Blockchain consulting firm Razormind is building a blockchain bank in Europe and investing in Bitcoin ATMs

Crazy Review : Blockchain consulting company Razormind will establish two banks in Belfast and Paris respectively. Both banks will use Razormind's DeOS platform and use blockchain technology to store files. Razormind will invest 5 million euros in the development of these two banks to improve security and encourage decentralization. This is Razormind's largest project in Europe to date, and the entire team is very happy to expand its operations, create local jobs, introduce the most advanced technology, and make life easier for local people.

Translation: Nicole

Blockchain consultancy Razormind has announced plans to build two banks in Belfast and Paris, both of which will use Razormind’s DeOS platform and provide bitcoin deposit and withdrawal services. Razormind said the two banks are expected to be operational by 2017.

DeOS is Razormind's operating system that uses blockchain technology to store files. Files, pictures and other information are placed on a secure decentralized storage blockchain. DeOS tokens will be used to register assets, create smart contracts and identity information, and are expected to be launched in October 2016.

Phil Sturgeon, Head of Legal and Compliance at Razormind, said:

“We believe innovation is about making the world a better place, and there has never been a better time to tackle poverty and predatory lending. We are excited to stimulate development in Northern Ireland and France, while developing blockchain systems that will benefit everyone in these regions. Our commitment to community development is good for our business and good for the European economy.”

More and more ATMs are appearing in Europe

Razormind will invest €5 million in the development of the two banks, which will run entirely on a blockchain system designed to improve security and encourage decentralization.

The company intends to work with local companies, invest in Bitcoin ATMs, give incentives to merchants, and provide banking access points.

Jawad Yaqub

Jawad Yaqub, CEO of Razormind, said:

“Razormind is grateful for its continued success in Europe and is proud to be investing in supporting communities across the continent. This is Razormind’s largest project in Europe to date and the whole team is excited to expand operations, create local jobs, and bring in cutting-edge technology to make life easier for local people.”

According to Blockchain-Finance, the two banks will provide similar advantageous services. The Belfast-based bank will provide zero-interest short-term loans, which provides an alternative to the existing high-interest, high-salary loans. At the same time, it can also provide subsidies for outdoor education in schools. The Paris-based bank will provide similar credit services and will also participate in creating better communities.

Razormind says they will offer some of the features of a traditional bank, like Decentral's Bitcoin ATM, which offers ATMs in offices, but not full banking features like credit services and Bitcoin payments.