Blockchain consultancy firm Razormind has announced a €5 million plan to build and operate two blockchain banks in Europe, each completely powered blockchain technology. The facilities, located in Northern Ireland and France, will run Razormind’s blockchain services for mobile payment including Deposit/Withdrawal, Local Payment, Bitcoin and DeOS access for customers across Europe. The service is aimed particularly
Jawad Yaqub, CEO of Razormind, commented: “Razormind is extremely grateful for continued success in Europe and proud this investment supports communities across the continent. This represents Razormind’s biggest project in Europe to date. The entire team is thrilled to be expanding operations, creating local jobs and introducing some of the most advanced tech yet to make life easier.”
The two blockchain banks are expected to begin operations in 2017 and include additional benefits for their communities. The new facilities will run entirely on secure blockchain systems from the start. Razormind will work with local partners to develop additional access points to banking, including investment in bitcoin ATMs - local merchant incentives, and multiple mobile services.
Director of Operations at Razormind, Phil Sturgeon explained: “Innovation is about shaping the world into a better one each day, and that the time for tackling poverty and predatory loan practices is now. To spur growth in Northern Ireland and France and develop blockchain systems that offer advantages to everyone in the economy is very exciting. The central commitment to corporate social responsibility is good for the community, good for business and good for the European economy.”
For the project in Belfast, Northern Ireland, Razormind will offer zero interest short term loans to those previously forced to use payday loans at extremely expensive interest rates. The project will also provide grants for an outdoor education space for local schools, as well as a walking trail for communities. In Paris, France, the banking facility is also designed automatically build a globally valid credit rating and create a pathway to sustained financial health. District initiatives to provide grants in the community are also being prepared.
DeOS is a global public record of ownership and identity which will launch to the public on October 10th at noon GMT. It uses blockchain technology to eliminate the risk of confiscation by government or unauthorised strangers. By harnessing idle time on networked computers, the DeOS decentralized cloud performs tasks across thousands of machines at the same time, creating a worldwide publicly owned and operated supercomputer. There are both desktop and business applications using blockchain technology to offer security and variety.
Yaqub noted: “People wanted something useful day-to-day so DeOS is built with that in mind; Bitcoin holds monetary transactions beautifully, but DeOS can also manage data, smart contracts, assets and public audit information. Free for the public to look up worldwide.”