Bank11.io

Introduction

Today, the global financial system is experiencing major challenges, such as sanctions and trade wars, banking regulations, rising borrowing costs and key interest rates, and an inflationary, spike. Classic fiat instruments can't overcome these challenges. Blockchain, cryptocurrencies and Web 3.0 solutions in the field of finance are essential for this crisis. Unfortunately major blockchain companies work only for a narrow audience of crypto-enthusiasts. Under these conditions, users need new innovative financial services that will-combine Web 3.0 and large scalability.

Mission

The economic crisis is accelerating a revolution in finance that will power the development of non-fiat banking. X11's mission is to give people back the ability to manage their own money without restrictions. The X11 team decided to create a non-fiat service that combines innovative fintech solutions with the reliability of a classic bank. X11 works as a hybrid service implementing CeFi and DeFi solutions. Cef i will provide the level of compliance the service needs, while DeFi maintains the. transparency of blockchain solutions and the decentralized nature of the service, as well as the scalability of cryptocurrency payments.

Financial institutions must stop dividing people into insiders and outsiders X11 will remove borders and nationalities from finance. We want to give our users access to banking services anywhere in the world without restrictions, regardless of sanctions and trade wars. X11 will be the service for a new global financial system based not on fiat currencies but on cryptocurrencies

Target audience

X11's audience encompasses both individuals and legal entities including Individuals

1. Freelancers who work for clients in other countries

2. For cross-border SME transactions

3. For p2p payments and keeping private funds

• Online business

4. Gambling, betting

5. Gaming

6. Meta-universes

7. Blockchain companies

Problems

Problem 1. Crypto banking is still at the beginning stage of development Many blockchain companies have been created in recent years, including cryptocurrency exchanges and DeFi protocols, which provide different financial crypto services. However, there is not a single full-fledged cryptocurrency bank among them. The vast majority of so-called crypto-banks are either crypto-exchanges that issue debit cards, or neobanks that conduct cryptocurrency transactions on a very limited scale.

Problem 2: Traditional banks and neobanks are over-regulated Fintechs and neobanks, relying on fiat financial infrastructure and being constrained by regulators, do not meet user expectations. Comparing modern banking with the banks of the past, privacy and the quality of service have significantly decreased.

Problem 3: Centralized crypto-exchanges and blockchain services are limited by regulators

Sanctions, trade wars and the international economic crisis are affecting clients of crypto-exchanges and blockchain services. No client can feel safe and at any moment their money can be blocked or confiscated, even if it is of legal origin.

Problem 4. Scalability of DeFi and cryptocurrencies

Defi, the backbone of innovation in finance and the blockchain industry, has not been implemented in banking. The number of cryptocurrency users is still only about 300 million, due to difficulties in implementing user-friendly interfaces.

Problem 5: The fiat system crisis

The modern fiat system has a number of serious disadvantages, notably high inflation and the lack of freedom for people to manage their money.

Problem 6. Zero interest rates on bank accounts

During the COVID pandemic, bank account interest rates in the EU, the US and the British Commonwealth fell to near zero.

Problem 7: Risks and Difficuties

Cryptocurrency has given users the opportunity to make fast, inexpensive and private transactions outside the fiat system. At the same time, it generates many problems, such as fraud and address errors in transactions, not to mention that the legal field for such transactions is still a gray area in many countries. Business

payments in cryptocurrency are high-risk and do not protect either client or counterparty.

The high volatility of cryptocurrencies tiscourages transfers. This problem was "solved" by stablecoins, but even those transactions can be expensive and it is unclear to whom and where funds are going and who is behind them. X11 has solved this problem.

Conversely, classic banks require very serious documentation and confirmation of the origin of funds, both for individuals and businesses. Also, citizens of some countries have great difficulty registering a personal business account, with a process that takes from 3 weeks to 6 months

Benefits of X11

Among the service's advantages are:

the service has no control over customer funds,

the world's first no-fiat solution of a kind;

anonymous transactions on the PoS blockchain;

low transaction fees: from 1% to $1;

no additional service charges,

fast transactions and money transfers: up to 30 seconds,

simple KYC procedure, fast account connection (up to one day);

fast integration with client sites,

crypto-acquiring (acceptance of all available stablecoins): from 1% to $1,

escrow deals with an arbitrator,

absence of restrictions.

X11 Services

The list of basic X11 services includes:

Loan secured by crypto assets

P2P lending

Acquiring

Geocash: p2p exchange at the user's location

Escrow deals with an arbitrator

Geocash and p2p exchange service

Any user can exchange xUSD and other stablecoins for cash at their location. In addition, a service customer can work as a p2p exchange participant and earn money. In order to become an authorized exchange participant, the user will have to pass service checks and make a deposit in crypto-assets.

Example

The user wants to exchange 10 x USD for 10 USD in London. The exchange starts with a search for an order. The initiator of the transaction determines the geolocation he wants, and searches for service-authorized buyers of stablecoins. Geometry determines the closest buyers and shows them the bid. The buyers then make an appointment within the system. The user locks in $10 and the seller locks in a $10 deposit in the system as well. This is a guarantee that the seller has the liquidity to make a deal

The seller and buyer both have a QR code during the meeting, after the transaction is complete, participants bring their phones with the app to each other and 20

minutes later the collateral is unlocked: The seller's $10 is sent to the buyer and the seller's $10 is unlocked.

X11 will recommend an exchange rate for transactions so that the user will not pay high interest for conducting exchange transactions. The planned exchange rate is from 1% to 3.5% depending on the amount.

Lending

X11 will issue loans at market interest rates secured by Bitcoin, Ethereum and other cryptocurrencies from the Top 10. If the rate of the cryptocurrency falls below the collateral value, the cryptocurrency will be bought by the service itself and sent to X11's portfolio. In this case, the loan will be canceled.

Payments and acquiring

In the next 10 years, classic card payments will become unnecessary for the new generation of users. It will be enough to have a wallet built into the browser and make payments directly on the site- just click on the button and sign the transaction.

X11 will help users pay securely and businesses get paid in any currency. This currency will be immediately converted through cross bridges to any stablecoin the customer wants to use for their business Payments will take seconds and the transaction will cost anywhere from 1% of the amount up to $1. This reduces the minimurn check to $1, which is not the case with today's banking systems.

Money transfers and international payments

At the moment, customers have to adjust their business and prices of their services to the bank. A user simply can't send $1 to another country because the fee for such

a transfer could be as much as $40. X11 transfers and payments of any amount have a maximum fee of 1%.

Legal and risks

X11 will operate under English law. All legal arrangements will be directly related to smart contracts. In the event of default, the user can sue the counterparty in their country or in arbitration. All transactions will be recorded on the blockchain

There will be an employee inside the service who will be able to regulate pre-litigation disputes and block suspicious transactions. Every user who does not agree with a transaction will be able to challenge it in court by requesting all documents from this employee. Each user must understand that they and their data are safe and are only disclosed to the authorities in response to a request related to criminal cases If the customer has violated the internal rules of the service, they will be blocked

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Already done

06.06.2021 — Beginning building a bank11 model

09.01.2022 — Launch of beta version for individuals
11.01.2022 — Beta launch versions for freelancers

02.01.2023 — Launch of alpha version for freelancers
07.01.2023 — Test of the Bank11 application on trc

20 08.01.2023 — Signed contracts with the European payment system so that our clients have the opportunity to withdraw funds to the card

What was missing all this time
Instant Registration
Fast and simple KYC/KYB compliance (passport/license)

Instant 30-second money transfers

Low fees on transactions
Acquire crypto
Integration of browser wallets with your site/store. Merchants receive payments in stablecoins without worrying about additional fees or volatility

No limits on transaction volume
Free banking: you pay only for the services you use

Earn on p2p lending
Escrow deals with an arbitrator: deals signed by a smart contract and legal agreement

No country restrictions: we do not work with fiat licenses
Geocash service for fiat withdrawal (p2p exchange between bank clients)

Legal

Bank 11 complies with English law. All legal contracts will be directly linked to smart contracts. The user can sue a counterparty who does not fulfill the contract in their own country or in the arbitration court.
Bank 11 complies with English law. All legal contracts will be directly linked to smart contracts. The user can sue a counterparty who does not fulfill the contract in their own country or in the arbitration court.

Bank 11 does not have access to the client's funds, only information about the counterparty, transactions and the amount of funds. Bank 11 takes payments only in the form of fees, when the client interacts with bank tools. Commissions are automated by smart contracts.
Bank 11 does not have access to the client's funds, only information about the counterparty, transactions and the amount of funds. Bank 11 takes payments only in the form of fees, when the client interacts with bank tools. Commissions are automated by smart contracts.

COMPARISON OF BANK 11 AND TRADITIONAL BANKS
What's the benefit?

Instant money transfers anywhere
Low fees on international money transfers through Bank 11 gateway
Fast registration
Verification within 24 hours
Opportunity to earn on p2p lending
Withdraw fiat via geocash
Ability to pay bills and make purchases in cryptocurrency
No limits on transaction volume
Escrow deals for payments for goods and services
Bank 11 has no control over client funds

Classic Bank
Money transfers up to 14 days
High fees for cross-border transfers up to 15% of the amount depends on the country
Transfers to some countries are prohibited, no withdrawals to blockchain
Account opening takes from 2 days to 2 weeks
Citizens of some countries are forbidden to open an account
Only direct bank loans at % interest
Receipt of funds via wire transfer or cash at bank/ATM only
Limits on servicing accounts
Bank is not responsible for client deals
Can block client funds at any time

Team

The X11 team consists of specialists with many years of experience in the blockchain industry. The X11 product is developed by a team of four experienced engineers with the necessary competencies in blockchain development (Solidity, Rust) and the creation of frontend solutions for Web 3.0 applications in JavaScript, Typescript, Node.js and React.js.

X11's legal department is led by a lawyer with extensive operating experience with CeFi companies as well as advising DeFi projects. The strategic focus on the use of decentralized solutions, combined with legal literacy, allows the company to find effective legal solutions that are convenient for our clients.

X11's marketing and product department is led by experts with dozens of successful marketing campaigns since the first major ICO in 2017 and experience with cryptocurrencies, cryptocurrency exchanges, and DeFi protocols in 2020-2021.