Bank of the Commons

Banking for and by the 99%

Bank of the Commons

Banking for and by the 99%

Bank of the Commons

Bank of the Commons is an open cooperative initiative whose objective is to transform banking, payments and currencies in order to support the economy used in cooperative and social movements both at a global and a local level. We are building another economy for a better society.

Bank of the Commons has adopted FairCoin as a strategic global social currency and blockchain technology upon which to base the development and adoption of decentralized financial structures for the Commons.

Legally, it is based on the networking process of existing cooperative structures in different parts of the world, and on the creation of an European Cooperative Society in Italy, which will take care of the social capital invested in Bank of the Commons, providing it with an independent legal status.

On the 7th of June 2017, Bank of the Commons has entered its Beta stage, opened its doors, and has begun to offer banking services to our first members as a beta stage. So that this can be possible from the very first day, Bank of the Commons has partnered with the local Catalan financial coop CASX, involved in the ecosystem of the Catalan Integral Cooperative.

Bank of the Commons

Banking and payment technologies are changing quickly and continuously to become more efficient and easier for everybody to use, but the basic way official systems work remains the same. This does not satisfy the expectations of many sectors of society.

Ethical banking cooperatives and democratically run alternative currencies worldwide now face the challenge of benefiting from these technological advances while staying loyal to their own values. As they grow and are able to reach a wider audience, only activists would participate in uncomfortable systems to use, compared to mainstream ones. Now we have the proper tools to broaden the use of these new technologies.

The current tools that are part of the blockchain revolution make it possible to decentralize banking and make it more transparent, so these capacities can be used to recover popular sovereignty in finances, participatory budgeting and money creation.

In order to make these significant improvements happen, it is very important to create economies of scale so as to build shared technologies, integration and services that any local financial cooperative or alternative currency project can use. This is what the Bank of the Commons is about.

The Bank of the Commons’ mission is to facilitate a transition to an ethical post-capitalist space to gradually free us from the control of the current banking system, replacing it by a growing, fair, self-managed system. We want to rethink money and finances as commons.

We intend to build a financial alternative linked to the official banking system, in order to combine both until the new one is strong enough.

This project is for and by the 99%, bringing a breath of fresh air to society in opposition to the murky and opaque world of finances today. Transparency, ethics, self management and the logic of commons are the keys that will let us open the broken safe and escape from the rules of the mainstream banking system.

Ivo Valkenburg

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