New CyberBank™ cryptocurrency-linked debit card will enable 79 million unbanked and underbanked adults to access electronic payments.
BELIZE CITY, Belize, Sept. 20, 2017 /PRNewswire/ -- VVToken (VV), the company that created a financial solution designed to provide a broad spectrum of services to a diverse array of international users, today announced it will open an Initial Coin Offering (ICO) on October 1, 2017 to fund the final development and launch of its new blockchain consumer finance platform, CyberBank™. VVToken will initially introduce two technology-based CyberBank™ products that will revolutionize electronic connectivity between fiat and cyber currencies. VVToken aims to raise up to USD$30 million in a token sale to deploy a platform offering payment security and mobile affordability that utilizes the security and reliability of the blockchain while delivering financial appreciation to the cardholder. For detailed information on VVToken's ICO, visit www.VVTokens.com and read the company's white paper here.
VVToken will offer the CyberBank™ Platinum Debit Card, a prepaid debit card targeted to low-to-middle income users. This card will offer individuals who are typically unable or unwilling to obtain a bank account low-threshold access to several financial services.
VVToken CEO Dr. RJ Gosselin is excited by the global possibilities of the CyberBank™ consumer finance platform, "CyberBank™ products will open the door to meet the needs of the unbanked and underbanked population who do not currently have a bank account."
When asked about the key benefits that VVToken would offer to lower income cardholders, Dr. Gosselin explained, "Our CyberBank™ Platinum Debit Card will be accepted to purchase goods and services anywhere Visa cards are accepted. This card will automatically link to the VVToken CyberBank™ Wallet, a mobile app linking electronic management features with the user's smartphone. The CyberBank™ Wallet allows cardholders to send and receive payments, facilitating payment processing with millions of people all over the world." He noted that another key feature of the card is that it will also allow the holder to exchange local fiat currency for cryptocurrency.
This is not just a solution for the USA, but one with global impact. VVToken intends to broaden the product offerings internationally in early 2018. In Brazil, for example, over 40 percent of the population is unbanked. With no banking tools and no line of credit, millions of Brazilians are unable to access financial services, receive loans and create new businesses. VVToken CyberBank™ products will bring feature-rich banking tools to lower income users in these types of emerging markets. We are on the cusp of massive disruption in many industries because of Ethereum, Bitcoin, Litecoin and other cryptocurrencies, and VVToken is excited to harness this technology to help the world's underserved citizens. CyberBank™ will put debit-driven electronic financial services tied to a host of features in the palm of the users' hands.
Concurrently, VVToken will introduce the CyberBank™ Black Card, a feature-rich cryptocurrency debit card offering numerous benefits to well-qualified individuals who are seeking an elegant means to capitalize upon the features and flexibility of combining cryptocurrency and fiat currency in a single financial platform. The CyberBank™ Black Card is designed to be one of the most coveted cards available, enabling holders to seamlessly switch currencies using VVChain™, VVToken's blockchain.
The combination of highly attractive asset appreciation with the additional benefit of the liquidity provided by the prestigious CyberBank™ Black Card is expected to be a winning combination for sophisticated cryptocurrency market participants. VVToken's CyberBank™ Black Card will provide a platform that can be leveraged by individuals who prefer to minimize or eliminate intermediaries in their financial transactions, providing the ultimate in flexibility, liquidity and anonymity. The debit nature of the card versus a typical credit card will allow the user to smoothly exchange fiat currency into cryptocurrency.
VVToken will use the ICO funds to fund the final development and launch of its new blockchain consumer finance platform, CyberBank™. The goal is to raise the equivalent of USD$30 million in ETH by selling 1,500,000,000 VVTokens; this will determine the exchange rate, which will be set immediately before deploying the contract. Following the ICO, the value of VVTokens to ETH will float according to the market. There is no plan to have a follow-on offering. Crowdsale purchased VVTokens will be transferable once the ICO closes. For more information on the details of the ICO, click here.
VVToken was founded to provide a platform offering payment security and mobile affordability that utilizes the security and reliability of the blockchain while delivering financial appreciation to the users of CyberBank™ products. The main technology behind VVToken's products is VVChain™, VVToken's blockchain, a digital ledger in which transactions made in Bitcoin and Ethereum or other cryptocurrencies are recorded chronologically and publicly.
Contact: Lucas Sodre - Chief Technology Officer
Phone: +1 (617) 843-4273
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