TokenPay CEO Derek Capo Talking About WegBank And Debit Cards
The next one, the final one is the bank. So we’ve announced publicly is that we purchased 9.9% stake of a bank. Now we have the option to buy the rest. There are some other partners that are interested in purchasing the bank with us. We’re looking for strategic partners. Some of them could be blocked and oriented, some of them could be financial, some of them could just be rich people that have connections. Believe it or not, that sometimes helps out.
But WEG Bank or this back specifically is what happens with the integration, you’re a merchant you receive crypto currencies and you make the power decision. If you want to be able to converted Fiat or not. So you would open up home business, merchant services account at the bank. Then you’d be able to do this to facilitate your business in crypto. So right now, the current bank actually is a property management. Basically they just issue loans for associations in Germany and collect some interest.
So eventually they’re going to start switching to what we’re doing. So we’re gonna have just regular checking accounts. That’s like to crypto private label debit cards. So you’re gonna have your verge debit card. Then you’re gonna have and of course we’re going to have confidential debit cards as well. Right now we’re working or talking to the regulator’s of how we can actually do that. There is a limitation of how much that amount is. But the goal is that you can go to Verge, get your Verge, get an actual debit card. That’s anonymous and you can actually use it for everyday purchases and oppose the global ATM network.
I’m not a guy you know the bank is not going to be one that’s gonna have a thousand branches. I believe in having partnerships, working with other banks worldwide and having ATM networks. That’s just the way of speeding things up but let’s be honest. A debit card is old technology, an ATM network is old technology. This is a fact, but you need this right now in order to transition to the future. I believe I’ve lived in the future. I lived in China eight years. When I went in 2008, everything was cash. Then after a couple years, it was debit card and credit card. I was like what’s going on!
This is like the states and then within three years by 2012 or so WeChat came into play. Do you know how popular we chat became? Does anybody know the original story of how it happens? Anybody? Nobody can raise their hand? Okay one guy knows. So we chat became popular because in the Chinese New Year they went onto a TV station that everybody and all of China watches. They created this game, that if you shake your phone you’re gonna receive a red envelope. A digital red envelope, and in that red envelope you receive five cents, 10 cents, whatever it was. The goal was that the more you shake the more you receive.
Then eventually you would have to share that to get more. So instantly they got 50 million or 30 million subscribers in one day. It went from a chat app to a money out to the point, where now you cannot survive in China without that app. Facebook, Messenger, WhatsApp all those companies are going to have centralized apps. All of them to the point where you can buy anything in China. You can get somebody to come wash your dog, order food and get a cleaning lady appointment book the next day, all is in the app.