Transfer of silver will be activated in January, 2012

Artikkeli suomeksi/in Finnish
After extensive one-year trial and testing period, Silverbank will be launched internationally Jan 1st, 2012. Beginning this date, it is possible to sign up as a customer from anywhere in the world using any bank account. Signing up and using the service is as intuitive as ever.

The new feature will be the transfer of silver from an account to another. It will be possible to transfer from your own account to another, and also to somebody else’s account, if only you know the account number. No rollback is possible.

The truly revolutionary feature, inspired by Dwolla, is the ability to send silver-denominated transfers to anyone in the world, including the ones not yet in possession of a Silverbank account. We intend to accomplish this by enabling the sending of a ”digital check” to email address, Facebook address, mobile phone, etc. Upon clicking the link / (typing the redemption code) , the recipient can confirm and finalize the transaction to her Silverbank account. If there is no account yet, it will be created in the process. Unredeemed transfers will expire automatically.

As always, we are quite open about our future. This is for the good of mankind and we don’t care so much if competitors beat us in execution. It just means that a good service will reach the world sooner =) We accept all comments, suggestions and help in the comment section of this blog post. Thank you,

Risto Pietilä
Founder, Silverbank

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5 vastausta artikkeliin: Transfer of silver will be activated in January, 2012

  1. Martin sanoo:

    Hello im very exciteed about your website and wait for open. Im from Estonia and my question is that how this company provide safety and trust?

    • Silverbank sanoo:

      Hello! The company has operated in Estonia since 2010 and we have an Estonian website, see: http://www.silverbank.net

      Our safety can be summarized as follows:

      ” Silverbank’s and customer’s property is insulated from most risks imaginable. The risk management can be divided to the following four categories:

      1. Estonia

      Silverbank (Silvervault OÜ) is incorporated in the Republic of Estonia, a country with long tradition of liberty and economic freedom. According to Index of Economic Freedom, Estonia is 12th best in the world, at par with the UK, worse than the U.S., but beating Nordic and western Europe countries by a wide margin. Also Estonian public debt is just 3% of GDP, compared to 60-120% range typical in other industrial economies. Property rights are honored in Estonia. Totalitarization of media and thinking are not advanced to such a high degree as in western Europe.

      2. Silverbank

      Silverbank receives its revenues first but costs accrue over years. Thus it is profitable from day one, even before launch.

      Silverbank does not have any employees. This lowers costs and negates any employee-related issues.

      Rather, Silverbank has the Team, a growing collection of liberty-loving individuals, capable of helping out in all kinds of matters and providing a united front in marketing and communications.

      The core of the team are the 25 Silverbank partners, who have provided the initial capital. The combined wealth of the partners is significant.

      Silverbank carries no debt in balance sheet.

      All Silverbank assets are in the most liquid form: physical silver and cash.

      Silverbank is not involved in import or export of silver, or any other activity that involves risk, for that matter.

      Silverbank actively cooperates with regulators in Estonia.

      3. Customer funds and property

      Silverbank never stores any customer funds. Silverbank has no way of even recording customer fund balances in Silverbank custody. All wires are executed into trades the same day.

      The customer can only buy silver that already exists in the vault. The SIS- information system is built such a way that silver cannot be created, rather all transactions are transfers. Neither are negative balances allowed or possible.

      The customer’s silver is not in Silverbank balance sheet but it is customer’s personal property, unencumbered and fully paid.

      Customer silver in the vault is independently audited by auditors. In addition, customers can volunteer for auditing it themselves.

      Customer silver is in Silverbank’s possession, so that it can be audited. This is not necessarily the norm in this industry.

  2. ello sanoo:

    Hi, my first comment was deleted, so i ask again, why i cant join? I´ve tried so many times but still cant join. Whats going on?

    • Silverbank sanoo:

      Hi, the comment was deleted because of invalid URL and email addresses. However your question is valid, so the answer is as follows:

      We were unable to open the registration form to all, in January 1st as it was planned. There was much double-checking to do, and also we needed to write new terms and conditions, and in general take care of many things, which prevented us from launching any new features yet.

      Good thing is that we now have a more realistic schedule and I hope you among many others are able to sign up in 2 weeks, and start making metal transfers not much later.

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