All the funds raised will be directed to the creation of Polybius Bank, the first digital bank that will combine features of modern banking, IoT, Big Data and Blockchain-based technologies.
The Polybius project is seen as a fully digital bank available anytime. There will be no branches or offices. Still, it will perform all the functions of a classical bank but will fully rely on the latest digital technologies. Polybius Foundation aims to create the least expensive in operation bank in the world with a very efficient cost/revenue ratio and granting its backers with higher returns.
The company has issued Polybius Tokens through the smart contract system operated by Ethereum. The final aim of the Initial Coin Offering (ICO) is $25 million. All the funds raised will be retained by the Foundation until they are used. ICO proceeds are intended to be spent mainly, but not exclusively, on acquisition of licenses, building out the systems, hiring the team and marketing.
As for now, the third milestone is reached. The ICO has raised 3414 BTC, which is equal to $8,8 million.
“The success of the Polybius ICO confirms the simple truth – the world of cryptobusiness needs a solid and tech-friendly bank that wont be afraid to work with cryptocompanies,” said Ivan Turygin, Founder of Polybius Foundation in an interview ot Coinspeaker. “We passed 3 out of 5 key milestones during the first three days of the ICO and we expect to hit our 4th milestone by the end of the initial week, collecting over $10 million.”
He continued: “This allows us to expand the horizons of the project potential far beyond the payments industry. We will go further and develop a whole fintech platform using our universal Digital ID Pass. It will change the whole industry of using and providing sensitive personal information to services as we know it.”
Polybius Foundation depicts the whole road of creating a digital bank. The milestones include authorized payment institution, electronic money institution, commercial bank, digital pass, and SME financial marketplace. These steps cover the most significant levels of financial activity that will be achieved with the ICO.
“At Polybius Bankor P.I., we will rely on a set of public and private licenses instrumental to comply with many regulations, existing in the financial field. Among them are the public EMI and banking licenses, the participation in Card Schemes, the creation of regulation-compliant identification mechanisms and other technical conditions to meet”, Polybius Foundation says.
Each step Polybius has planned is an advancement to a broader set of services at Polybius customers’ disposal. The Digital Pass service and technology will serve as a platform at the core of the Polybius Bank while other features may be developed independently. As soon as the process is completed and the ecosystem is formed, Digital Pass will start its primary day-to-day operations.
The customer base will be formed thanks to Polybius strategic partners who will provide an initial base of users for the Polybius Bank disposal. To start with, Polybius expects 500,000 users, more than enough for growth and a quicker path to revenues and profitability.
Polybius Foundation sets capitalization on the broader digitalization trend as its aim. First of all, the company focuses on financial services and digital ID and wallet concepts needed to serve as gateway to the eCommerce market.