The virtual bank TalkBank.io, a graduate of GenerationS2016, has initiated the fund raising procedure to create a card supporting crypto currencies. The fund-raising will take place at Boomstarter, a popular crowdfunding platform.
The funds raised will be used to develop new financial technologies, in particular, blockchain technology for cash back calculation and machine learning to improve financial recommendations to users. The sponsors will receive cards with crypto currency support on a priority basis.
"Crowdfunding is an excellent way to both raise funds and to test personal assumptions about the market demand and need for the product. In addition, it allows you to create a community of loyal and involved users around your product who are ready to support your endeavour in word and in deed," believes Mikhail Popov, founder of TalkBank.io.
"Graduates of GenerationS are ready to follow the market trends, and sometimes jump ahead of them. A decision to raise funds for a bank card with crypto currency support through crowdfunding clearly indicates the intention of the team to protect and substantiate the relevance of their idea to potential consumers. This is a bold decision and a good sign that TalkBank.io is able to contribute to the market development," commented Mikhail Antonov, Deputy General Director – Director for Development of Innovation Infrastructure at RVC.
The operating principle of TalkBank crypto card has been developed in accordance with the legislation of the Russian Federation. Management of crypto wallets becomes easier for authenticated TalkBank clients holding cards with crypto currency support. Moreover, the crypto currency is stored in individual user accounts rather than in crypto-exchange accounts or at other intermediaries, which excludes illegal use of crypto-currency.
Raising of funds for the card with crypto currency support was announced as part of TalkBank.io's participation in the TV project "Million-dollar idea", organized by VEB Innovations, LLC (a subsidiary of Vnesheconombank), The Internet Initiatives Development Fund (IIDF) and Skolkovo Foundation in partnership with GenerationS. The TV project is intended for young startups that will compete for a prize fund worth RUB 60M. The first season of the show will be aired on NTV channel since December 11. During several episodes of the show the jury consisting of representatives of business community, investment funds and development institutions will assess how successful the participants are in coping with the given tasks. The show's final will see several projects three of which will become prize-winners.