2gether global
2gether (formerly known as 2getherbank[1]) is a global collaborative banking platform headquartered in Madrid, Spain, that offers its services across the eurozone, and it was launched in August 2018.
2gether operates through a mobile app and a prepaid VISA debit card and some of its beta services include peer-to-peer payments, an in-app cryptocurrency exchange, cryptocurrency payments with its VISA, and ATM withdrawals. The cryptocurrencies can be sent to wallets outside the app and vice-versa. To access 2gether’s services, users first need to become members of the community by buying 2GT coins, following the model of a traditional mutual. As members of 2gether, users become co-owners of the platform and revenues are shared with them.[2]
History
2gether was founded in June 2016 by Salvador Casquero, Salvador Carrillo and Luis Estrada with the aim to “redesign financial services” by making users able to collaborate with each other. It is built leveraging blockchain, big data, artificial intelligence, and takes collaborative economy principles.[3]
In early 2017, 2gether was selected by Endeavor to become part of its Spanish network as a high impact company. Endeavor is an international non-profit organization whose mission is to "select, mentor and accelerate the best High-Impact Entrepreneurs around the world". Thanks to Endeavor, in June 2017 the international management consulting firm A.T. Kearney started collaborating with 2gether to later become its partner. Other partners include international consulting firm KPMG, global law firm Uría Menéndez, and European boutique law firm Finreg360.[4]
In June 2018 it was given a grant by the Spanish Government Ministry of Science, Innovation, and Universities to partner with the Universidad de Alcalá. 2gether received this grant for the research of blockchain, big data, artificial intelligence and machine learning algorithms in the financial sector. The grant highlighted the excitement that both the public and private sectors have about the potential of the platform.[5]
In August 2018 it launched its private beta in the eurozone[6], opened it to the Spanish public in January 2019. It is expected to be opened shortly to the rest of the eurozone.
Product overview
The beta allows users to buy cryptocurrencies with no mark-ups on the price, and to trade among the many types of cryptocurrencies on offer. These cryptocurrencies include Bitcoin, Ethereum, Ripple, Litecoin, EOS, Stellar Lumens and Bitcoin Cash. More will be added in 2019.
Users can spend these cryptocurrencies as easily as euros, using a contactless VISA card, and they can withdraw cash at any ATM in the world. Like all card providers, 2gether enforces a range of limits on ATM withdrawals and top-up amounts. As with all other challenger banks, customers can activate and deactivate their VISA through the app without having to contact 2gether support.
By holding 2GT coins, users become owners of 2gether. The minimum investment is €10 and it allows users to vote on relevant matters such as next product features or reward distribution. The profits of 2gether are also shared among the 2GT coin holders.[7]
Fees
2gether charges no fees to users. Fees are only charged to financial product suppliers.[8]
References
- ↑ 2gether. "Our Rebrand". Medium. Retrieved 18 February 2019.
- ↑ Utrera, Enrique. "Así funciona la primera plataforma bancaria colaborativa nacional, con criptomoneda incluida". Expansion. Retrieved 18 February 2019.
- ↑ Escalante, José Luis. "2gether Bank, una banca colaborativa sin salir del móvil". La Vanguardia. Retrieved 18 February 2019.
- ↑ "La plataforma bancaria española 2gether comenzará a operar en toda la eurozona a partir de abril". Europa Press. Retrieved 18 February 2019.
- ↑ "Nace 2gether, la plataforma bancaria colaborativa que revolucionará las finanzas en la UE". e-fintech show. Retrieved 18 February 2019.
- ↑ 2gether. "A crypto bank beyond a whitepaper. We are entering beta". Medium. Retrieved 18 February 2019.
- ↑ Vilar, Henry. "2gether Global preps open beta beyond Spain". BankingTech. Retrieved 18 February 2019.
- ↑ Hidalgo, Cristina. "La plataforma de productos bancarios 2gether operará en toda la zona euro". EFE. Retrieved 18 February 2019.
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