What is GB Systems?
GB Systems is based in Russia, and they want to create a way to integrate Cryptocurrency payment options into real-world scenarios. They plan on distributing a plastic card that is similar to a debit card. Users will be able to use this card to pay for goods or services at local vendors, online marketplaces, or to transfer money to friends and family.
They ultimately plan to partner with several large banks in Russia and the European Union and possibly even the United States to create a currency transfer system which will allow users to use their plastic cards as an ATM card. This means that when they are in Russia, or most countries in Europe, that they will be able to withdraw funds from any of the banks which GB systems is partnered with.
The advantage of this would be to reduce international fees that are imposed by various Banks when you try to use your Visa card in another country or withdraw money from a foreign bank. Optimally, the more international banks that GB Systems partners with, the easier it would be to withdraw money in any currency from anywhere in the world. The GB Systems token would maintain it’s value across borders and could be either transferred to fiat or traded in its token form.
- Swipe your card: GB Systems will give you a plastic card that you can reload with currency from certain ATMs in Russia, the European Union, and possibly the United States.
- Banking partnerships: If they can form partnerships with foreign and domestic banks, then this would reduce the international fees at you may have unfortunately become constant to paying.
- Online payments: Optimally, you would be able to use your card just like a normal credit card. This would mean that you could easily use it to make online payments.
What Issue Does it Solve?
GB Systems is trying to allow it’s users to use cryptocurrency as a viable means of payment in any country. Currently, it’s hard to pay for physical goods and services with cryptocurrency, because very few vendors will take it.
With GB Systems, users in Russia and the European Union would be able to go to any bank that GB Systems is partnered with and withdraw funds in any currency. The GB Systems token would hold its value across borders and would be accepted at any of these partnering banks as a legitimate currency that could then be transferred to fiat.
Token Sale Information
- Accepted Payment: BTC, ETH
- Tokens available for ICO distribution: 20,000,000
- Price: 1 GBCoin = BTC or ETH equivalent of $25 USD
- Minimum amount to participate: $500 USD
- Whitepaper: https://gbsystems.org/white_paper
- Website: https://gbsystems.org
Disclaimer: All information on this post is made to educate our readers. Don’t invest in any ICO unless you’re confident about its capabilities and do so at your own risk.
Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=1760890
- Plastic Card: This would attract more people to use the service in the first place.
- Reduced Fees: GB Systems users wouldn’t have to worry about the insane international bank fees if they used partnering banks when they crossed borders.
- Easy Transfers: GB Systems users would be able to transfer their GBCoins to any partnering bank and exchange them for fiat.
- Poor Whitepaper: The Whitepaper is written in very poor English, so it’s unlikely that they will attract foreign investors.
- Scaling Issues: They have no existing bank partnerships. These are essential to their business model.
GB Systems seems to have a good idea, but it’s entirely dependent upon their ability to form partnerships with thanks. If they are unable to form these partnerships, then their entire business model has no alternative. For a small Russian blockchain company to form these partnerships, they would need to have substantial backers, a solid roadmap, and a well-written whitepaper.
GB systems has no such backers, and their whitepaper is very poorly written and was not properly translated into English. This isolates many foreign investors, who would provide a lot of the much-needed funding for this ICO to launch. For these reasons, GBCoin does not have much potential in our eyes.