Humaniq Banking on the Unbanked

Announcements, FinTech, ICO News | April 6, 2017 By:

Blockchain banking app Humaniq has started an initial coin offering to fund its new banking app that targets the estimated two billion people who do not have access to formal banking services.

The ICO, which will run until April 26, claims it has more than 600 BTC in pre-order reservations. Humaniq uses an Android-based app and biometric ID to set up new accounts and verify transactions. Its second generation of its mobile financial services app is now in its second beta test.

The ICO offers several stages of bonuses:  a bonus of 49.9 percent for investors who come on board in the first 48 hours; 25 percent to those arriving April 8-14; and 12.5 percent from April 15-21.

Key holders for the ICO will be Alex Fork, George Basiladze, and Bitcointalk user BTCsec.

Humaniq was founded in 2016 by Alex Fork after discussions with Ethereum co-founder Vitalik Buterin. Along with information gained from panels he attended at a U.N. conference, Fork understood there was a need and a market for Humaniq. After forming the initial team, a successful pre-ICO crowdsale was held in December, generating over $110,000.

Humaniq solves the issue of people from emerging economies not being connected to the power of the global economy. The app will allow users to sign up without providing formal documentation or needing to visit a bank branch by using cutting-edge biometric technology on a smartphone. Users will be able to earn money by performing services for other users, and then convert this money into cryptocurrencies like bitcoin or ether, or utilize mobile cashiers to exchange Humaniq tokens (HMQ) for local currency. The suite of planned services also includes P2P loans, small business loans, insurance, cryptopensions, and document security.

Humaniq limits the number of coins that individual users can produce. Users can earn tokens by doing actions, but these actions are limited to what you can achieve by one person using the app, which is being referred to as “Proof of Face,” since the app uses facial recognition technology.

To encourage adoption of the network, users will be educated by regional ambassadors in the methods of making money through the app. New users will be able to buy cheap android phones for as little as $10 and then earn the money back within one or two weeks of performing tasks for outsourcing firms through the Humaniq app.