started making enough noise to wake up the traditional banking giants. Banks and financial services companies have been enjoying monopoly over the "money-moving" business for a long time, since its inception. Their only competition so far has been other companies delivering similar services. Not anymore, as the impact of Bitcoin on the banking sector is now being openly acknowledged by Jamie Dimon, CEO of JPMorgan Chase in his recent letter to shareholders. Banking the....
The banking sector is enthusiastic to implement blockchain technology in order to automate most of the processes, This may lead to future job cuts in the sector. The banks were never charmed about Bitcoin for multiple reasons. For starters, when the digital currency was first introduced following the collapse of the US banking system, it was hailed as the killer of the traditional banking sector. As time passed, the digital currency gained enough traction to actually threaten the traditional banking industry with its easy and fast transactions at literally no transaction costs. The fierce....
Following the EU’s adoption of its revised Payment Services Directive (PSD2), an industry player has said it will cause “the collapse of the traditional banking infrastructure.” PSD2, which allows third-party companies to offer banking services to consumers, could eventually transform banking in 67 countries worldwide through a ripple effect. Speaking to South African tech publication Gadget, Thomas Pays, CEO of i-Pay, a startup set to benefit from the legislation, said 2017 would be a watershed moment. “You are actually looking at the collapse of the traditional banking infrastructure and....