Decentral Autonomous Bank
Our long term goal is to deliver the Decentral Autonomous Bank. It's the bank, which has all the same capabilities as TradFi custodial banks. But clients control their assets - not the bank.
SmartCredit.io started as a fixed-term, fixed-interest borrowing platform. However, our long-term vision is to move to a "Decentral Autonomous Bank" (DAB).
DAB offers the same functionality, that traditional banks are offering. However, the DAB doesn't control client assets as traditional banks do, but the clients have decentral asset custody. The clients choose which services of the DAB they do use. The clients are not stuck with the service provider, they can switch at any moment.
The key functionalities of traditional banks are:
Feature | Status |
|---|---|
Decentral custody | available via non-custodial wallets |
Payments | available via non-custodial wallets |
Credit and Lines of Credit | |
Lending and Fixed Income Funds | |
Investment funds | Pending |
Fiat conversion on-ramp/off-ramp | |
Credit Scoring | |
Uncollateralized credit | Pending |
AML Monitoring | |
KYC | Implemented, full activation after FATF regulations are introduced |
When DAB gets implemented, then there is no need for the traditional banks anymore. Everyone will need only his wallet and access to app.smartcredit.io.
Last modified 8mo ago