WBBExchange is a cryptocurrency exchange platform that was launched in Estonia in 2018. The service was founded under the brand of World Bit Bank for convenient sale and purchase of digital assets as it offers a selection of trading tools for its users.
The World Bit Bank (WBB) project has developed the solution that it called 5G finance featuring the following characteristics: simplicity of use, cross-platform compatibility, transboundary support, customer control, immediate transactions, security, API, open-source code, absolute transparency, and no charges.
The company WBB (World Bit Bank) has received the license to work with cryptocurrencies in 2018 that allowed to establish a virtual exchange and virtual wallet services in full compliance with Estonian AML and financial terrorism laws.
The project that develops the brand World Bit Bank creates the ecosystem to make each user an active participant of a new financial world with decentralized and secure blockchain technology. These technologies give people more freedom and this is what the WBB ecosystem is ready to deliver.
The goal of the project is to design and realize a high-quality complement to a traditional banking system with electronic platforms to integrate cryptocurrencies into bank operations and facilitate their usage in everyday life.
The project that calls itself the first legal cryptocurrency bank is going to include a group of cryptocurrency banks in different countries among which are the US, Brazil, Canada, Germany, the UK, Switzerland, Australia, Japan, Turkey, and India.
The company utilizes 2 key pieces of technology. The first one is the mobile application for real-time monetary transactions. The second one is the blockchain for the creation of the ecosystem with Wibcoin token as a utility token of the World Bit Bank ecosystem.
There are trading bots and arbitrage enhancing fairness of transactions on the platform. The functionality doesn’t differ much from what other platforms offer, but the team behind the project offers a higher potential profit and more room for maneuver.
The company started creating the ecosystem from the development of the WBB Wallet and later came up with this project that was partially ready before pre-ICO. The community started growing in the pre-ICO period and continued to increase its influence during the main token sale. The products of the ecosystem include WBB crypto bank, WBB wallet, WBB card, and WBB exchange. It also plans to add a leasing company, an insurance company, and a cryptocurrency fund to this list.
WBB fees and financial details
The trading fees on the exchange are equal to 0.2%. It is free to replenish the account in cryptocurrencies. Fiat deposits are charged 0.5-4% depending upon the selected currency. The withdrawal fees vary so you should check them up in a specified section on the site.
The company issues different payment cards for investors depending upon their contribution to the project. Three kinds of cards are available to them. Classic, Gold, and Platinum cards are distributed among users who invest 1-3 ETH, 3-10 ETH, and over 10 ETH correspondingly. The team has decided to include small investors as well and provide virtual cards for them along with a full range of services offered by World Bit Bank to all its clients.
The project was a big success during the pre-ICO stage. The value of distributed tokens exceeded 15 million EUR during pre-sale. The plastic cards of the World Bit Bank are traditional Visa/Mastercard debit cards. Payments can be made in popular cryptocurrencies such as Bitcoin, Ethereum, or other ERC20 tokens.
Wibcoin token with a ticker WBBC was created as a utility token of the system and was made as a public cryptocurrency for payments within the system. This is an ERC20 token as it is based upon the Ethereum platform.
The main advantage of the platform is the possibility to conduct high-speed instant payments in cryptocurrency. It is possible to make contactless payments via NFC, QR, ApplePay, and AndroidPay. Users only have to install a mobile application to use WBB mobile banking that can be easily integrated with third-party systems, for instance, PayPal, PayTM, etc. for payments at any place of the world where banking cards are accepted.
The company assures that it is able to cut the cost of transfers by 90%, while it takes several seconds to conduct transactions to any place in the world.
WBB security and support
The platform requires its users to pass the KYC procedure that is conducted prior to granting full access to all features and services. Clientыs’ data is secured on the blockchain and accessible only to the banks within the WBB system.
AML initiatives have made money transfers a very complicated matter, but a register of transactions within the WBB ecosystem alleviates the process. The mistakes are excluded as a register can’t be changed or destroyed.
The support team is ready to provide assistance 7 days a week within working hours (UTC +3) in Russian and English.
The founder and CEO of the project is Igor Remanenko, who is also the founder of the IT company Vitsolutions. Igor is a cryptocurrency enthusiast who has gathered a solid team to work over the project. He graduated from Ivano-Frankivsk National Technical University of Oil and Gas as a mining engineer. He also a graduate of V. Dokuchaev Kharkiv National Agrarian University as a land surveyor engineer and Kharkiv Military University where he studied radio engineering. His profile mentions over 20 years of successful managerial experience as a director and senior executive in the public, private companies. Igor Romanenko has wide expertise in planning and management of finances. He is a member of the association Inovare in Zug, Switzerland.
The team of the company also includes the manager of the Project Tetiana Soldatova and Vlad Romanenko, a co-founder of Vitsolutions, LCC. The other key figures of the project are Vasily Soloviev, banking specialist, Nikolai Miroshnik, banking specialist and VP, and Maksim Boyko, CEO in “Vitsolutions”, LLC.