Cryptocurrency

Asseta Bank ICO has Successfully Ended, What is Next?

On the 29th of March 2016, Lucas Zaranka founded Asseta – a banking platform built on the blockchain technology. Based in Vilnius, Lithuania and operating under the European Union, Asseta is a digital bank that offers the fundamental banking services to meet the basic needs of the regular man. Financial services involving money transfers, deposits, and withdrawals, currency exchange, receiving and making payments and insurance services. Asseta adopts the smart contracts protocol of the blockchain technology to bridge the gap between more traditional and digital based transactions. The Asseta trademark is proprietary rights of JSC ‘CRYPTO bankas’.

ICO update on Asseta Coin

The Asseta coin represented by AST is an ERC-20 compliant token built on the Ethereum blockchain. The AST coin was built in January 2018 and all transactions on the platform will be facilitated with the Asseta coin- the only accepted means of exchange. The ICO of Asseta coin was launched on the 2nd of February 2018 and was scheduled to operate till the end of the month on the 28th of February 2018. A total of 33 million AST tokens were issued by the team and 90% of the tokens being 27 million AST were up for distribution in the token sale. Out of the remaining 10%, 8% of the tokens were reserved for the Asseta team and it’s marketing campaign while 2% of the coins were set aside for the bounty program.

During the ICO, the tokens were sold at a price of 1300 AST per 1 ETH before the soft cap was hit and 1000 AST per 1 ETH afterward. The soft cap was placed at $10,000 while the hard cap was triple the figure at $30,000. The accepted means of payment in the ICO were Ethereum, Dollar, and Euro. The token sale is concluded and though it is not exactly clear how much was raised during the token sale, as at February 27th, a day before the ICO was to close, the team updated via its official Twitter account that 89% of its hard cap which measured up to $23 million had been reached. The team is currently working towards making the coins available for trade in cryptocurrency exchanges by the end of March 2018.

What is Next After ICO?

Before the end of April 2018, Asseta plans to obtain a legal license to operate within the European Union, set up customized payment cards and acquire membership in major payment systems like Visa, MasterCard, SEPA, and SWIFT. It also plans to launch a biometric verification system as well to enhance its security standards. Between the second and third quarter of 2018, Asseta will make available small sized loans for users on the platform and the last quarter of the year will see to the expansion of the company in some countries specifically India, Switzerland, and Dubai alongside Egypt and Nigeria in Africa. The expansion project for 2019 will be mainly focused in the US, Canada, China, Russia, Australia, and Gibraltar.

Conclusion

The Asseta Bank promises a borderless digital bank on the blockchain that offers low fees and confidentiality with user-friendly and modern tools that will provide access to unlimited financial services for all users. For more information on Asseta, visit the website here.

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

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Angela Scott-Briggs

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