FreeBnk: New Horizons for Users

Published 14 June 2024
FreeBnk: New Horizons for Users


If you haven’t read about FreeBnk yet, we covered it in our earlier article. Take a look when you get the chance! Today, we’ll dive deeper into the features and benefits that make this project stand out among the others.

Users’ and Investors’ Benefits

FreeBnk is a versatile financial platform catering to users and investors across several fronts. Here are the core benefits stated by the project:

  1. Omnichain Liquidity and Zero Gas Fees: FreeBnk eliminates the need to bridge blockchains, simplifying transactions and removing the typically associated gas fees. This makes it economically efficient for users who engage in frequent trading or cross-chain transactions, ensuring they get more value from their investments.
  2. Crypto Accessibility: With FreeBnk, buying and selling cryptocurrency is more accessible than ever. Users can use cash, cards, and bank transfers in over 150 countries. By aggregating the best exchange prices from more than 300 decentralized and centralized finance providers, FreeBnk ensures that users consistently receive competitive rates, further enhancing their investment potential.
  3. Virtual Card: The virtual card feature enables users to spend their cryptocurrency like traditional fiat money at any merchant that accepts card payments. This bridges the digital and physical purchasing gap, providing real-world utility for cryptocurrency holdings.
  4. Transfer Services: FreeBnk’s transfer service revolutionizes how money is sent overseas. By utilizing blockchain technology, the platform offers a faster and cheaper alternative to traditional money transfer services, benefiting users who need to send or receive money internationally.
  5. Payment Solutions: FreeBnk Pay offers a low-fee, easy-to-access online payment method that benefits customers and merchants. This system reduces transaction costs and improves payment efficiency, making it attractive to businesses looking to expand their customer base.
  6. Real World Asset Investments: With FreeBnk RealWorld, users can diversify their portfolios by investing in real-world assets such as property, stocks, bonds, and gold. This feature, including fractional ownership, opens up investment opportunities that were previously inaccessible to many individuals due to high entry costs.
  7. Competitive Lending Rates: FreeBnk Lending provides low-cost, competitive rates for lending, mortgages, and savings. This makes financial services more affordable and accessible, which can be particularly attractive for investors looking for financing options or maximizing their savings growth.

Overall, FreeBnk’s integration of financial services with blockchain technology enhances the user experience by making financial transactions simpler, faster, and cheaper. It also presents lucrative opportunities for investors by broadening the scope of accessible financial tools and investment opportunities. As FreeBnk continues innovating and adapting to customer needs, it stands poised for growth, benefiting all stakeholders.

FreeBnk Development & Integrations

FreeBnk positions itself at the forefront of financial technology innovation, demonstrating advanced capabilities in development and integrations that streamline user interactions and enhance the security and efficiency of transactions. Here’s a breakdown of its key technological advances as underlined by the project:

  1. Aggregator Protocol: FreeBnk employs a robust proprietary aggregator protocol that connects users to over 35 centralized and decentralized exchanges. This protocol delivers real-time pricing information, enabling users to make informed trading decisions and consistently secure the best exchange rates. This feature significantly enhances the trading experience by optimizing financial outcomes for users.
  2. RWA Investment Marketplace: FreeBnk has developed a user-friendly B2B/C2C platform that integrates real-world asset (RWA) real estate providers directly within its app. This integration leverages FreeBnk’s advanced cross-chain technology, simplifying investing in real estate and other tangible assets, thus broadening investment opportunities and accessibility.
  3. Secure Multi-Party Wallet: Introducing a highly secure multi-party computation (MPC) wallet based on Fireblocks technology represents a leap in security for digital asset management. This wallet removes the need for traditional seed phrases and provides customizable temperature settings (hot, cold, warm) to suit various security needs. Its design speeds up operations and minimizes hacking and human error risks.
  4. FreeBnk Overseas Payment Structure with FRBK Tokens: In its commitment to simplifying and reducing the cost of overseas payments, FreeBnk has integrated FRBK tokens into its payment structure. This innovative approach streamlines international transactions, allowing users to send and receive payments across borders and reduce costs quickly.
  5. Gas-Fee-Free Transactions: Central to FreeBnk’s user-centric approach is eliminating gas transaction fees. This strategic move reduces costs and paves the way for broader adoption of its financial services by making digital transactions more accessible to a global audience.
  6. FreeBnk Pay – Peer-to-Peer Payment Solution: FreeBnk Pay offers a peer-to-peer payment system that provides a substantial alternative to traditional card payments. This solution caters to merchants and consumers, enhancing the payment experience by offering a more direct, secure, and low-cost transaction option.

Through these developments and integrations, FreeBnk advances its technological footprint and solidifies its position as a leader in transforming how individuals and businesses access and use financial services in a digital economy, as by FreeBnk.

Security and transparency

FreeBnk states that it is deeply committed to security and transparency, incorporating several innovative strategies to protect its users and enhance their trust in the platform. Here’s an overview of how FreeBnk upholds these principles:

  1. Crypto Deposit Insurance Scheme (CDIS): At the heart of FreeBnk’s security offerings is the Crypto Deposit Insurance Scheme. This unique insurance solution is designed to protect users’ token portfolios against systemic financial failures or the collapse of institutional actors. Leveraging advancements in Web3 technology, CDIS ensures high transparency and robust user protection, allowing users to invest and trade with increased confidence.
  2. $30 Million Risk Insurance Policy: To further safeguard its ecosystem, FreeBnk has secured a $30 million insurance policy that covers various risks, including technical failures and cyberattacks. This comprehensive coverage highlights FreeBnk’s commitment to providing a secure trading and investment environment, protecting the platform’s assets and users’ investments.
  3. Individual Customer Portfolio Insurance: Each customer on the FreeBnk platform benefits from an additional layer of security with up to $10,000 insurance coverage for their portfolios. This coverage acts as a financial safety net, providing users with peace of mind knowing that their investments are protected against unforeseen adverse events.
  4. Inheritance Plan: Understanding the importance of asset continuity, FreeBnk offers an inheritance plan that ensures users’ loved ones can access their portfolios in the event of their passing. This plan not only adds a layer of security but also enhances transparency and trust among users, making it clear how assets will be handled and transferred under sensitive circumstances.

Overall, FreeBnk’s approach to security and transparency is comprehensive, integrating advanced insurance mechanisms and clear, user-focused policies. These efforts ensure that users can engage with the platform securely and transparently, fostering a safer and more reliable digital financial environment.

FreeBnk Partnerships

FreeBnk has strategically partnered with key industry leaders to expand its user base, scale its services, and strengthen its institutional network. These collaborations enhance its operational capabilities and service offerings across the crypto industry.

1. Partnership with Fireblocks and InsurAce:

  • Fireblocks: As a cornerstone in FreeBnk’s operational framework, Fireblocks provides global asset custody and operational services. With offices in multiple major cities worldwide, Fireblocks supports over 1,800 entities, including high-profile customers like Revolut, BlockFi, and eToro. This partnership empowers FreeBnk to maintain robust treasury services and effectively implement its $30 million insurance.
  • InsurAce: As a decentralized protocol offering secure protection services, InsurAce covers various risks, including smart contract vulnerabilities and custodian risks. This partnership allows FreeBnk to offer comprehensive insurance policies, enhancing the security and trustworthiness of its platform.

2. Collaboration with Subsumb:

  • To ensure compliance with regulatory standards, FreeBnk has partnered with Subsumb, a provider of anti-money laundering (AML) and know-your-customer (KYC) services. This collaboration has enabled FreeBnk to develop a regulator-friendly DeFi policy and implement effective KYC features, crucial for maintaining a secure and compliant financial environment. Subsumb’s extensive experience in verification and compliance services bolsters FreeBnk’s commitment to upholding high security and regulatory standards.

3. Partnerships in Liquidity and Exchange Services:

  • FreeBnk has initiated significant partnerships with Woorton, Wintermute, and LIFI to support its customized aggregator protocol, which connects over 35 centralized and decentralized exchanges.
  • Woorton and Wintermute are leading liquidity providers and market makers with a global presence. They offer various services, from market-making to liquidity provision on digital asset exchanges. Their expertise in the digital assets industry enhances FreeBnk’s trading capabilities, ensuring users have access to efficient and competitive trading environments.
  • LIFI: Initially a decentralized exchange protocol, LIFI offers liquidity aggregation and Web3 exchange services. This partnership aids FreeBnk in diversifying its service offerings and enhancing its technological capabilities.

These strategic partnerships extend FreeBnk’s operational efficiency and service quality and solidify its position as a leading platform in the crypto industry by connecting traditional financial structures with innovative blockchain solutions. Each partnership is tailored to leverage specific strengths and capabilities, ensuring that FreeBnk remains at the forefront of technological and regulatory advancements within the financial sector.