Traditional banks have monopolized finance, making it difficult for people in developing countries to access financial services. Government sanctions worsened the financial boycott. Decentralized blockchain technology provides a solution through Web3 Banking. There are few that make the Web3 banking experience as easy as using your messenger.
Marat Minkin, co-founder of TONBanking, a Web3Bank in the Telegram ecosystem built on the TON blockchain, talks about Web3Banking’s potential to democratize finance and promote financial inclusion in developing countries. He explains how TONBanking combines neobanking, TON blockchain security, and usability, and Telegram’s advanced tools to create a future-proof banking solution.
Hello Marat, thanks for joining us today. Can you tell us about your background and how you got into Web3 Banking?
Sure, thanks for having me. I have a background in business and entrepreneurship, having set up a recruitment agency and an internet advertising agency.
My interest in Web3 technology and TON started a few years ago at a TON community meeting in Moscow. Between enthusiasts and developers, we discussed Telegram Messenger and the future potential of blockchain. At that time I was already working with crypto exchange and I noticed that there were not so many reliable services.
At that time I met my business partner and shared with him the idea of building a new crypto service on top of TON blockchain with Telegram interface where users can do all transactions securely.
That’s when I co-founded TONBanking, a Web3 bank in the Telegram ecosystem that combines the best practices of NeoBanking, TON blockchain security and usability, and Telegram’s advanced tools to create a future-proof banking solution.
How is your decentralized bank different from other projects in this area?
We have created a secure decentralized financial service with tokens with a high level of liquidity. All assets credited to the account are hedged with smart contracts and backed by Liquidity Tokens. We implemented the native token TONB to reduce transaction fees. We have built our balanced system with the help and expertise of the TON core dev team. As a result we have created a decentralized bank where people can transfer crypto with just a few clicks in their messenger.
What is the mission of the project you created?
At TONBanking, our mission is to help people gain access to financial services regardless of their location or financial status. according to a recent reportMore than 1 billion people worldwide still lack access to basic financial services, creating significant economic and social barriers. We believe that traditional banking institutions have failed to meet the needs of the majority of the world’s population, and we see Web3 Banking as one way to bridge this gap.
And anyone in your contact list will be able to send money through TON Banking’s infrastructure – whether it’s money for gas, services or a restaurant bill.
Why have you chosen Telegram and TON blockchain to build your project?
When it comes to choosing a network, I think the most important thing is the people behind it. The TON network has a great community of active developers who are constantly creating new products and growing the project. This level of excitement and development is not found in other networks, which is why TON was the best choice for us. There are different circles in the community such as early adopters, investors and developers as well as 700 million average Telegram Messenger users who could potentially join our project.
Tell us about your near term plans for TONBanking, what do you plan to do after launch? Will you integrate your product into Messenger?
Now we’re implementing a validator, then we’ll add payment by card so we can pay for fiat purchases in retail. This will allow us to connect with merchants who will sell goods for crypto. TONBanking milestones: closed testing for staking and merchant services, offline acquiring features, and merchant/partner onboarding are planned for Q2 2023.
In the plans, of course, we want to deepen the integration into the messenger – to be added to the Telegram context menu. But in general, when we open the bot in Telegram, we are already pretty integrated.
What challenges have you faced in building ToneBanking, and how have you addressed them?
One of the biggest challenges we faced in building TONBanking was finding investment. But we have successfully overcome this hurdle through private angel investments and now our platform is deployed in testnet and getting ready to move to mainnet.
Overall the process is clear as we are working closely with Telegram and TON developers. We are collaborating on further integrations to make the user experience more transparent and simple.
that’s very interesting. What is the future of Web3 banking, and how do you see it developing over the next few years?
We expect to see increased demand for Web3 banking solutions, which will lead to greater innovation and competition in the market. For example decentralized identity. With decentralized identity, users can own and control their identity data, which can be used to verify their identity and facilitate secure transactions.
Furthermore, Web3 banks allow for borderless transactions without the need for intermediaries. This can be especially useful for individuals who are unbanked or underbanked, as it allows them to access financial services that were previously unavailable to them.
Decentralized banking provides automated financial services through smart contracts that are faster, cheaper, and more efficient than traditional banking services. For example, smart contracts can be used to automate loan approvals, reducing the time and cost of processing loans. Overall, I believe that Web3 banking will play an important role in shaping the future of finance and creating a more equitable and sustainable world.
How do DAOs (decentralized autonomous organizations) fit into the Web3 banking ecosystem, and how can they be used to drive innovation?
DAOs are a perfect fit for Web3 banking because they are decentralized organizations that run on blockchain technology, allowing for decentralized decision making and governance. Web3 banks can provide financial services and support to DAOs, helping them manage their funds and streamline their operations. Additionally, Web3 banks can offer DAOs innovative financial products and services, such as zero-fee banking and smart contract-based lending, which can drive innovation and create new business opportunities.
It is a good thing. I know that you are deeply involved in philanthropic activities. How can Web3 Banking and Charity work together to create a positive social impact?
Web3 Banking can help promote transparency and accountability in the charitable sector by creating a secure and transparent donation system. By using smart contracts and decentralized platforms, Web3 Bank can ensure that charitable funds go directly to the intended recipients, reducing the risk of fraud and mismanagement. It can also help build trust between donors and donors, which can lead to increased donations and greater social impact.
How does Web3 Banking address environmental concerns, and why is this important to you?
Web3 banking has the potential to significantly reduce the environmental impact of traditional banking by reducing the need for paper-based transactions and the energy-intensive processes involved in maintaining a centralized banking system. Transportation of cash and documents between branches contributes to carbon emissions. Additionally, the production and disposal of credit and debit cards, ATM receipts, and other banking-related materials result in a large amount of waste.
As an eco-activist, I believe it is important for us to adopt sustainable practices in all aspects of our lives, including banking. By creating more eco-friendly financial systems like Web3 Banking, we can help reduce the effects of climate change and create a more sustainable future for ourselves and future generations.