BofB is a cryptocurrency platform to trade bitcoin and a very few other top-performing altcoins such as Solana and Ether among others. In terms of crypto, there are essentially two different types of exchanges. The first ones that are centralized and deal with fiat and crypto; and the second ones that are decentralized, and operate purely in crypto, but do not deal with fiat at all. It is from both models that BofB will primarily focus on, the centralized model, but envisioned as a crypto only model/platform since BofB has never accepted, nor will ever accept fiat as that would involve governmental approval understood as immediately having to obtain banking and money transmittal licenses. Even though the industry is still at an incredibly early-stage even in 2021, it is clear that purely centralized crypto exchanges with fiat and crypto options will initially be the most relevant and utilized platforms at first, compared with purely decentralized crypto-only exchanges. Now, contrary to what the majority of the industry believes -that decentralized exchanges will prevail over centralized ones-, at BofB, we believe that people have always relied on centralized banking systems and custodial models to care for their wealth, as this is something that banks and exchanges have done better for decades compared to 99.9% of most individuals alone. This is nothing new, it is ancestral. Most of BofB’s C-level officers come from private wealth management, investment and financial backgrounds. Based on the team’s experience, we are confident that the vast majority of consumers will continue to rely on centralized models where they continue to delegate the banking and custodial function of their wealth to large corporations with licensed and qualified professionals who preserve their customers assets and collateralize it with insurance instruments. BofB will follow this path, but concentrating its focus in empowering crypto. Now, for those more sophisticated clients who will require a decentralized platform we will offer that service as well.
Now, as crypto exchanges transition and mature, we believe that people will want migrate and operate mostly in stable cryptocurrencies -and speculative coins in subsidy as a new form of trading-, but not fiat anymore. This transitional period may probably extend for a few years until markets mature and adopt the fully centralized crypto-only model. We are firm believers that within the next coming years cryptocurrencies will become the only norm in monetary exchange, remittances, trading and gambling until all other industries are taken over as well.
BofB is engineering a roadmap to assist in transitioning these few different stages predicted above in order to line up with the flow of changes that will become more evident and inevitable as the digital asset and financial industries evolve.
This is where BofB will differentiate itself from most other competitors as we envision that part of the process in order to become key players in this industry is to become a transitional platform that walks its users from traditional banking to a more modern crypto-custodial model. This is where B meets ₿. This will involve getting licensed as a financial-service provider and money transmitter [bank] in order to transition to a fully centralized crypto-only exchange. Since compliance and long-term success are key factors in achieving BofB’s healthiest and most efficient growth, a bank license is something that our board is seriously considering to fulfill all of BofB’s objectives and goals.