Cryptocurrencies and digital assets are a major trend in the market and the present economic environment. Spurred by bitcoin’s rapid rise—and then held back by its subsequent crash—market interest in digital tokens has grown quickly in recent years. But even with digital asset investors pulling back as the major cryptocurrencies have experienced significant depreciation in the first half of 2018, the digital asset market still presents many new offerings.
One significant entrant to the digital asset space is the EQI Token, the utility token soon to be issued by EQIBank. Unlike bitcoin, ether and other cryptocurrencies in the news because of their investment value and appreciation, the EQI Token is a pure utility token that permits holders to make use of EQIBank’s numerous banking services.
EQIBank will operate as a licensed and regulated bank, providing deposit accounts in multiple major national currencies and debit card services, as well as a cryptocurrency exchange allowing EQI Token holders to save digital assets in insured accounts or exchange them for national currency. EQIBank will also facilitate peer-to-peer lending and settlement and clearance for interbank transactions.
One especially novel feature of EQIBank’s banking services is their offer of insured accounts for cryptocurrency deposits. EQIBank offers one of the first insured digital wallets for cryptocurrency holders, as well as a cold-storage vault. Together with its security specialist partners, EQIBank provides military-grade security technology and financial insurance on both its wallet and vault services, allowing EQIBank to offer its depositors complete peace of mind.
The token that facilitates these banking services is a state-of-the-art digital token operating on the ERC-20 token standard and issued on the Ethereum blockchain. EQI Tokens can be used to pay the fees charged for EQIBank’s numerous services. Additionally, holders who maintain minimum balances of EQI Tokens in their accounts will have access to greater banking services from EQIBank. Clients will be able to use banking, exchange, insured wallet, and settlement/clearance services starting with only 5,000 EQI Tokens in their accounts, and higher levels of membership allow access to custodial, lending, insured cold-storage vaults, and wealth management services. Clients who hold greater numbers of EQI Tokens will also receive larger discounts on EQIBank’s banking services and increased lending limits on EQIBank’s lending platform—up to 50% discounts on banking services and up to 90% discounts on transaction fees on EQIBank’s cryptocurrency exchange.
Nearly 400 million EQI Tokens will be sold. For the cryptocurrency community, blockchain enthusiasts, and those who have been waiting for banking to catch up to 21st-century technology, the EQI Token is an intriguing opportunity.