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First-Ever Acquisition Of Traditional Banks By A Crypto Platform

January 18, 2018 / Source: Bank News

January 18 —  AriseBank, the first decentralized banking platform to offer one of the largest cryptocurrency mobile systems in the U.S., announced the completion of the first-ever successful acquisition of two U.S.-based traditional banks by a crypto platform. AriseBank now holds 100 percent of the equity in both KFMC Bank Holding Company, a 100 year-old commercial bank, and TPBG, a 25 year-old investment banking and management firm. Additionally, the company announced doubling its initial ICO goal for its signature cryptocurrency, AriseCoin.

The company, which launched the ICO for private and pre-sale at the end of 2017, has now raised an astounding $600 million within a course of a few weeks. Now open for public sale, AriseBank has raised its initial goal of $500 million and is quickly approaching being the first $1 billion ICO. The company’s ICO includes two unique assets: AriseCoin, the bank’s cryptocurrency, and an ERC20 compliant token aEx generated from the smart contract that powers its P2P token swap functionality within the bank’s cryptocurrency exchange. The current exchange rate of 1 AriseCoin is 1.40 U.S. Dollars.

Initially designed to serve as a unit of exchange or investment outside the traditional banking’s hierarchy system, cryptocurrencies have been rapidly gaining momentum over the past year. Following the recent success of bitcoin, consumers have started to develop a greater level of comfort in exploring non-traditional currencies and banking systems. The recent surge in consumer confidence will further support the growth of cryptocurrency usage and implementation through the global marketplace.

Through the acquisition of the traditional banks, AriseBank’s strategy is to showcase its stability and growth as a leader in the ever-evolving cryptocurrency sector. With the addition of the traditional banks to its portfolio, AriseBank will now have an arm to comply with industry regulation and give its customers added confidence that even disruptive banking services offering cryptocurrencies will operate with the same assurance and consistency as those of a traditional bank. As part of this acquisition, AriseBank can now offer its customers FDIC-insured accounts and transactions, and gain a strong backing for crypto aTMs which will grant consumers to easily convert and withdraw cryptocurrencies in U.S. Dollars.

“Having a crypto bank being able to successfully acquire a traditional bank – or in this case two – will go down as a monumental moment in banking history,” said Jared Rice, Sr., Co-Founder and CEO of AriseBank. “This acquisition shows that the hierarchy of traditional banking is shifting because of today’s consumer’s demand for more freedom and transparency, and the need for new and innovative solutions to keep up with the changing times and marketplace.”

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