It had to happen eventually, and now it has – in Estonia. The WBB, also known as the Word Bit Bank is the world’s first legal cryptocurrency-based bank, with licenses issued by the government of Estonia to prove it. But the WBB aren’t just content with their Estonian branch, their plans for global domination included World Bit Banks throughout the USA, Europe and the rest of the world.
Do you remember the old saying that goes, “If the mountain will not come to Muhammad, then Muhammad must go to the mountain”? The crypto version might be “If the banks will not except cryptocurrency, then build a bank that does!” Okay, so it’s not that similar, nor as poetic, but the point is almost the same: If your initial master plan falls flat, get pragmatic and do something that you know will work.
On the whole, the world’s major banks have treated cryptocurrency like a virus, which in a way it is, a fiat-currency destroying virus. Banks have survived for centuries using the traditional currency of a country, and on the whole have done very well out of it, as major banks rank among the richest and most powerful corporations in the world. Now, along comes a rootless cyber currency looking to upset that multi-trillion-dollar applecart, so it’s no wonder that banks are suspicious, even downright hostile.
There are however signs of banks slowly coming around. Ripple in particular has grabbed the attention of a bunch of financial institutions because of their ability to speed up the transaction process and cut costs. But that’s clearly not enough for Igor Romanenko and his World Bit Group, who aren’t prepared to wait any longer, and have launched their own crypto-based bank, the World Bit Bank.
What Is The World Bit Bank?
The World Bit Bank (WBB) is a cryptocurrency bank which holds a legal banking license to bank in Estonia. The WBB has in fact posted two banking licenses online, and these can be viewed on the official Government Of Estonia website. The WBB certainly aren’t shy as to their ambitions of global banking domination; The stated goal of the World Bit Bank is to build their brand worldwide, and open similar WBB cryptocurrency banks in multiple countries across the globe.
World Bit Bank plan to purchase and take over existing banks in the US and Canada, Western Europe, Turkey, India, Japan, Australia and Brazil, then turn them into branches of the WBB. The World Bit Bank ecosystem uses Wibcoin tokens, and a sale for World Bit Bank Wibcoin is scheduled for late April 2018.
Who Is Igor Romanenko?
The mastermind behind the WBB and a host of projects that led up to it is Igor Romanenko, whose details are somewhat sketchy, but who claims to have more than twenty years’ experience in the banking and finance industries. Romanenko is also the founder of Vitsolutions LLC, and the World Bit Group, which were both precursors to the World Bit Bank. Other members of the WBB team include Vlad Romanenko, Vice President Nikolai Miroshnik, and Vitsolutions CEO Maksim Boyko. The home of the World Bit Bank is Tallinn, Estonia.
Igor Romanenko says this on his LinkedIn page:
“As the founder of the IT company Vitsolutions, LLC and a cryptocurrency enthusiast, my team and I have spent more than two years developing the project for the world’s first international cryptocurrency bank under the World Bit Bank (WBB) brand.
“The implementation of this project in the existing financial world will enable each person to become an active participant in the new financial world, the decentralized, mobile and secure blockchain technology, where one can make money right in their home, without leaving your friends and favorite hobbies for long, which makes every person happier and gives them more freedom.”
“Join our project and remember – the future of humanity depends on new technologies, and today you are the creator of your future!”
WBB Wibcoin Token Sale
World Bit Bank has a protocol for creating a total of 1 million WBB Wibcoin tokens, with each token having a value of one euro. The World Bit Bank has set a soft market capital of €250 million for the ICO (Initial Coin Offering), and a hard market capital of €500 million. The money raised during the ICO will go toward the acquisition of nine already existing banks, situated in North America, Europe, South East Asia and South America.
The Wibcoin token will be the official unit of currency for all transactions within the WBB ecosystem. The pre-ICO for Wibcoin tokens is scheduled to begin on April 23, 2018.