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Hashcoins, the team behind popular cloud mining platform ‘Hashflare’, have successfully raised more than $23 million dollars in an ICO for their digital banking project, Polybius.
Polybius will be the first fully digital European bank to be crowdfunded by its users. Extolled as “a regulated bank for the digital generation”, Polybius is seeking to unite legacy banking infrastructures with modern technologies (such as DLT) to build a secure & comprehensive financial platform.
The innovative project marries the convenience of modern banking with various burgeoning technologies such as big data, and the utilization of multiple blockchains. The ultimate goal is to connect digital tools for finance, healthcare, education, and insurance within a single ecosystem.
Of the many issues facing the digital banking revolution, user security may perhaps be the most endemic. In a bid to address security obstacles head on, Polybius has turned to Secondfactor.io to administrate their account recovery infrastructure. Secondfactor’s novel approach to security is built to target the hacking risks associated with the SS7 network. Text messages sent via the SS7 network are easily intercepted, making mobile-based forms of two factor authentication vulnerable to attack. By teaming with Secondfactor.io, Polybius has taken early strides towards better security for their user base.
In March of 2017, the buzz surrounding Polybius began to attract the attention of banking experts across Europe. Led by the incorporation of new and exciting financial technologies, such circumstances have been lauded as making banking more accessible, secure, efficient, and inexpensive for the global community. Delegates from a diverse background of industries quickly came together to form the Polybius team in the months that followed.
Following the launch of their ICO, the fervor surrounding this exciting step forward has quickly become apparent, as thousands have come together to fund the project with more than $25 million dollars in crowdsourced donations. With just over two weeks remaining before the conclusion of their ICO, many are speculating that Polybius may end their sale as one of the most highly funded ICO’s of 2017.
The ICO remains open through July 5th, 2017.
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