Adam Cuffe – An Interview with Blockbank Founder

Adam Cuffe – An Interview with Blockbank Founder

Adam Cuffe – An Interview with Blockbank Founder

Heralding from Yorkshire UK, Adam Cuffe is pioneering the banking revolution by leveraging blockchain technology to take advantages of its automation, immutability, security, and speed. Having recognized the grave need to reform the banking industry to close the global funding gap, Cuffe and co-founder Yusuf Soze, stand on the precipice of transformation, welcoming Blockbank as the first fully-licensed bank on blockchain.

1. Hi Adam, let’s hear a little about your background to start.

Well, originally I hail from Leeds – a Yorkshire boy through and through! I studied financial planning and financial services back at school and really found my footing with it. It suits the way my brain works, so it made sense for me to enter that field. I started out as a financial consultant for Birkdale Wealth Management, advising people to make sure they’re making sensible decisions with their assets, basically. I moved on from there to work for a financial provider. This moved me more toward the financial products angle, and eventually led to me founding Rosenbridge Digital, alongside Yusuf. We’ve been offering tailor-made financial solutions, playing that consultancy role and gaining a strong reputation with our clients. When I heard about blockchain technology, it became quickly obvious to me the direction that the financial sector was about to take. It made sense to work with this to solve some of the recurring issues we were seeing with our clients around the world.

2. And what is it that you’re trying to achieve with Blockbank?

We’re trying to change the face of banking, to be frank. Banking right now can be a little separatist, and those without tons of money or without the capacity to pull big strings, seem to suffer from a lack of access to financial instruments.

Blockbank are doing two main things from the outset. As the first fully licensed bank on blockchain, we’re offering commercial loans that are cheaper and more accessible than traditional commercial financial products. We’re also using our token to create a more accessible decentralised network, allowing cheaper trade of goods and services between businesses, easier access to goods and services for customers globally, and simpler means to access commercial funding.

We’re hoping that the financial stepping stone we’re offering SMEs will help to bridge the funding gap. Where funding is being directed to tech and finance at the expense of other industries, we hope to bolster these neglected sectors and give individual people a path to financial independence, through secure, commercial loans to boost businesses.

3. Why do you think you and your team are the right people for the job?

Well firstly, the team is highly experienced. For us, we’ve been working in the financial sector for quite awhile, which has allowed us to see the issues occurring and how they logistically present themselves. I guess it’s this experience that helped us to come to a more fluid solution – to try and close that gap. As a team, we’re quite laterally-minded, thinking outside the box, which led to this fusion between finance and technology.

We’re also go-getters. This has been a real journey for us and we’ve travelled all over trying to see how our solution would fit into different geographical scenarios. We’ve had to be pretty open-minded as well as quite creative in finding the right way to handle this – especially since our team will be paving the way for banking in blockchain.

We’re quite a tight-knit team which I think is very important for pushing Blockbank forward. We can rely on one another which is really accelerating us through our timeline, on the clear route to success. I think our connection as team, combined with our skills and experience put us in a great position to pioneer this vision.

4. Adam, you’ve been quoted as stating that the ‘global funding crisis’ is leading to neglected industries lacking in commercial funding. Why do you think this is?

The problem in our economic system is that it is designed to make profit, make profit, make profit, at the expense of anything that seems to obstruct that goal. In this sense, while a strong economy might be represented by diverse industry sectors and a complex labor market, instead the economic machine will drive itself toward supporting sectors that appear to behave most effectively. At the moment, you’re seeing a drive of funding concentrated toward the financial and technology industries. 

This is especially enhanced due to the environmental and political problems alive in the world. These issues drive us to conceive of miracle solutions in technology, and to pump as much money into that as possible. While this is really great for FinTech businesses, including Blockbank, it leaves many of our major industry sectors without funding. While funding flows easily to FinTech, it is flowing out of these other industries, and smaller entities are finding it increasingly difficult to get their businesses off the ground.

This actually is leading to local economies struggling, as independent businesses and SMEs – the backbone of their system – are disappearing.

5. What do you think the consequences of this are for local economies and independent businesses?

Simply put, I think it’s fair to say that the loss of funding to smaller businesses means you have fewer of them. Small businesses often rely on funding, not only for start-up capital, but also to manage logistics throughout the supply chain. When this funding is unavailable, small businesses often find themselves collapsing under the weight of constricted liquid cash flow.

Local economies rely on SMEs. Local businesses supply goods and services to communities on a smaller scale. While big corporations can offer diverse goods in one place, they are a central point of failure as a monopoly – if they collapse, then communities may face a total lack of goods and services, as well as employment crises. Alternatively, small businesses can provide diverse goods and services, with varying employment options, creating resilience and strength in local economies.

When we focus our funding on large corporate financial and technology solutions, we divert this funding from the backbone of local economies: local business. Livelihoods suffer, as does access to goods and services, as well a local-level resilience and independence.

6. How would you say that Blockbank helps to boost these industries and economies?

Blockbank aims to redistribute funding to SMEs. As I said, funding is going on finance and technology, and usually to bigger entities than your local independent shop. To prevent this funding gap from widening, Blockbank are offering commercial loans that are far more affordable and accessible than financial products have previously been.

In doing this, we’re giving these companies a chance to access commercial funding to help boost their businesses and manage their supply chain logistics. This leads to greater business success on this level, and injects funds into varying industry sectors. This diversified funding, reinvigorating neglected industry sectors, while creating resilience across a decentralized network of businesses using the BBRT token.

Not only do our loans help businesses to flourish, our ERC20 token, BBRT – this helps to create a more fluid cross-border decentralised network of goods and services. The token can be easily used anywhere in the world without expensive exchange fees. In this respect, businesses can trade between each other more easily and cheaply. This helps global trade and kickstarts those logistics processes in the less funded industry sectors.

7. For everyday people looking to start a business, why would you advise them to apply for commercial funding with Blockbank?

Starting a business is always more expensive than people think. While you may have the capital to cover upfront costs, running costs soon start piling up and the logistics becomes difficult when there’s little funding available. We advise that businesses seriously consider the true costs of starting up a company, analysing the running costs over a few years. In doing this, they often realise that liquid cash flow and a little extra capital sure come in handy.

Using Blockbank as the entry point to that smoother system has a bunch of benefits. Firstly, for these businesses, commercial funding through Blockbank is far more affordable than traditional banking options as our fees are far lower and affordable. This creates great financial relief for businesses.

Not only that, because we use blockchain, our loans are far more secure and accurate, are available faster, and are accessible worldwide. Companies enjoy an immutable audit trails and entry to our decentralised token economy, which helps to create more fluid logistics in terms of b2b trade and target audience access.

8. Blockbank have released their BBRT utility token, now on sale in your ICO until October. Why should people get behind the token? How will they be able to use it in the future?

BBRT is the backbone of our system, allowing us to offer low-cost, accessible commercial loans. For loan applicants, they must pay loan fees in BBRT, driving value into the coin – enhanced due to the limited supply of our token. 

However, purchasing BBRT also allows you to enter the token economy. For individuals, this means discounts from participating businesses, as well as enjoying worldwide access to the goods and services of these companies, and no costly currency exchange fees or expensive third party gateways, like Paypal.

For businesses, they can accept BBRT as payment. This gives a new avenue to customers, while also allowing businesses to trade between each other. Because BBRT is a global payment mechanism, this means cheaper access to suppliers’ goods, as well as easier payment and an immutable audit trail. By accepting BBRT, businesses also benefit from easier access to further funding from Blockbank.

In short, jumping on the ICO means cheaper BBRT at the outset. We expect it to increase in value as soon as we launch as we will be providing loans immediately, creating the value from the outset. This means savings for early BBRT adopters.

9. So, overall for you Adam, how do you see Blockbank changing the banking landscape?

I’d like to think we were creating a fairer system which increases accessibility to financial products worldwide. Blockbank is targeting those businesses that have previously had trouble accessing funding, and our hope is that in doing this, we can strengthen neglected industry sectors by providing them with the liquid capital to more easily manage their processes and operations.

Banking today seems to be gearing itself toward support tech and finance. While these areas are profitable, we need diverse goods and services to create resilient economies. We’re hoping that by allowing SMEs to access funding more affordably, securely, and fairly, we’ll be able to spread financial products laterally to create a resilient decentralized network worldwide, supporting every stakeholder within it.

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