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Unbanked's native token, UNBNK, is among the top performers as November 2022 comes to a close, statistics from LumenSwap, a DEX on the Stellar Network, shows.
In a tweet shared on November 23, UNBNK rose roughly 10 percent, outperforming legacy coins like ETH, BTC, and ADA during the same trading period. The exemplary performance of the coins is amid the crypto winter that is already forcing projects to shelve their ambition as the effects of the crypto winter reverberate, drastically impacting liquidity.
Base in the United States
is based in the United States and sufficiently regulated by the Securities and Exchange Commission (SEC), the primary regulator in the country. In line with the stringent country regulations, the platform prioritizes customer protection. They have stated that clients in over 200 countries have access to an FDIC-insured bank in the United States whenever they use their platform to buy cryptocurrencies. At the same time, residents in the U.S.U.K., and EEU, can get Unbanked Debit Cards through which they can spend their cryptocurrencies online or in physical stores at their convenience. By Q1 2023, Unbanked said clients in the LATAM, Canada, India, Nigeria, and other supported jurisdictions would be free to apply and use crypto cards.
Superior Technology
In its quest to bank the unbanked, the platform has also kept its priority on technology so that users have a smooth user experience. Besides users guarantee that they are operating in compliance with laid down laws, they will also be guided from the back end with robust and battle-tested technology. Unbanked technology is used by established and world's renowned platforms like the Litecoin Foundation, StormX, Nexo, and Stacks. This, the platform adds, is critical in credibility because apart from serving users and providing access to financial services, Unbanked has a real and practical business model. In turn, profits gained are used to support its global operations and further improve the product.
The UNBNK token also plays an instrumental role in Unbanked and in driving utility. Once a user deposits Bitcoin or crypto to Unbanked, it is automatically converted to UNBNK. This is deliberate because the token is the base spendable asset for Unbanked and will be held on the Debit crypto card until it is spent. UNBNK token can also be staked. Depending on the staked amount, earnings, denominated in spend rewards, can range between one and six percent. To illustrate, users with over 145k UNBNK earn six percent from staking their tokens. UNBNK's total supply stands at one billion. However, there is a minting and burning mechanism for balancing circulating tokens in Ethereum and the Stellar Network. By design, UNBNK is designed to be deflationary. Users who withdraw the token from the dashboard pay a two percent deflationary fee.
Partnerships and Accolades
The regulated platform works directly with banks and card providers for the convenience of its broad client base. Presently, Unbanked is the Visa Enablement partner and Program Manager while also serving as the Program Manager for MasterCard, one of the world's largest payment processors. Unbanked were directly involved in rolling out AMEX's first NFT card, and powers the Litecoin Card, among other cards used by Web3 companies.
For what they bring to the table, Kevin O'Leary voted Unbanked as the winner of a Shark Pitch. Similarly, Inc. 5000 named Unbanked the 327th fastest-growing company in the U.S.
