The firm 2gether is born from Spain as a collaborative banking platform that will allow managing fiat money, cryptocurrencies and fintech services, among other things. This was reported by the company in a press release to which Cointelegraph had access in Spanish on March 26.
The initiative, they said, will allow clients to obtain services without commissions, and even part of the income obtained. The company also boasts of giving voice and vote to the user, in a time that is experiencing the digital transformation of the financial sector.
Ramón Ferraz, CEO of 2gether, explained:
“We differentiate ourselves from the existing models through our collaborative system. In 2gether the member users are also ‘owners’: they participate in the funding, in the decisions and capture the value that they create themselves and the community as a whole. In addition, in 2gether users can manage their euros and their digital assets and, in the future, they will access a large number of financial products from banks, insurers and fintech through their marketplace, which tracks for the customer the products by segments and allows you to compare and acquire those that best suit your profile”.
2gether is a Spanish initiative founded by Salvador Casquero and Salvador Carrillo, professionals with a background in the financial sector and with expertise as digital business drivers.
After its opening in Spain, it is planned for April of this year to extend its activity to the entire European continent, in the 19 countries of the euro zone.
About the use of capital
The founding partners retain most of the capital and, so far, there have been rounds of Family & Friends that have contributed more than two million euros. In addition, 2gether has obtained funding from ENISA and from Challenges Collaboration of the Ministry of Science and Innovation.
2gether is not alone
It should also be noted that 2gether has in its shareholding with former senior executives of BBVA, JP Morgan and Banco Santander. Also with various advisors such as consultant A.T. Kearney, who advises the strategy of the different markets where it will operate; KPMG Spain, in the capital strategy of the company; the offices of Uría and Finreg360, as legal advisers regarding the issuance of the currency, licenses or prevention of money laundering and BI Geek, as a technological consultant highly specialized in exponential technologies.
Operation of 2gether
From the company they expect that the main source of income of 2gether comes from the distribution of financial products and services of third parties such as Fintech, insurers or even the bank itself that integrate their services in the platform. They said that a large part of the income generated by 2gether is returned to the client that generates it in the form of 2GT, the digital asset of the company and limited issuance that will operate under the regulatory umbrella of Malta.
In this way, the platform itself will generate 2GTs demand, which should positively influence its unit value. The majority of 2GTs belong to the community of users, the rest being owned by the shareholders and, for this reason, all would seek to promote their value.
On the other hand, they pointed out that, in terms of the most similar business models, neobanks are found, although none of them has the collaborative component of 2gether. In this sense, Ferraz remarked: “Banking cooperatives have always existed, they have proven to be more profitable than traditional banks and more resistant in times of crisis. However, 2gether is the first cooperative digital banking platform that has its own digital asset and operates with the ‘Internet of value’ (Blockchain)”.
Services
The 2gether service includes prepaid accounts in euros and digital assets (cryptocurrencies), income and transfers from them, free transfers in real time between clients, a VISA card that allows operating in euros and cryptocurrencies.
In addition, 2gether allows the client to manage their traditional economy based on euros, but also their new digital economy. Therefore, the user can choose to keep the 2GTs or convert them into euros.
2gether works as a digital cooperative. To be part of 2gether, the user must only download the application, available on both iPhone and Android, and acquire 10 euros in 2GT minimum and 5,000 maximum.
Also published on Medium.