Q1: What (if any) is the status of Mindbank?

DoubleWolf

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Years ago the idea was floated around to create Mindbank, and it seemed to me that this would be the much needed "right step" toward changing Mindark's business model to one that better secures customer deposits by converting them to a true liability on the balance sheet (like an actual bank), opposed to the massive "contingent" liability that they are today.

Obviously that would mean securing much more funding in order to back the amount of PED in the game. Last I checked, the amount of PED in game was near the total of company assets, so this would obviously be a difficult and lengthy task to complete.

Is this process still a goal of the company? Is it still more of a dream at this stage than any tangible progress being made? If it is still a goal, what kind of steps are being taken to reach that goal, or what barriers need to be crossed before moving on?

Thank you!
 

Henrik|MindArk

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At the moment Mindbank is not something we are working on.
While I agree that a bank itself is a very trustworthy institution, I feel that we have the confidence of the user base with regard to withdrawals.

MindArk has never failed to deliver on its promise of always handling withdrawals.
 

Aloisius

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and the proposed debit card system was part of that project?
 

yeeck

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The products are nothing new in the market. What is interesting is the rules. Let's see what is the rules.
 

DoubleWolf

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At the moment Mindbank is not something we are working on.
While I agree that a bank itself is a very trustworthy institution, I feel that we have the confidence of the user base with regard to withdrawals.

MindArk has never failed to deliver on its promise of always handling withdrawals.

It's not really about MA being "a bank" so much as it's about how customer money is treated. Right now it is considered revenue. If you ever want to expand your client base gain the interest of large, savvy investors, you'll need to start treating it as a true liability.

If you guys are happy with the size of the customer base and the way things are going, then keep doing it. But if you ever have any hopes of growing large and going mainstream, this will need to change. And cross your fingers that no competition manages to figure this out before you do.
 

Aloisius

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seriously - star citizen is almost out of alpha
 
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