A French crypto-bank project including:
- A classic euro bank account (with an IBAN);
- A mastercard world payment card;
- Shared project accounts;
- A crypto wallet (BTC, ETH, DASH and USH);
- The ability to change easily and quickly between euros & crypto
All this for 110 € / year (or 55 € in USH) and can be paid in crypto
Why it might work:
With online banks (boursorama, fortuneo), then neo-banks (N26, Revolut), we’ve seen that the new generations want simpler banks, more convenient, with adapted services.
In addition, with the need of more and more people to be able to spend their crypto without having to go through a long (and expensive) process of transfer and conversion to fiat (euros, dollars), it is clear that cryto-banks will arrive on the market.
The founder, Eric Charpentiern has already created a neo-bank (Morning) and knows the subject. According to the schedule, banking and mastercard approvals are expected for early 2018 and the application by the end of the year.
One main difference with other banks is that Hush want to be an independent and cooperative bank, where tokens holders will decide.
Tokens : USH
The token (USH) is a ERC20 token utility that will provide a 50% discount on commissions. At each transaction, 5% used tokens will be destroyed.
60M of tokens will be created, and 42M are for sale during the ICO. The project wants to raise only 10M€ during this ICO, and all unsold tokens will be destroyed.
The sale price during the pre-ICO (which stops on 25/02/2018) is 0.7 € per USH with 20% bonus, and it should be possible to trade them (on Bittrex, HitBTC, etc).
To buy your tokens, only one method: Register on website, send a copy of the passport to control your identity, as well as the public address of a ERC20 ETH wallet. It can be a ledger or a MyEtherWallet wallet, but not an exchange.
You can only use ETH from this wallet to buy your USH tokens.
My advice :
This is an interesting project, which can get a place among the existing neo-banks, and become the first European crypto-bank.
However, there are a lot of existing neo-banks, and some, like Revolut begin to offer sort of crypto support. There is a risk that those players could wake up and make offers before Hush. So, it will be important that Hush develops quickly a functional product to keep the first place in this adventure.
I see two major benefits using Hush :
- The speed for converting cryptos to euros. We can store cryptos on a ledger and make direct crypto-transfers for current expenses.
- The ability to spend your cryptos easily.
A risk could be the price. Most neo-banks (like N26) use a freemium model to attract customers and their funds. Although it is normal to charge the true cost of services in order to be independent, Hush need to be careful to not scare future customers that take free offers as granted. By the way, the costs of moving cryptos to euros is not defined yet and will be discussed between carriers of Hush.
Finally, I see this project as a transition to the bank-less movement. Crypto main objective is propose a banking system that will get rid of banks, but this will take time and Hush’s project has its place during this (long) transition period.
The team is available on Telegram (also with a French speaking room ) and use a Twitter account . Eric took the time to personally answer my questions and is very reactive.
More information :
- The whitepaper
- (French) : L’article du journal du coin
- (French) : La video de Sergio
- (French) : Un podcast de Bourse-crypto
The referral is unusual. No link to share, but we can invite by direct email from Hush’s dashboard. You can contact me on Telegram @ierocrypto or on Twitter @gfabre_digital to get a 5% free bonus of tokens.
This version is a translation of my french original article.
