Most crypto investors (unbanked) today entered the arena after the 2017-2018 bull run. But from the beginning of Bitcoin, there were hopes of using crypto and blockchain to bank the unbanked and underbanked. Newcomer, Apollo Fintech with the Apollo Currency and other products, has the best shot at banking the unbanked and underbanked. Is this an insult to the cryptocurrency big hitters lingering in the crypto ecosystem for years?
Talking and doing are entirely two different things. When are the prominent market cap platforms planning to bank the unbanked? By the year 2035?So we have applied for our banking license in a few locations. We have our investment bank (Knox Bank) about 4 weeks away from launching in the US, and then we will be opening a European branch shortly after. Click To Tweet
“So we have applied for our banking license in a few locations. We have our investment bank about 4 weeks away from launching in the US, and then we will be opening a European branch shortly after.
You might ask, why is this important?
Well, HMFB, and I’ll explain.
We are opening three corresponding branches so we can service anyone in just about any nation with a tax-free offshore account.
Our European branch and our UAS branch can hold funds for American Citizens tax-free (of course, it’s up to you to check local laws to make sure you don’t have obligations).
Our US branch and UAS branch will hold funds for our European clients tax-free.
Businesses can open a corporation in the UAS and owe no taxes on that corporation, ever, and then open up an account for that business in Knox with zero hassle and not owe taxes on the account location or have to deal with regulations that kill their industry.
The biggest reason it’s huge for Apollo is because the UAS is launching their crypto/blockchain regulations, making it one of the only places on Earth with clear, concise regulations.
We will issue an exchange license to the biggest participating exchanges (exchanges such as Binance, OKEX, etc..). They can incorporate it in UAS, and we will give them a crypto-friendly bank account in Knox.
The two biggest reasons that exchanges don’t offer fiat, like bank transfers, is because banks are very, very skiddish. They will freeze your account in a moments notice.
We will offer one of the first FDIC insured accounts that will never be frozen.
On top of this, we are using this bank to actually bank the unbanked.
The Apollo Cash system we are launching and many National Payment Platforms will be tied into this bank. We will have ways for people to open a bank account online from anywhere, to top up in person, with cash, and spend that money using SMS and local POS. So agents around the world can sell top-ups locally, meaning we don’t need branches in hundreds of thousands of locations.
This bank, Apollo Cash, and our National Payment Platforms work together in unison to completely destroy all barriers for those that are unbanked.”
Around the world, there are approximately 1.7 billion people who have no access to mainstream banking. For many years, blockchain and crypto projects claimed they are ready to bank the unbanked or the underbanked. Those projects achieved very little noticeable success since the creation of Bitcoin and its adoption to this stage of blockchain and cryptocurrency in 2020.
According to CoinTelegraph, “Unbanked” is a slang definition of adults who do not own bank accounts and avoid using banks in any other capacity. The term ‘unbanked’ should not be confused with “underbanked,” which is used to describe people who do not have sufficient access to financial services. The problem of being unbanked is widely researched in the USA, where unbanked people represent 7.7 percent of population.” 7.7 percent is approximately 12.32 million people who are hurting because of the current systems or choices.”
The Wall Street Journal published an article entitled “Facebook’s Libra Bets It Can Bank the Unbanked” on August 22, 2019.
The article reads, “Facebook Inc. has an ambitious goal for its proposed cryptocurrency, Libra: to bring financial services to the hundreds of millions of people world-wide who don’t use banks or other traditional institutions. The cryptocurrency sector has for years tried to do the same and failed.
In the decade since bitcoin was born, cryptocurrencies have fascinated investors and speculators. But the crypto industry has struggled to get consumers to use it for daily transactions, and the bar for reaching unbanked adults in particular could…”
It is factual that Facebook is the largest social platform, with billions of people communicating around the globe. Facebook could quickly fill the gap where Bitcoin, Ethereum-based projects, and many others are failing miserably. But, Facebook in itself ran into legal battles in the past. That could potentially impact its ability to reach all of the unbanked and underbanked.
Making an Unbanked and Underbanked Difference
Here is where Apollo Fintech fits perfectly in a time when the poor, those that distrust financial institutions and those not allowed financial services, can finally partake. The Apollo Fintech company will spread its wing in many parts of the world and provide tax-free services for businesses and individuals. It will allow the creation of banking accounts within minutes instead of stressful, tedious, and complicated hassles. Therefore, the process will be simple, straight-forward, and stressless with the Apollo Banking System, on the Apollo blockchain.
Before a company could bank the unbanked and underbanked, it must develop independent structures to sustain growth and maintain a degree of trust with consumers. For that reason, Apollo Fintech created products such as the Apollo Knox Exchanges, White Label Payment System, Apollo Cash, Gold Standard Currency (GSX), and many more. Therefore, it can operate in control, which gives confidence and builds trust amongst participants and not rely on third parties’ broken systems to function.Before a company could bank the unbanked and underbanked, it must develop independent structures to sustain growth and maintain a degree of trust with consumers. Click To Tweet
Apollo Database Sharding enables it to process thousands of transactions per second. It’s the most superior and most challenging technology to master. Apollo Fintech is the closest company to providing real services to the unbanked and underbanked around the world.