Unbanked: banking for those who don't want to have a bank
Unbanked is a financial platform that was created, like the name says, to unite unbanked people with the world of finances through the power of the blockchain and cryptos.
Let’s dissect what Unbanked is and how it works.
What is Unbanked?
Unbanked is a fintech company that offers a bank account that you can access through their smartphone app — an account that comes with a credit card.
The platform uses blockchain tech, which is of great help to Unbanked. It provides a radical shift from the traditional and some would say obsolete banking system.
By using cutting-edge technology, the platform can help its clients reduce, amongst many things, processing times. It connects the traditional businesses and banking systems with the blockchain infrastructure, which in turn expands their ability to invest and make daily purchases.
The platform offers crypto credit cards and bank accounts, and the public can use its tools to improve their financial growth and their financial mobility. Unbanked’s demographic? Unbanked wants to reach people who do not have a traditional bank account, but do have a cellular phone — and are able to join the digital financial platforms.
Right now, Unbanked is offered in the US, but it plans to increase its reach to the EU, as well as Asia and the Middle East.
What is the purpose and mission of Unbanked
This platform is a financial powerhouse that provides products and services based on the current needs of its base public – the unbanked.
The purpose of the platform is to provide clients with full access and complete control over their financial reality. Unbanked show the usefulness of cryptocurrencies when it comes to incorporating unbanked people — educating them on the benefits of these commodities to their economy and their reliability for making investments or daily purchases.
The company's philosophy is to provide the public with a set of tools that anyone searching for more freedom and control over their money can take advantage of.
Unbanked has a team of expert advisors in the financial sector and in digital technology. Thanks to this vast team of experts, the platform has a 24/7 customer service, in which questions that the customer may have will be answered promptly.
Who created it and why
Unbanked was founded in 2018 by Ian Kane and Daniel Gouldman. Its headquarters are located in Alpharetta, Georgia, United States. One of the founders is dead set on the idea that financial access and control is an equal human right.
Unbanked was born because by employing the blockchain, the team could rebel against the status quo that has plagued traditional banking for years. Shift the paradigm and have a better, much more efficient product.
Benefits of Unbanked
Thanks to its mission and purpose, Unbanked is dedicated to helping people who do not have access to the traditional banking system. Through its services and platform, people can have control and financial access to newly minted accounts.
Unbanked desires to teach folks wonders of the blockchain — show to all those who are interested in learning about cryptocurrencies and how they can be of great help in their day to day. Whether it is for investing or in their daily expenses.
The platform has a variety of experts in order to promptly answer its user’s questions. This makes it easier for new customers to use the platform.
Unbanked has a fairly competent and highly advanced security system — so their client’s private info is constantly protected.
Crypto And Unbanked
Since the beginning of the modern age, banks have been reluctant to create a system that also benefits people with less capital. The costs associated with this process are very high — as well as the risk of non-profit, there is no guarantee of return on investment.
This is where blockchain technology has a significant potential, as it can bring financial inclusion to places where its people previously didn't have the option.
The incredible thing about this technology is its universality. It can turn what seemed impossible, with little investment, into a reality. Through cryptocurrencies, users are offered an easy and simple way to carry out their transactions without the need of a third-party.
Their money is protected from hackers and federal manipulation. In the way, Unbanked, which has just partnered with VISA and offers Credit Cards from that company, is extending its reach and trying to envelop the global landscape — offering cutting-edge services and new tools to the underbanked.