Digibank, a digital-only bank service licensed in the Commonwealth of Dominica, has announced a partnership with Jubilee Fintech Holdings Limited of Hong Kong with the aim of creating a new digital coin called DGCoin, according to a Digibank press release.
The statement calls the coin “a transactional cryptocurrency developed to create a decentralized and globally deployed online infrastructure that would be the foundation of providing global banking and financial services to the masses”. Its blockchain is called DIGI, standing for ‘decentralized intelligent global instruction’.
The project will begin this year, and develop in four stages. Stage one is the ‘foundational service layer’, in which the blockchain will be set up and tested privately by a controlled group of miners. Stage two will introduce individual banking transactions and peer to peer transfers. Stage three is called ‘decentralized productive wealth management’, meaning that crowdfunding and business loan capability will be added to the blockchain. Finally, the entities aim to launch an international network of ATMs.
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The stated aim is to be “the first global banking network that is controlled by no one party, whose vault of wealth is vastly distributed, where flow of wealth is determined by the entire community.”
According to the DGCoin website, there are 100 million DGN tokens, of which 20 million are pre-mined. A private token sale is to begin today (3.1.18).
Digibank is an offshore bank with a Dominican Class-A license, according to WIC News.
Jubilee Exchange is a cryptocurrency exchange launched by Jubilee Fintech Holdings Limited, a company which was formed in Hong Kong in 2017.