New Blockchain-Based Project Intends to Challenge the Status Quo of Neobanks
A new project aims to create a community-driven, tokenized and cryptocurrency-enabled banking ecosystem in a regulated environment that lives up to the expectations of mainstream users and could help to simplify crypto-money usage.
Following South Korea’s decision to allow crypto trading, but conditioning exchanges to share their data with the banks, it seems the country’s credit card companies are also imposing new rules and regulations, blocking payments and issuing new taxation policies.
As the rules of the game change in the neobanking sector or mobile banking system of the next generation, and new players enter the scene, the presumed disruptive factor might pose aggressive ergonomics, unstable pricing and inflexible user experience. This game changer compels people used to the conventional online banking ecosystem to check out the alternative Blockchain technology.
To cater to the needs of the people and provide a solution to the existing neobanking system, the Hush project comes into play with a business model that is regulated, tokenized, participative and crypto-compatible to its European audience.
Introducing the tokenized neobank
Developed by a team with vast experience in the banking sector, including Eric Charpentier, founder of the Morning neobank in France, the Hush Blockchain-powered neobank will provide simplified services regarding usage and disposal of cryptocurrency money, including an IBAN for fiat currencies, and a wallet for cryptocurrencies.
The core objective is to authorize crypto holders to store their coins in a secure wallet, and exchange them into Euros based on their personal needs. Users will have full control over configuration features when withdrawing or transferring funds, whether in fiat currency of cryptocurrency. The Hush wallet, which will also include USH tokens, can be used to exchange the tokens for Euros daily.
To attain its mission, Hush intends to rely on its active user community to help co-build the next-generation neobank, suggesting features, participating in the development process and discussing interfaces. The end goal is to empower the community to adopt Blockchain technology and use it get control of their funds in cryptocurrency form.
USH token to simplify crypto-money usage
The new Hush platform will leverage USH tokens to enable users to uncover the perks of simplified crypto-money usage. The token will also act as a financial lever for the development of a complete community-based, mobile neobanking experience. Placed at the center of the user experience, the token will be the contributive and participative voice of the project, meant to be used to pay for Hush services (which brings a 50 percent reduction in commissions when paying with USH), receives loyalty rewards or take part in the Hush Ambassador program. Participating has its benefits from the three available reward formats: the first one includes hush badges, based on USH held and cumulative points. The second reward format offers USH tokens for participating in major activities, and the last one includes acquiring new badges.
Following the launch of the ICO, the initial cryptocurrencies available will be Bitcoin, Litecoin, Ether and Dash. According to the project’s team, the ICO must allow the financing and development of the project to have the necessary capital to obtain a banking license payment institution in the euro area to cover all of Europe with its offer.
Upon acceptance of the terms and conditions, the team intends to move on to providing next-generation type of banking services, including premium payment cards, IBAN accounts, a real-time exchange app and crypto-wallets for users.
The Hush Pre-ICO is active (with 20 percent bonus) and will last until Feb. 11.
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