Crypto Bank, in simple terms, is an integrated virtual asset management platform, but on a deeper level, it is not a project aims to serve only the virtual asset users. Crypto Bank pursues the naturally induced popularization of the blockchain by adding the payment function to connect the blockchain ecosystem and the daily life to expand the boundaries of virtual assets. In other words, Crypto Bank is a blockchain project for everyone. GARRY SWAP is a utility token that implements Crypto Bank ‘s blockchain philosophy.

The following explains the GARRY SWAP token design.

1. On and offline real-time payment

Crypto Bank fully supports the online payment system using virtual assets, as such service has already been realized in many projects. One differentiation of Crypto Bank is its offline payment service. Thanks to Crypto Bank’s patented Smart QR Payment system, it is possible to pay with virtual assets with a simple software update on various POS of the affiliates. The users of virtual assets and the store managers with little or no understanding of the blockchain can use the payment system as it implements an intuitive real-time payment process. GARRY SWAP token is used as a form of payment on Crypto Bank applications. Once a payment is made, the GARRY SWAP deposited in the Crypto Bank custody account is sold in real-time through the exchange’s API linkage, and the affiliated store quickly receives settlement fiat within three business days.

2. User Benefits

Crypto Bank plans to support payment of various virtual assets, starting with the GARRY SWAP token. Users who make payment with virtual assets will be eligible for various rewards, such as promotional discounts with partnerships with the affiliates. In particular, users can enjoy the following benefits when making payments with GARRY SWAP tokens.

Crypto Bank shares a portion of its revenue generated from the platform with GARRY SWAP holders. Revenues generate from: payment fees, profits from registering various virtual assets as a form of payment, and acquisition of affiliate stores and investment products. GARRY SWAP holders enjoy discount on fee with making payment with GARRY SWAP. Depending on amount held, the holders can also be exempt from paying fees. They can also receive a certain amount of payback based on their holding and usage amount. Details on these policies will be updated later.

Also, Crypto Bank users outside of Korea can enjoy the benefit of making payments without the high exchange fees by using GARRY SWAP. Likewise, Korean Crypto Bank users can make easy payments with GARRY SWAP with overseas affiliates. Crypto Bank is exerting efforts to attract global affiliates in China and Southeast Asian region through its global partners and advisors (I5 Global Networks Co., Ltd).

3. GARRY SWAP FINANCE

Crypto Bank plans to launch its financial product services after stabilizing the platform by securing the number of users.

First, Crypto Bank supports applications to virtual asset investment products through API interworking within Crypto Bank application by entering partnerships with various exchanges and blockchain projects. Users can check various investment products provided by numerous partners, while each exchange and blockchain project can attract investors through the Crypto Bank app. Partners who wish to promote their investment products on the Crypto Bank platform must hold a certain amount of GARRY SWAP.

Second, Crypto Bank plans to launch a collateral loan service by selecting staking products operated by different exchanges through partnerships. Users can borrow virtual assets up to 70% of the staked collateral value depending on the amount of GARRY SWAP held in Crypto Bank. The service users can also receive an interest rate discount when they decide to repay interest with GARRY SWAP.