Buy BankSocial (BSL)

What is BankSocial?

BankSocial is a decentralized finance (DeFi) platform that offers a range of financial solutions using Distributed Ledger Technology (DLT). It aims to integrate social networking elements and blockchain technology to revolutionise financial services, providing a secure, transparent, and inclusive financial ecosystem.

How does BankSocial work?

BankSocial operates on the Hedera Hashgraph DLT platform, which uses a directed acyclic graph structure for efficient transaction processing. It employs the hashgraph consensus algorithm, which ensures secure and fair transaction validation. This system is more energy-efficient compared to traditional blockchain mechanisms and offers fast transaction times.

What are the potential use cases for BankSocial?

BankSocial's potential applications include financial services through a crypto-friendly credit union, Defy Federal Credit Union, which offers a self-custody crypto exchange and digital currency transactions. It also partners with credit unions to offer DLT-based solutions and has a network of industry partners like the Texas Blockchain Council and Hedera Hashgraph.

What is the history of BankSocial?

Founded by John R. Wingate, BankSocial's mission is to merge credit unions with DeFi. Significant milestones include an investment partnership with The Hashgraph Association and the launch of the Open Banking platform. The platform has gained support from credit union organisations and continues to expand its market presence with strategic partnerships.