Cryptocurrency ICOs have largely been for tech projects that most lay people are unfamiliar with or don’t care about. This can limit the company doing the raise from reaching as many people as possible.
One company that broke that tradition is Humaniq, which is using Blockchain for social good. Its Ethereum banking app is being developed to help billions around the world who don’t have access to banks, a cause that helped Humaniq stand out when it held its ICO earlier this year.
Because it’s been a few months since that offering, we thought to see how things were going for Humaniq. What we found is that the company has made meaningful strides in its efforts to improve the lives of people who probably have no idea what cryptocurrency is, but they will soon find out.
When ethereum meets banking
Humaniq touts itself as a mobile bank that is trying to develop a “new banking experience.” To build its platform, it held an ICO in April. It raised roughly $5 million.
To bring others up to speed about its efforts, Humaniq is planning to hold monthly meetups. Specifically, Humaniq wants to inform and involve others working in the financial sector about the products it is in developing, especially those that are related to Blockchain.
Like most in the financial industry, Humaniq understands that the future is in a digital economy. Now it’s a matter of making sure those 2.5 billion unbanked people are not left behind.
By 2018, Humaniq plans to provide to the unbanked financial products like insurance and loans. These offerings will be funded by HMQ tokens, many of which were raised through the April ICO.
Banking for the underbank is not the only social good Humaniq has its sights on. It specifically wants to address the exorbitant fees people pay to make financial transactions.
Recognizing that smartphone technology is key to lowering these costs, Humaniq is planning to launch an app in August.
“We want to go further. We want to bring down even more costs that act as a barrier to so many improving their lives.” – Humaniq
Specifically, the app is intended to give the company’s users a chat system that does not require what it calls large and expensive amounts of data.
New life leading the charge
Humaniq has put in place Dinis Guarda as its CEO. Guarda has extensive experience in Blockchain, as well as in international management. Company co-founder Alex Fork has had Leading Visionary added to his role.
One of the first moves Guarda made was opening an office in San Francisco for a team of research and business development. Heading that office is senior advisor Lene Schulze, a thought leader, business developer, and strategist. She has experience helping companies in digital transformation processes.
Humaniq’s advisory board has grown to 20 members strong, positioning the company to have the varied voices needed to tackle its mission of serving the unbanked.
When Humaniq raised the roughly $5.1 billion, it was from almost 12,000 participants.
Its market cap is roughly $29 million. At the time of writing, roughly 162 million tokens were in circulation at a price of $.18 each.
We’ll continue to monitor how Humaniq uses the proceeds from its ICO to bring mobile banking to more people throughout the world, especially those who are in underserved in emerging markets.