Despite the recent collapse of several high-profile crypto projects like TerraUSD, Celsius, FTX, etc., a report by Chainalysis revealed an uptrend in global crypto adoption. The research shows that more people are enthusiastic about the prospects of crypto assets and decentralized finance (DeFi). However, a more robust mainstream adoption of crypto and DeFi can only be possible with the integration of traditional financial systems (TradFi). This is the goal of the Unbanked Company.
Unbanked was founded in 2018 in the United States with a business model to connect DeFi and crypto assets to banks and other TradFi financial services.
Unbanked is an innovative and revolutionary company that combines the efficiency and utility of crypto assets with the simplicity and ‘friendliness’ of traditional financial services. The company has set its sight on global accessibility to ensure as many users as possible are on-boarded in a compliant manner. With its seamless and efficient services, Unbanked has made it possible for people from over 200 countries to have an FDIC bank account for purchasing crypto assets.
Additionally, at Unbanked.com, people living in the UK, US, EEA, Canada, Nigeria, India, and LATAM, can get debit cards for spending crypto. Currently, 27 countries in the EU, EEZ, and the UK can access the card while the company continues to work on the approval process for other countries in the region. US residents can also access the Unbanked BlockCard. With the BlockCard, users can deposit assets, convert them to fiat, and spend within minutes.
To access the card, users can follow four simple steps that include:
- Registering to create an account
- Deposit crypto assets to fund the account
- Pass the KYC
- Receive the virtual Crypto Card
The Unbanked technology is licensed and used by other Web3 companies like the Litecoin Foundation, StormX, Nexo, Stacks, and many others. The platform works directly with banks and card networks like VISA.
$UNBNK is the utility token of the Unbanked platform and serves as the spendable base asset on the debit card. When platform users deposit crypto assets like Ethereum, Bitcoin, Litecoin, etc., the asset is automatically converted to $UNBNK and held on the card until the user spends it. As an Unbanked card holder, you can earn between 1% – 6% back in card spend rewards.
The token has a maximum supply of 1 billion and is available natively on only Ethereum and Stellar. The team uses a mint/burning mechanism to maintain the balance of $UNBNK between chains. As a deflationary token, users who withdraw $UNBNK from the platform pay a 2% deflationary fee. You can buy the $UNBNK token on decentralized exchanges like Sushiswap, Uniswap, and LumeSwap, or visit the company website to make your purchase.
The combination of white-label card issuance, bank accounts, and financial toolkit APIs by Unbanked helps empower business organizations to become their bank. With Unbanked’s white-label capabilities, business owners can do everything from crypto wallet card issuance, and many more. The Unbanked team can manage these business activities for you using a free microsite. Alternatively, as a business owner, you can use the APIs to connect your site or App to the Unbanked platform.
The Unbanked Company is helping to drive mainstream adoption of crypto assets, and its business model is reaching out to over 1.4 billion adults without access to financial services. With its innovative and revolutionary business approach, the future looks bright for Unbanked. For more information and details, you can click here.
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