BlockBank V1App Store
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
Update 2021-11-03: This app is no more.
(Analysis from Android review)
Updated Review 2023-04-05
There are currently 4 blockbank apps on WalletScrutiny and still available on Google Play and iOS.
Version 1 includes:
- (This one)
Version 2 includes:
This is addressed in the FAQ, with the following information on how to migrate V1 to V2:
Update 2021-11-03: This app is no more.
BlockBank is a non-custodial utility wallet that combines the power of decentralized and centralized technology.
Buy Crypto: A simple, secure and fast way to buy Bitcoin and crypto.
Keep your private key secure: with simple features like PIN lock, fingerprint recognition, wallet backup and email verification.
The app has many other features related to DeFi and staking.
Barely two minutes into Blockbank’s site, we were contacted by support through the embedded chat’s browser notification. We engaged with a conversation with them and they asserted that V2 will be non-custodial. We then asked for links to their source code if it was open source. They replied that they’d have to consult their developers for that. We were able to locate their github page, but it was not directly linked from their site.
Many provisions in Blockbank’s Terms seem to point to a custodial service.
Termination related clauses, under Section 4:
We reserve the right to suspend, restrict or terminate your access to any or all of our Services and to deactivate your account, including without limitation
In the event that we decide to suspend, restrict or terminate your access to our Services in accordance with the provisions of this Clause 2, we will (to the extent that it is not unlawful for us to do so) provide you with adequate notice of such termination of Services. Suspensions from the use of our Services will be reversed only as soon as reasonably practicable once the reasons for refusal no longer exist. We are under no obligation to execute any suspended, reversed or terminated transactions at the same price or on the same terms.
We do not guarantee that any specific content, component and/or feature will always be available on the BlockBank.ai Wallet App Services.
Concerning the App’s Functions:
The BlockBank.ai Application gives you interactive access to your Digital multi protocol Asset Wallet, including allowing you to perform one or more of the following actions:
(a) view the balance and Transaction History of your Digital Asset Wallet;
(b) send and receive digital assets within the app.
View the market cap of the top 100 tokens;
(c) access news in one location;
(d) view the market cap of the top 100 tokens.
Concerning Open Source
We may make (but are not obligated to make) the source code for the software we develop available for download as open source software. You agree to be bound by, and comply with, any license agreement that applies to this open source software. You will not indicate that you are associated with us in connection with your use, modifications or distributions of this open source software.
Blockbank has a lightpaper which can be accessed here.
BlockBank consists of 4 main components:
- a centralized custodial wallet,
- a non-custodial web 3 wallet,
- complete banking tech stack service,
- banking and true AI (Robo Advisory).
We tried the Blockbank app. Upon installation, we were greeted by this message:
Welcome to blockBank
BlockBank is a multi-protocol utility wallet that combines the power of decentralized and centralized technology in a simple and secure application.
BlockBank’s vision is to create an all-in-one crypto application that simplifies the user experience without compromising security, privacy, or decentralization. We aim to combine the best of Defi and DeFi worlds in one place, incorporating AI technology to bring financial empowerment to clients.
Blockbank has the user private keys encrypted with a pin code and secured through biometrics.
- Email (Needed in case user forgets pin)
- First Name
- Last Name
- Phone (for sms verification)
The next step is to backup the wallet accessible via the pin. Encryption used is AES 256-bit. Password for backup file. The backup is stored in a txt file locally.
Tapping on ‘Settings’ opens a menu with the following sub-menus:
- Private Keys
Selecting ‘Private Keys’ opens a menu with a gallery of 12 coins. Bitcoin is included. Selecting Bitcoin opens a prompt for the Pin. Inputting the Pin gives access to the private key. We tried importing the Blockbank private key to a third-party bitcoin wallet and we’ve managed to create a “watching-only wallet”
We reached out to Blockbank via their onpage chat support.
We do not guarantee that any specific content, component and/or feature will always be available on the BlockBank.ai Wallet App Services
This clause falls under termination. You may have the backup or the private key, but if you don’t have access to the app - because let’s say, your account was suspended, then this is a custodial service and therefore not verifiable
Note: With that said, we are willing to change our verdict upon further guidance by the Blockbank team.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.