Bankera Progress Update

We started Bankera back in 2017 by conducting one of the most successful ICOs globally. The project attracted more than 100,000 contributors who believed in our idea of building a financial service business that would provide financial services to individuals and companies involved in the blockchain ecosystem. In this blog post, we want to give a reflection on what we have achieved since the ICO was over.

Progress of Bankera project

Exchange (January 2019)

While Exchange was not a part of Bankera whitepaper, we decided to build it as a result of skyrocketing token listing prices at the time. The platform was launched at the beginning of 2019. 

Now, after we have finally released the Bankera internet banking platform, we are rebranding the exchange to SpectroCoin Exchange as a consolidation of all crypto-related products under the SpectroCoin brand.

Crypto Loans (July 2019)

As written in the whitepaper, Bankera was planning to start lending operations in mid-2019, and we have successfully managed to launch them on time. Initially released as Bankera Loans, the crypto loans solution has recently been relaunched under SpectroCoin Loans brand name.

SpectroCoin Cards (November 2019)

In November 2019, we decided not to wait for our own card-issuing program and released the new version of SpectroCoin debit cards. The product was launched via a third party to allow seamless spending and withdrawal of funds within the VISA network.

Bankera Internet Banking (February 2020)

In February, we launched the core product of Bankera: an internet banking platform. Personal Bankera users can already open a European IBAN account to send and receive money within the Single European Payment Area (SEPA). 

For business clients, we are also offering SWIFT payments, and are working on expanding this solution to individual clients as well. Other Bankera products, such as debit cards and loans, will also be accessible through the internet banking platform.

Bankera Card Acquiring (June 2020)

In addition to payment accounts, Bankera whitepaper also emphasized the importance of building a payment gateway for digital businesses. In June of 2020, we started offering payment card acquiring services for companies operating online.

Bankera Business Loans (July 2020)

After winning in the digital finance group of the European Commission’s hackathon to fight the negative impact caused by the COVID-19 pandemic, we have started offering corporate loans for small and medium-sized businesses. Bankera business loans solution is designed for companies that require funding for implementing new ideas or would like to shift their existing business models to the digital space.

SpectroCoin dedicated IBAN relaunch (October 2020)

SpectroCoin was designed to provide a link between the crypto and fiat worlds. International Bank Account Number (IBAN) is a crucial feature of this link, as it allows easy deposits and withdrawals to the platform in the client’s name. By utilizing Bankera’s core solution, we will relaunch the IBAN service at SpectroCoin in the upcoming month.

Bankera Cards (in progress)

As stated in the whitepaper, we are determined to become an issuer of a major card network. The process is nearly completed – we have even received a sample Bankera card to our office already. However, as card network representatives usually pay a visit to the potential issuer to conclude risk assessment, we had to postpone the development for several months due to the global pandemic.

Bankera mobile app (in progress)

To deliver our services sooner, we have first developed a web-based internet banking platform that offers all necessary services and is compatible with various devices. Now, we have started developing Bankera mobile apps designed for Android and iOS operating systems.

What’s next?

While our clients can already try the milestones mentioned above, our team has also been doing a lot of things behind the hood. 

Regulations in many fields, including data protection and AML, have changed drastically over the last years. Our Compliance and AML teams have done a lot of essential but invisible improvements to help our business stay compliant. 

Furthermore, just after the ICO, we received a great deal of regulatory pressure as we have been entering the financial sector from a completely new direction. It required a lot of management team’s efforts to get everything ready and keep following our dream.

Another significant thing to mention is the growth of Bankera’s affiliated companies responsible for execution of Bankera’s product. We have expanded and built a very strong team by hiring the best talent required to build a world-leading FinTech bank.

The best part of this – the current state is only the beginning of our journey, and we already have two compliant, secure, and scalable products: SpectroCoin and Bankera. 

We cannot wait to continue developing new features, such as margin trading and crypto investments, which are already in the pipeline. We are also looking to experiment in the decentralized finance (DeFi) space, so stay tuned and follow us in our journey!