Digibank, a digital-only bank service offered by DBS Bank, has announced a partnership with Jubilee Exchange with the aim of creating a new digital coin called DGCoin, according to a Digibank press release.
The statement calls the coin “a transactional cryptocurrency developed to create a decentralized and globally deployed online infrastructure that would be the foundation of providing global banking and financial services to the masses”. Its blockchain is called DIGI, standing for ‘decentralized intelligent global instruction’.
The project will begin this year, and develop in four stages. Stage one is the ‘foundational service layer’, in which the blockchain will be set up and tested privately by a controlled group of miners. Stage two will introduce individual banking transactions and peer to peer transfers. Stage three is called ‘decentralized productive wealth management’, meaning that crowdfunding and business loan capability will be added to the blockchain. Finally, the entities aim to launch an international network of ATMs.
The stated aim is to be “the first global banking network that is controlled by no one party, whose vault of wealth is vastly distributed, where flow of wealth is determined by the entire community.”
Digibank is “an entire bank squeezed to fit into your smartphone”, according to its website. It was first launched in India in April 2016, and is powered by DBS Bank, a major Singapore-based banking corporation. It is licensed in the Commonwealth of Dominica.
Jubilee Exchange is described in the press release as an online cryptocurrency exchange platform, but no additional information is offered. No platform by this name is found via an internet search or on Twitter. We have reached out to DBS Bank for clarification, and will update the article if a reply is received.
TheBitcoinNews.com – Bitcoin News source since June 2011 –
Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. TheBitcoinNews.com holds several Cryptocurrencies, and this information does NOT constitute investment advice or an offer to invest.
Everything on this website can be seen as Advertisment and most comes from Press Releases, TheBitcoinNews.com is is not responsible for any of the content of or from external sites and feeds. Sponsored posts are always flagged as this, guest posts, guest articles and PRs are most time but NOT always flagged as this. Expert opinions and Price predictions are not supported by us and comes up from 3th part websites.
Advertise with us : Advertise
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
