NBNX creates blockchain fund for startups

Andrew Anastasiou is the founder of NBNX.

Tell us what your company’s mission is, and describe in brief the strategy that implements that mission?

Our mission at NBNX is to give young entrepreneurs and startups who want to operate in the blockchain or cryptocurrency arena access to seed funding without the need to go through lengthy processes of capital or funding requests. Banks are loaning almost nothing these days, and this drives entrepreneurs to go for VC funding or angel investments which also carry their own risks. With NBNX and the NBNX token, we want to make the process of going from idea stage to implementation stage easy and fast.

How does technology fit into the strategy?

The main protocol we will use when analysing a business plan or a potential investment is essentially through Smart Contracts on the Ethereum blockchain. We are creating an IF/THEN source code that allows us to place specific code in to a smart contract which will automatically approve a loan from the investment pool if certain parameters are met during the application process. Seed investments will initially be up to €500,000 with special permissions in the code, should a larger amount be needed.

By utilising smart contracts for the loan process and investment protocol, the agreements are absolute, immutable, and solid. This protects both the investment party and the entrepreneur from any possible issues arising from miscommunication at a later stage.

There is a growing market due to the fact that more and more young people are looking in to blockchain and coming up with amazing ideas, but these ideas usually end up dead in the water once funding and capital come in to play. Alongside this, there is a total lack of funding available from traditional methods such as banks, as banks simply do not want to fund something that essentially goes against there system. With more and more traditional methods becoming or turning to blockchain (app development, website development, affiliate payments, security, finance), there is a clear parallel need for funding for these exact Innovations.

What is your philosophy of innovation?

Creating value, and making things easy. As an entrepreneur who from time-to-time needs to source outside funding for projects, I know how time consuming, demotivating, and stressful is can be and many times this can have an adverse on the project, regardless of how much potential it has. With NBNX, we even hope to not have to require face-to-face discussions on the project that requires capital. NBNX will be automated (to a point) so that it is simply a question & answer process, meaning that if the required parameters are met, the investment is approved and deposited to the start-ups ETH address and they can begin working.

Tell us, in detail, about the innovation itself and how it fits into your strategy?

The innovation is simple. Bringing ability and time-to-market to the blockchain and smart contract protocol. NBNX essentially removes all middle-men, source fees, administration fees, and the need to process bank loan applications etc. There is also no need for Lawyers from the point of investment as everything is on the blockchain and recording in real-time, forever. Our strategy of building a totally new ecosystem built on a trustless and seamless environment fits directly in to NBNX and the NBNX token.

Tell us how your company will evolve in the future?

As blockchain and the technology behind it evolves, NBNX will evolve with it. Starting from simply issuing seed investment and “quick capital”, we plan to then start projects in the insurance area whereby we will again issue smart contracts with IF/THEN protocols meaning that there is no need for checks and other incurable costs. For example, a farmer who would have an insurance policy with us could be insured for 10,000 EUR should it not rain for 3 weeks, using global statistics and open-source information we could write a contract stating that should it not rain for 3 weeks in the jurisdiction of the farmer the smart contract will issue an insurance payout of 10,000 EUR instantly. In this case (which is simple), our smart contract simply used open-source information to acquire the correct knowledge and would pay out to the farmer without any issues.