As far as I can tell, this is something like Tether meets Etherdelta? They have a working exchange at
http://www.idex.market , and have a well thought out plan on becoming the bank of the cryptocurrency world. TBH I'm not sure why this isn't getting more attention
Thanks for the interest HodlFroever!
Our previous product was fiat-backed assets, just like tether but on ethereum. We are pivoting away from that product and will be closing it down shortly to focus 100% on building out the bank. We still believe that a stable currency is necessary for ethereum dapps to really flourish but are interested in tackling it from a new angle. We are of the opinion that fiat-backed assets will eventually require built in compliance, which goes against the promise of blockchains to open up finance. A true decentralized blockchain based bank with decentralized stablecoin could bring finance to the underbanked parts of the world with the same benefits of traditional banking while keeping decentralized.
The project is inspired heavily from how banks operated before governments got involved and mucked everything up with regulations. We have provided a decent amount of background material at the end of the whitepaper for those who are interested in learning the true evolution of banking that lead us to the disaster system we have today of central banks. We know that the cryptocurrency community on a whole is not a fan of banks but in reality banking has not always been like this, and with education many of the people against banking will find that what they really dislike is central banking.