Polybius becomes latest company to go down ICO route to ‘reinvent classic bank model’

By: Beth Betts

1, June, 2017

Categories:

Exhibition - Financial Services -

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Initial coin offerings (ICOs), raising funds for cryptocurrency ventures, are a primary source of interest in the blockchain market – and now another is being launched, this time by Estonia-based company Polybius.

The ICO began on May 31 and runs for five weeks, whereby investors worldwide can purchase Polybius investment tokens with cryptocurrencies, with the tokens in the form of a smart contract guaranteeing a share in the bank’s annual profits. Users wishing to take part need to install a Pulybius purse from the company’s website, polybius.io, and purchase tokens with either euros, dollars, or cryptocurrency.

At the heart of the project lies the idea of reinventing the classic bank model using technologies such as blockchain and specialised artificial intelligence. Ethereum blockchain will underpin the work of the Polybius investment tokens; banking documentation will operate on Emercoin Blockchain; while private blockchain developed by the AtticLab company will be used for bank transactions.

The best financiers in Europe are among the project’s consultants, including the CEO of Admiral Markets, operating on the world market for more than 14 years. The information security for Polybius will be provided by BettaSecurity, which services Russia and CIS’ biggest banks, like Alpha Bank and Sberbank.

The pool of potential investors in Polybius comes to more than the 500,000-strong user base of cloud mining cryptocurrency service HashFlare – the previous commercially successful business established by the founders of the Polybius Foundation.

The Project’s business model, taking into account three possible development scenarios depending on the total proceeds of the ICO, can be found on Polybius’ website, while you can read the full prospectus here.

Polybius is exhibiting at Blockchain Expo Europe, which runs in Berlin from June 1-2. Find out more here.

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