LOS ANGELES, October 14, 2021 / PRNewswire / – Los Angeles startup, Bank of Kicks (bankofkicks.com), plans to launch the first sneaker-backed crypto bank. The company’s vision was to fund a bank reserve for crypto deposits with real physical assets; as well as digital assets “on chain” since its inception. The startup will fund its “off-chain” reserve with rare and collectable physical sneakers, taking advantage of the emerging asset class. No stone will be overlooked for the sneaker pool, which will serve as partial asset support for crypto deposits and depositors. The collection will be housed in a–security safe. “That’s one thing actually. There are a number of private safes that are managed by 3rd parties. Many of them in Switzerland and even in the UK “, says COO Brandon nall.
According to Bloomberg Businessweek, in 2020 the global sneakers market was valued at $ 79 billion and should reach $ 120 billion by 2026. And that’s just the primary market. The secondary market for sneakers is booming, with $ 2 billion annual sales and 20% year-over-year growth, finds Cowen & Co. research Secondary markets are where exclusive, limited–the edition sneakers are sold for resale. “Sneakers have come of age. Or, should I say, the markets are maturing. Investment sectors really see the value and growth potential in the sneaker space. Our ultimate goal is to bring sneakers, as an asset class, closer to traditional capital markets with blockchain infrastructure, ”says founder Laneia moore. The startup will launch a challenge ecosystem, alongside its banking products that will enable sneaker derivatives, a decentralized prediction market for kicks and more.
Bank of Kicks will have a native bofk token coin that supports its crypto-economy system and also supports POS and e-commerce payments. They will first be launched on Ethereum’s mainnet with an ERC-20 token of the same name. Currently, Bank of Kicks is working on what they called a “launch airdrop”, where they will be doing an exclusive airdrop of the bofk piece alongside a shoe release or popular shoe release. The upcoming shoe release schedule looks promising with some great cultural classics hitting the web and stores near the holidays, like the Off-Whites and Air Jordan 6. “We’re looking to partner with retailers and to start those conversations now. We’re looking at the US and South Korean markets. One of the reasons is their passion for sneakers and of course, crypto, “says Moore. Anyone can sign up to receive notifications and join their exclusive launch drop list at https://bofkcoin.com/winmystery6381d4. Bank of Kicks tokenomics and protocol will be detailed in their next white paper.
Bank of Kicks has identified itself as “a crypto bank and culture challenge platform”, sharing its desire to be a niche platform for the culture of sneakerheads, sneaker aficionados, retailers. sneakers, crypto fanatics., and trendsetters.
About Bank of Kicks
We are a crypto bank and a platform of challenge for the culture; a culture of sneakerheads, sneaker dealers, crypto fanatics, trendsetters, and trendsetters.
SOURCE Kick Bank