Digibank, a digital-only bank service offered by DBS Bank, has announced a partnership with Jubilee Exchange, an online cryptocurrency exchange platform, with the aim of creating a new digital coin called DGCoin, according to a Digibank press release.
DGCoin is a transactional cryptocurrency developed to create a decentralized and globally deployed online infrastructure that would be the foundation of providing global banking and financial services to the masses, and rides on a unique blockchain named DIGI (Representing – Decentralized Intelligent Global Instruction).
The birth of the blockchain technology signalled the start of a global financial revolution which has alerted traditional banks all over the world. Jubilee intends fully on harnessing this piece of technology to present a revolutionary alternative to the global finance and banking industry.
Sources from DigiBank state that in the long term, they believe the application of blockchain technology in such a way where cryptocurrency and FIAT currency transactions are linked, would lead to the creation of a new banking standard, in which the consumers depart from conventional centralized banking and the immense costs of transactions, and enter a world of decentralized banking services.
It is also stated that this project will commence in 2018, and will be implemented in 4 consecutive stages:
The venture will unfold over the next 12 months, and develop in 4 phases. Stage one is the ‘foundational service layer’, through which the blockchain will probably be arrange and examined privately by a managed group of miners. Stage two will introduce particular person banking transactions and peer-to-peer transfers. Stage three is referred to as ‘decentralized productive wealth management’, which means that crowdfunding and enterprise mortgage functionality will probably be added to the blockchain. Finally, the entity's goal is to launch a global community of ATMs.
According to Jubilee, this will be, in its full scale, the first global banking network that is controlled by no one party, whose vault of wealth is vastly distributed, where flow of wealth is determined by the entire community.