UnbankedPrice

(UNBNK)

Unbanked was a financial services provider that sought to bridge decentralized finance (DeFi) with traditional finance (TradFi) in a regulatory-compliant manner. It offered global bank accounts, crypto debit cards, and the ability to buy, sell, and stake crypto. The project aimed to address the challenges of financial exclusion, providing banking access to "unbanked" individuals lacking traditional services through its platform.

The UNBNK token served as the native cryptocurrency of the Unbanked platform, available on both Ethereum and Stellar. Its core utility was as the base spendable digital asset for Unbanked debit cards; users converted deposited cryptocurrencies into UNBNK for spending. Additionally, cardholders could stake UNBNK to earn cashback. UNBNK was also utilized within a lending/borrowing protocol, acting as collateral and for interest payments.

The UNBNK token launched with a maximum supply of 1 billion. This maximum supply fluctuated due to minting and burning operations intended to balance the token across the Ethereum and Stellar networks. At one point, a reported figure was approximately 999,800,849. A self-reported circulating supply was 32,000 UNBNK, though this figure remained unverified by external sources.

Users could acquire UNBNK by purchasing it on select decentralized exchanges or directly from the Unbanked platform. To spend, users would deposit various cryptocurrencies, which were then converted into UNBNK. This UNBNK balance was held on the Unbanked card, allowing users to spend it via the associated debit card services until the funds were depleted.

As of May 2023, Unbanked has ceased all operations and officially shut down. The company cited significant regulatory challenges within the U.S. and a lack of funding as the primary reasons for its decision to wind down. Customers were advised to withdraw all their funds prior to the shutdown. The project is no longer active.

Unbanked explicitly stated that "US regulators are actively trying to stop companies (banks and fintechs) from supporting crypto assets." This regulatory pressure was a critical factor leading to its shutdown. The challenging environment in the United States, which made it difficult for financial technology companies to operate with crypto assets, significantly contributed to the company's decision to cease its services.