Project title: KNABU, (Blockchain Bank)
Summary: Building a UK clearing bank serving the Blockchain and Digital Asset industry.
Goals: Our business focuses on 3 core objectives:
- To provide best practice security and governance for our clients digital assets. Our ‘Smart Deposit Boxes’ use multi-sig technology that enables bespoke resilience, anti-fraud and anti-coercion options. Details: http://www.knabu.io/smart-deposit-boxes
- To provide ultra competitive remittance services for business customers. Our model is ‘Crypto to Fiat’ cross-border payments, for which we have FCA approval.
- To provide accessible Business Banking services, serving as a Tier 1 London Bank supporting the Blockchain and Digital Asset industry. Knabu is in an advanced stage of our license process.
We aim to create value for the Stellar community by;
a) Helping businesses secure their XLM with our smart deposit boxes.
To enable XLM holders to mitigate several risks associated with self-custody such as multisig ‘deadlock’, insider-fraud and coercion.
b) Providing XLM liquidity in developing countries (where we will offer our low cost cross border payments)
A high speed process leveraging the power of blockchain for cross border payments. We will purchase XLM on exchanges in the UK and EU; send these XLM to exchanges to African or Asian exchanges; convert them to local currencies to pay recipient. This activity will provide significant liquidity to the XLM ecosystem in both the source country (UK, EU) and destination countries (Nigeria, India, Philippines etc). We already have FCA approval for this service and waiting for registration to go live.
c) Provide access to GBP and EUR bank accounts to XLM companies
Once operational, our bank will enable companies involved in the Stellar ecosystem to have access to UK banking services
Our services are platform agnostic and will be available via any modern browser on any OS (Windows, Mac, Linux)
Link: Our home site is www.knabu.me
Here is a video explaining our multisig solution which is a hybrid warm wallet: https://youtu.be/XsO7ZkAyoaE
What would Knabu use a Stellar Community Fund grant for?
Bootstrapping the teams developing;
- Secure wallet services for business XLM users
- XLM based cross border payments
How will Knabu help the Stellar ecosystem?
Furthering legitimacy of Stellar with regulators as a preferred partner of a UK clearing bank
Providing significant liquidity for XLM in globally diverse areas
Providing advanced security and best practice governance for business customers using XLM