Very insightful and many thanks for the time taken to respond.
I definitely have to agree that the market is saturated, hence our hesitation to even consider an ICO or crowdsale. What would you recommend other than using our own personal funds which we have been doing up until this point.
If we do go ahead with an ICO/STO we would be doing so from our Maltese subsidiary under the advice of our Legal council.
In regards to regulations and licensing, we would be an E-money institution and we can either apply directly to the FCA (which takes time & very costly) or we can become an authorised agent and leverage our card partner's E-money license - our long-term aim is to apply for our license once we gain traction.
We believe there is a market segment for the growing number of people like you and new comers into the market and it's this sweet spot we would like to capture. We're not trying to eradicate banks, but trying to bridge cryptocurrencies and banking as we know it today in a new way.
Really appreciate your thoughts on this once again.
Thanks
Ivan
Tough market, and probably wiser you don't embark on yet another token crowdfund. The market's saturated as it is, plus crippling prices means investors will be keen to hold on to their bags (both Bitcoin and especially investment altcoin favourite Ether!) before moving into another digital/crypto/blockchain bank.
Those with the kind of funding you're looking for will also be wary of UK's delicate stance on crypto, regulatory-wise. Whether or not it remains a member of the EU, for all practical purposes the AMLD5's 2020 trigger date and the Europarl's draft laws on ICOs mean you've got hell to deal with.
Noticed also you don't have (or haven't published) any level of licence for a financial institution? FAQ says it's on its way but your neobank competitors (Revolut et al) already your planned EMR in the UK and will have full banking licences abroad in the EEA.
Not saying there's no market or demand. Guys like me have been far short of satisfied with neobanks but with the way they're all walking down the road of sanction-obedience, and with alternatives only being the likes of Coinbase, there's definitely people waiting for a true "crypto-friendly digital bank".