My day – regardless of where I am in the world – generally starts at about 5am (to the chagrin of several members of the Bitreserve team 🙂 ). I always start my day with what I call “quiet time” — I check social media, news feeds, blog posts and online conversations. Yesterday morning, August 11, something special caught my attention. I was delighted to read an article on Medium written by Adam Holt, where he talks passionately and eloquently about Bitreserve’s financial ecosystem – and its global value – that we’re creating.
Adam’s article perfectly and succinctly stated our business proposition: “Bitreserve could be a central hub for everything we consider valuable in the future, allowing our digital assets to be stored in the cloud with the flexibility to interchange between different assets/currencies at will.” Fundamentally, I can think of no better way to describe Bitreserve’s vision. We’re building this hub!
It’s quite an impressive article, so I won’t spoil it all for you. However, several points in Adam’s article are noteworthy. In particular, Adam rightly spends a great deal of time highlighting the unique value of Bitreserve’s financial transparency. The real-time proof of solvency report he refers to in the article is powered by our proprietary and patented technology services, called the Reserveledger™ and the Reservechain™, that we created using blockchain technology. This report gives anyone a real-time view of Bitreserve’s obligations to our members, which are matched or are exceeded by total assets held in our full reserve. What’s more, our reserve is independently audited on a quarterly basis by a leading audit firm for maximum assurance.
Unlike all traditional banks and legacy financial services companies that operate fractional reserves (which expose their customers to significant but very seldom discussed or understood risk, including lending their customers’ deposits to other financial services companies), Bitreserve is the only financial services company in the world that operates a full reserve whereby we back member deposits one-for-one. As Adam rightly points out, “Nothing like this exists in our traditional FIAT banking system.” Think about that for a second. If the world undergoes another global financial crisis similar to 2008, for example, each one of our members will be able to withdraw their account balance, in full, at any time. Our members are safe in the knowledge that the value they store with us is 100% safe, 100% available, 100% of the time in our reserve. Regardless of how big Bitreserve gets our unique platform places zero risk on our members, or the broader financial ecosystem, including governments and regulators alike.
You may be surprised to learn that at any other financial services company in the U.S. you’re only insured up to a maximum of $250K of your deposits. If your bank goes belly up or the world undergoes another financial meltdown, you’d only be covered up to $250k and the arduous insurance process to recover these funds could take months. At Bitreserve, the value that our members’ hold with us is covered in the world’s only true one-to-one reserve. In addition, you — individuals, businesses and regulators — will always know our financial position (including our liabilities, obligations and value held) in real-time. I’m deeply proud that we’re the first company in the world to offer these assurances, and my hope is that we are the model for more financial services companies to take a safer, transparent and more accountable approach to holding value.
Adam’s article goes on to discuss the power of Bitreserve Connect, our open API. Our platform is changing and challenging the outdated banking system. Our open API allows any third-party company or independent developer to deploy transparent, state-of-the-art financial applications and services that benefit from ability to hold value in the cloud, free and instant global transfers, zero-cost currency conversions, coupled with built-in industry-leading KYC/AML compliance and best-in-class security. Adam sums it up best by stating, “[Bitreserve enables] the possibility for any entrepreneur to see a gap in the financial market and get involved with virtually no barrier to entry.”
We at Bitreserve are not interested in simple or basic incremental change. We want to change the world! That’s why we’re paving the way for true, game-changing innovation and we’re working with fantastic partners who are using Bitreserve to build a more fair, transparent and free banking future for everyone, everywhere. Our partners are reimagining money for their own business and customers needs on a truly global scale. Join them today!
Learn more about becoming a partner by visiting our Developer portal. Lets do something great together! Happy innovating!