Business & Industry Tony G Wants to Build a Bridge Between Bitcoin and Banking

By Daniel Smyth 3 Min read

Tony G’s life outside of poker has taken another interesting turn. This time he’s trying to help mainstream cryptocurrencies, such as Bitcoin and Ethereum, by advising a startup that seeks to integrate booming new digital financial instruments with more traditional banking services.

As Lithuania’s Member of European Parliament, Guoga has been espousing the virtues of digital currency for some time now. A longtime believer in the potential of “blockchain” technology, Tony G also has experience with financial transactions across international borders under different levels of regulatory scrutiny.

Guoga now will be serving on the advisory board of Bankera, an operational axis of SpectroCoin, a cryptocurrency exchange that provides payment processing and other financial services.

Bankera recently announced that it has created a banking system that incorporates blockchain technology into traditional banking products and services. Bankera claims to have secured all regulatory and IT provisions necessary to launch its new system, and is now looking to raise capital for the venture.

What is Blockchain Technology? A blockchain is a digital ledger that allows data to be processed and recorded but not altered. Unlike traditional databases that involve some sort of human input, blockchain technology is fully autonomous, which means the data not only are processed efficiently, but also can’t be tampered with. This way of processing data initially formed the backbone of Bitcoin’s digital payment system when it launched in 2009. Since that time other cryptocurrencies have been born out of blockchain technology. This has since led to blockchain being used by a number of industries where storing and processing data is important.

Tony G’s New Bet

Bankera is trying to be the traditional bank for digital currencies, creating a way to attach it to more typical account services, such as debit cards, checks, and personal IBANs. As a bank, Bankera also would allow seamless exchange of blockchain-based currencies with hard money, whether that be the US Dollar, British Pound, or Albanian Lek.

According to Bankera’s press release, the bank will accept cryptocurrency deposits as well as deposits of US dollars.

In addition to offering traditional banking options for cryptocurrency users, Bankera will use blockchain technology to make payment processing more efficient and secure.

Set to open on August 28, the first round of funding will give early investors a chance to purchase shares of the company. The sale is looking to offload five percent of the company, with the money raised helping determine an overall market price.

Cryptocurrency Champion

Tony G’s role within Bankera will be as an advisor both in a business and political capacity. While the company is still in its infancy, it has said that its system will offer businesses instant payment settlements.

Gaming regulators have taken a cautious approach toward working with cryptocurrency. The UK Gambling Commission allowed online gaming licensees to accept “cash equivalents” such as Bitcoin in 2016, but other regulators have been slow to follow suit.

However, if Bankera is able to establish itself as a legitimate bank, it may make it easier for financial overseers and gaming regulators to give online gaming operators and players a better way to fund their accounts.

Written by Daniel Smyth Dan Smyth is a poker media journeyman who politely reminds CardsChat readers that poker is played all around the world, not just America.

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