GATS BANK (GATS) is another startup in the long list of blockchain projects that show promise but are yet to deliver the comprehensive digital banking system with a blockchain at its core. However, unlike other ventures in this field, GATS actually has some interesting features, which might set it apart from the competition. As usual, the emerging company will try to raise funds through the sale of utility token GATS that is compliant with the Stellar protocol for coin issuance.
GATS operates under the auspices of GATS Group and GATS Credit Society Limited (GUC), the companies that have been established and now operate in concordance with the Indian legal framework. There are three financial solutions, which GATS had already rolled out, namely GATS Forex, Money Kendra, Trade Money, all of which are appropriately licensed and answerable to the authorities.
GATS BANKS has incorporated the expertise and experience, obtained over the course of more than two decades of operation of the mentioned solutions, and became a comprehensive digital construction that runs on the Stellar blockchain.
Presently, GATS is working on a suite of digital products that should bridge the gap between the real economy and crypto space, offer a seamless working vehicle for domestic and international remittances that take place in real-time; minimize the influence customary financial factors, such as card rates and banking fees. The project has even established the market reach goal of 9% of the global population, which is roughly 700 million people - an ambitious objective that could be reached only if the upcoming sale of GATS tokens will end up hitting the hardcap.
Apart from the banking infrastructure and services, GATS plans to roll out the proprietary exchange platform named CryFto Exchange, which stands for Crypto-to-Fiat. There is no detailed information regarding which currencies will constitute the fiat bucket. Still, the team assures that it would contain major ones that could be effortlessly converted to fiat and vice versa. GATS plans to gradually add a total of as many as sixteen fiat currencies and over a thousand cryptocurrencies over the first year since the platform launch.
Besides the exchange, GATS will also launch its own globally accessible digital wallet that would afford the possibility of limitless instant payments in both cryptocurrencies and fiat. There will also be the option for crypto/fiat lending, the crypto custodial services, and mobile banking.
GATS token can be used to pay the conversion and trading fees, fund token sales that will take place on the platform, or exchanged for other cryptocurrencies.
GATS BANK is currently carrying out the presale of GATS tokens that is due to end on December 30, followed by the crowd sale that will take place in the period from December 30 till March 30.
The pre-ICO price of 1 GATS is 0.05 EUR, with no particular minimum investment threshold. The softcap of 1 million EUR seems to be feasible, while the hardcap of 42,75 million EUR will be hard to attain. Early investors can buy tokens with Stellar Lumens, Bitcoin, and Ethereum. The list of restricted areas includes the United States, China, Taiwan, and North Korea.
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|Start||December 30, 2019|
|End||March 30, 2020|
It has been correctly noted that despite having a plethora of crypto companies that are involved in the digital banking sector, none of them have been able to deliver any substantial results as of yet. Perhaps GATS BANK will break this situation by establishing a really functioning banking network, but it is hard to predict their success at this point.
Carlit0oo March 19, 2020 Reply
How could people even think about devoting their money to the likes of Gats Bank when the regulators all around the world are ganging up against the blockchain/crypto companies that try to offer financial services. Needless to say that online banking is a pain point for the global financial establishment, so the chances that Gats Bank, or any other crypto banking startup for that matter, would succeed are slimmer than an anorexic fashion model.
Pyromaniac February 11, 2020 Reply