Change Bank ICO Report


Change Bank ICO; Their goal is to create the Bank of the future – the first global crypto bank that will offer payments with cryptocurrencies and also have a fully integrated marketplace of FinTechs. Their idea consists of three diferent products – forming a global crypto bank.

Change mobile application:
– KYC platform (users will only need one point of access to be able to utilize all thirdparty services on the platform)
– universal crypto wallet

Change Card
– cash back (part of transaction when spending cryptocurrencies)
– low fees
– security (the card can be locked from within the app and has a dynamic CCV)

– decentralized third-party marketplace filled with FinTech products. (Anyone can use the most suitable service provided from Anywhere)
– use cryptocurrencies to invest in stocks, P2P loans, real-estate, insurance, etc.

Change partnered up with Estonian government project E-Residency that allows people to get digital identity in the European Union. We believe this is a good connection since they will definitely need the experience and knowledge when building the KYC platform and the marketplace.


One way this concept and currency can be used is to pay with Change Card and spend cryptocurrencies all over the world. You can invest in different financial
products globally through the Change Marketplace.

Change Bank
Source: Change Bank Whitepaper

The goal is to achieve a borderless finance. The services within the marketplace will be rated and usage rates published to ensure transparency. They currently integrated 3 FinTech companies into their marketplace: (Smartly – robo advisor, Danabijak – peer to peer lending, BitofProperty – real estate crowd investment platform,) This gives us a good idea of what the marketplace could potentially look like and what services it will hold.

CHANGE CARD Payment Flow

Change Bank
Source: Change Bank Whitepaper


Change Bank
Source: Change Bank Whitepaper

KYC Process

This is where the e-residency Estonian project comes into play. Below is the infographic from the whitepaper, explaining hunified/universalersal KYC will work.

Change Bank
Source: Change Bank Whitepaper

To simplify integrations of the third-party services, they will build a library of SDKs and standardized APIs for different service classes. This will be open to all developers from the potential partners.


Change coin is ERC20 token. It will be used to facilitate fund transfers between different investment opportunitites and financial services. Another use case are online and offline purchases with the Change Card. When spending cryptocurrencies with their Change Card, users will receive 0.05% rebate in the form of Change Coin (which should in theory ensure that the currency is constantly being traded and making it more desirable and valuable).

Next reason to hold Change coin will be the revenue sharing. Third-party service providers on the Change marketplace will share 20% of their revenues generated
from Change users with investors and holders of Change coin. 16.67% will go to marketplace investors and 83.33% will be distributed to Change Coin holders.

Another way to benefit from holding the Change coin will the distribution of 0.5% of all payments volume. (Example given in the white paper: If Change Bank has one million active users who spend on average 1000 USD per month, the total amount distribution for Change Coin holders is 60 million USD per year.)

Sounds great, but the platform really has to become widely used for holders to see any real gains from holding the coin.


40% – ICO
15% – Rewards and Bounties
10% – Early Investors and future partnerships
15% – Current team and future team members motivation
20% – Change (revenue distribution

The first 40% of total supply will be issued at an ICO. 15% are going to be distributed to the community over time as rewards for reasearch and develoment and bounties. 10% is allocated to early investors and future partnerships. 15% is reserved for the current team and the future team members motivation packages. The last 20% will be held by Change under scrutiny of the community. (to reach future sustainability through network revenue distributions).


First, there will be a Pre-Sale (you can get more information about that on their newsletter).

Pre-Sale Cap: 100.000 ETH ( 30% of bonus tokens for first 500 investors in Pre-Sale) and a minimum investment of 10 ETH.

Start: 16. 9. 2017 (7 pm Singapore time – UTC +8 / 12pm London time – UTC 0)
End: 16. 10. 2017 or when the hard cap is reached.

Hard Cap: 250.000 ETH

Exchange rate: 1ETH = 500 Change Coins
Minimun investment: 0.5 ETH

ONLY ETH is accepted.

Sale Bonuses: 1st 24h / 20%

1st week / 15%

2nd week / 10%

Total supply: ???

They state they will only sell 40% of all Change coins in this sale, but we do not know what the total number is. If they manage to reach the hard cap the supply
would have to be calculated like this: 250.000 ETH x 500 CAG = 125.000.000 CAG (this is 40% of the tokens)

Potential total supply: 312.500.000 CAG

At the exchange rate of 500 CAG = 1 ETH = 300 USD (at the time of writing) this means they value the CAG coin at: 0.60 USD.

US and Singapore nationality cannot take part in this ICO due to legal restrictions.

Delivery of the Change coins will occur one week after the sale is over (with the right to delay the delivery to up to for week after the sale).

Below is the infographic from the whitepaper that shows what the company can do based on the amount of funds they receive.

Change Banke
Source: Change Bank Whitepaper


Funds gained during the token sale will be held in a secure multi-signature wallet
and will only be released from the account when there are 2 out of 3 signatories.


Change Bank
Source: Change Bank Whitepaper


Kristjan Kangro, CEO, Change
Artur Luhaaar, CEO, Smartly – robo advisory platform in Singapore.
Gustav Liblik, CEO, Catapult – blockchain powered exchange for growth companies
in SE Asia.
Edgar Simanovskis, CTO, Change Finance
Former iOS developer.

Lesly Goh – Financial Services, Industry Lead, Microsoft
Roger Crook – Ex-CEO of DHL, Strategy Advisor
Ott Vatter – Global Head of e-Residency

The team has experience with financial technology, what we don’t know is how much they know and have done already with the blockchain. The CTO is the lead
Blockchain developer but we couldn’t find anything on LinkedIn besides iOS development. Also among advisors, there are no blockchain experts. Overall the team seems to lack experience, especially in the cryptocurrencies and blockchain field.


The project itself has a great vision. Financial services without boundaries and simplifying payments with cryptocurrencies. We have to say, we agree that this is
where we are headed in the future. To pull this off they need to overcome a lot of hurdles and go heavy on the marketing and sales to convince third-party service providers to join their marketplace.

In order for people to hold the Change coin and to give it value, the marketplace really has to be used by a lot of people. Combine this with the lack of experience of the team (based on our profile check) and the project becomes even harder to complete. There is a lot of development and work still to be done before we
can say that they can successfully reach the goals and create the first global crypto bank.

As far as the cryptocurrency part goes, the Change coin will only gain value and be used if they manage to accomplish everything stated above. For their card to be used they need to do something better than all other cryptocurrency card payment providers (BitPay, TenX, Monaco…)

Don’t forget they also have to raise 250.000 ETH (75.000.000 USD at the moment of writing) for the project to really become as they envisioned it to be. This is a lot even by ICO standards lately.

We decided not to participate in this ICO until we see further developments being made in the right direction and until team proves they are competent enough to pull this through.

Peter, Inflow-Crypto Club


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