BanQu seeks to provide financial inclusion for the un/underbanked of the world using blockchain technology, the same underlying inftrastucture found in Bitcoin and similar offspring.
“Economic Identity is a fairly new concept, developed by BanQu, that identifies the conditions that are required to allow people to feel comfortable to participate in commerce in the global economy. Behind the concept of economic identity is the idea that commerce requires three key points before it can advance and occur:
- One needs to know “who” they are engaging in commerce with,
- One needs to understand or “trust” that the commerce does not put them at risk
- One needs to “record” the details of the commerce for record keeping purposes.
The result, Economic Identity is the combination of knowledge of who you’re doing business with, trusting that doing business will not put you at financial risk, and keeping track of that business dealing for future use.”
The venture was formed in 2016, and is based in Minneapolis — led by CEO Ashish Gadnis with cofounding partners Jeff Keiser and Hamse Warfa. Gadnis appeared on CNBC recently to share his views on BanQu: