Unbank launches his fiat and crypto payments app

Unbank partnered with The Blockchain Xdev to build his blockchain banking app to save, exchange, transfer fiat or cryptocurrencies. Discover how blockchain makes bankless payments, transfers and withdrawals possible.

Meet our experts

“We chose The Blockchain Xdev because of their team’s proven expertise in the blockchain and look forward to starting our development.”

William Auriol
Co Founder at Unbank

As the first fully decentralised blockchain banking app,
Unbank provides a full crypto experience to individuals and merchants.

According to the World Economic Forum (WEF), half the world’s population is currently under 30 years old and still wary of banks ten years after the financial crisis. In 2017, more than 45% of participants in the WEF’s Global Shapers Survey “disagree” with the statement that they trust banks to be fair and honest. Only 28% said that they agree.

In response to this loss of faith in the banking system, and the growing consumer desire to gain control on their personal assets, Unbank is building an ecosystem of merchants, clients, persons and corporations being able to transact outside of the banking system. Based on state-of-the-art blockchain technology and latest token-economy research, Unbank is empowered to trigger the so-called “self-banking” revolution.

The challenge

Allow travelers and citizens to manage multiple currencies in a single user-friendly mobile app and make near-instant and free payments.

The outcome

Users can make real-time payment in multiple currencies within a network of merchant at no costs. All are incentivized to support the growth of the ecosystem.

The solution

The P2P Payments solution is based on the Stellar Blockchain to allow fast and cheap transactions, with everyone on the network reaching agreement about transaction validity within a few seconds.

First decentralized blockchain payment service in France

Unbank is a Peer-to-Peer banking solution allowing users to store and manage multiple currencies – fiat money and cryptocurrencies of various blockchain networks – in a single user-friendly mobile app and make near-instant and free payments within a direct network of retail merchants.

Meeting the challenges of the blockchain banking

Unbank’s innovative product and practical approach to enable mainstream consumer finance on the blockchain technology, has required to address four technical obstacles.

How to ensure mainstream adoption?

The solution needs to support high volumes, low costs and high-speed transactions. The choice of Stellar Blockchain was self-evident, as the consensus process runs every 3-5 seconds and is organized in mini networks (called quorum slices) to allow high efficiency and scalability.

How to integrate multiple currencies seamlessly?

Unbank has built a technical solution very similar to a centralized exchange, coupled with an Anchor entity that ensures exact representation of the user’s holdings as a tokenized Unbank currency on stellar. To support a currency, Unbank internally runs and maintains a blockchain node for each underlying blockchain the currency is native on.

How to secure transactions?

Discover the security solution

A very high security is needed as Unbank holds crypto on their wallet ultimately, in order to mitigate risks of hack and data loss. The solution runs a combination of hot & cold storage, with automatic re-allocation mechanisms: 95 % of the funds are stored in a cold, off-chain, multisig 2-3 or 3-5 wallet, and 5% of the funds are stored in a hot, on-chain, wallet able to process clients.

How to manage compliance?

All operations involving conversion of fiat money requires to comply to KYC regulations against AML and TF. Unbank’s solution is connected to a KYC provider solution to comply with these rules, but also integrates a rule engine component to find and flag suspicious operations.

The results? Real-time and free payment.

Unbank customers can make real-time payment within a direct network of merchant at no costs, seamlessly evolving on the Stellar Blockchain. They can easily use multiple currencies (fiat currencies as well as cryptocurrencies living on different blockchains) thanks to an in-built Custodial Exchange. Users and merchants are incentivized to support the growth of the ecosystem thanks to state-of-the-art token economy mechanisms such as cashbacks schemes.

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