Nairobi-based Spire Bank has partnered with BlockBank to facilitate “a wide variety of international crypto banking activities.” The partnership will make BlockBank the first fully licensed crypto bank offering low-cost funding in emerging economies.
BlockBank has further announced that it has purchased a stake in Spire Bank, taking advantage of the bank’s local knowledge and experience and the extensive customer base.
“The Kenyan bank provides a solid foundation for BlockBank’s first step into supplying secured and affordable financing options for emerging economies,” a statement about the partnership reads in part.
The partnership will see the incorporation of commercial banking services into governments, businesses, and cryptocurrency companies, enabling access to more affordable funding.
In addition, the partnership will work on the incubation of a DDMS smart contract blockchain system which will allow BlockBank to offer low-cost funding through the infrastructure of Spire bank.
“The collaboration of these two organizations will be a major breakthrough in fostering the development of low-cost funding options for governments and commercial entities worldwide – particularly in developing economies without current access to these services,” the statement reads.
BlockBank’s Initial Coin Offering
BlockBank is currently running an ICO which ends on 28 October, 2018. The crypto bank sold $12,830,000 worth of its BBRT tokens during the pre-ICO stage. The value of BlockBank’s token will be driven by the demand for loans. The tokens will be distributed as follows:
- 28,800,000 tokens dedicated towards the ICO sale (72 per cent of the total tokens)
- 8,000,000 tokens dedicated towards the treasury (20 per cent of the total tokens)
- 2,000,000 tokens distributed amongst advisors (5 per cent of the total tokens)
- 1,200,000 tokens will be a bounty reward (3 per cent of the total tokens
Wavinya Ndeti, an aspirant of the Machakos County governor’s seat in the 2017 elections, is part of BlockBank’s advisory team as the East Africa Strategic Director.