BlockBank Unveils DeFi Application With AI-Powered Robo Advisor

Mobile banking platform BlockBank, which combines decentralized finance (DeFi) and artificial intelligence (AI) technology, on Tuesday (Oct. 26) announced it will unveil its mobile and web-based app by the end of this year, according to a Bitcoin.com report.

BlockBank’s app will bring together traditional finance and DeFi in a secure platform that includes the Robo Advisor AI-powered resource for newcomers to the cryptocurrency market and a tiered rewards system that gives users up to 20 percent APY.

BlockBank will continue to build on the Robo Advisor’s capabilities and functionalities from its start as an educational resource that offers users a tailored experience on the BlockBank platform that learns and grows with customers to understand their habits and risk profiles to craft actionable insights.

The Robo Advisor will also reduce how much time users spend on market research and enable automated order management and execution, portfolio creation and management and more.

All BlockBank app users can earn high APY on staked crypto tokens, including Bitcoin, most ERC 20 tokens and BlockBank’s native utility token, $BBANK. The app also features a suite of decentralized applications (dApps) and gold and silver purchases with cryptocurrency.

The BlockBank app will be available for download in both the Apple and Android Play store.

Related: Stablecoins and Next-Gen Payments: Marching Toward Institutional Adoption of DeFi in Europe

Recent data from the International Monetary Fund (IMF) shows that the market capitalization of stablecoins has quadrupled to more than $120 billion in 2021.

Pavel Matveev, CEO of multicurrency digital wallet and money transfer service Wirex, recently told PYMNTS that these digital assets — central bank digital currencies (CBDCs) and stablecoins — will eventually dominate the cryptocurrency payments space.

Société Générale-Forge (SG-Forge), an affiliate of French multinational banking giant Société Générale (SocGen), has applied for a loan of up to $20 million in DAI stablecoins using bond tokens issued by the bank as collateral. The tokens, recognized under French law, were issued in May 2020 at a 5-year fixed interest rate of 0% and have been assigned a AAA rating from both Moody’s and Fitch rating agencies.