Photo - BHander
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BHander

crypto payment system built around safe hardware wallet

Ukraine, Kyiv city
Market: Trade, Financial services, Gadgets , Blockchain, Crypto currency
Stage of the project: Prototype or product is ready

Date of last change: 29.06.2018
Min investment
$  200.000
0
Total required
$ 2.600.000
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Idea

BHANDER makes daily use of crypto easy and affordable to 99% of population. It supports any crypto transaction between devices without 3rd party systems other than the blockchain: BHANDER 2 BHANDER and BHANDER 2 ANY SCREEN (computer, phone, ATM, POS) via optical communication.
• Works with multiple cryptos
• Crypto to fiat, fiat to crypto transactions
• Way better protected - no physical connection to any device; PIN code and fingerprint scanner; private key in protected area of memory; mobile access to blockchain, no operating system to hack
• Very simple to use and affordable

Current Status

Real size prototype working in a real blockchain environment.

Market

Global. BHansder is to make the crypto a daily payment means for 90% of the population.
Main segments:
- merchants, online and offline (BHander serves, inter alia, as affordable substitute for POS teminals)
- general public making online and offline purchases
- crypto enthusiasts that recognize a need for a really safe multicurrency hardware crypto wallet, which also looks cool.

Problem or Opportunity

THE CHALLENGE:
Operating in cryptocurrencies remains cumbersome, complex and not comprehendible to 99,9% of the people.
The cost of transacting in and owning crypto remains substantially higher than for fiat currencies, especially so for small amounts.
Current wallets, both online and physical, are vulnerable to hacking and loss of funds.
Available physical wallets are expensive for most of potential small ticket crypto users.
All these make a real barrier for tens of millions of people around the globe in joining the crypto world.
THE NEED:
There is a strong need for a solution that would make crypto payments in the “offline” world simple, secure, reliable and cheap.
Simply copy-pasting existing fiat currency solutions is not working, because cryptocurrencies and traditional currencies have too many differences. Such recent copy-paste attempts were crypto “cards” and POS terminals, smartphones with NFC module, crypto “bank notes”.

Solution (product or service)

You mean "solution" :)
THE SOLUTION:
BHANDER Device and BHANDER Network are the solution that would revolutionize the use of crypto, and thus bring it beyond the small circle of enthusiasts, make using cryptocurrencies easy and affordable in daily life. The Network includes crypto exchanges, fiat financial institutions and local distribution partners.
Why BHANDER will change the way payments are done:
1) It supports any crypto transaction between devices without third-party systems other than the blockchain*: both BHANDER to BHANDER and BHANDER to ANY SCREEN (computer, smartphone, ATM, POS terminal) thanks to optical communication
2) Operates with multiple cryptocurrencies
3) Supports crypto to fiat, fiat to crypto transactions
4) Safe: substantially better protected technologically as compared to any existing solution - needs no physical connection to any device; PIN code and fingerprint scanner; private key kept in protected area of device’s memory; own mobile internet access to the blockchain, there is no operating system to hack - it is a microcontroller.
5) Very simple to use
6) Requires neither specific infrastructure nor wide spread devices network – critical at the initial stage
7) Affordable

Competitors

On device level - Ledger, Trezor etc. However, all existing hardware wallets need to connect to computer for a transaction - this represent penetration risk.

Electronic wallets do not provide security for private key storage.

On payment level:
as we speak about BHander as a payment method equally simple as cash - our competitors are VISA/MC etc. Potentially, they can be ones interested to buy us out.

Advantages or differentiators

- security: the only hardware wallet with no physical connection to other devices; optical communication
- multicurrency
- the first easy-to-use crypto wallet that anyone can operate, affordable to anyone
- payment solution: crypto-fiat, crypto-crypto

Finance

Sales forecast:
Y1 550,000usd
Y2 16,500,000 usd
Y3 175,000,000 usd

Business model

device sale (option - subsidized sales to create critical mass) + transaction fees

Money will be spent on

Complete R&D on SW and HW to the point of the manufacturing ready device and integrated platform. ICO launch.

Offer for investor

We would be happy to share with smart money partners; let's discuss it in details.

Team or Management

Risks

- time to market: we are a unique solution currently, however, a year delay in getting to the market might change the status quo
- cloning the hardware device architecture - mitigated by the fact that the main competitive strength is the SW platform and alliances with BHander network participants
- ignorance, by general public, of the fact that online crypto wallets are very risky (you keep your private key on someone's server you do not control) - thus diminishing perception of the value proposition

Incubation/Acceleration programs accomplishment

Participant of Intecracy Ventures' Accelerator - 2018.

Won the competition and other awards

Winner of Startup Battle, Berlin, June 2018

Photos

Photo 1 - BHander

Product Video

Website address

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video
Website address