## What Is Sprocket (SPROCKET)?

Sprocket is a financial services company that converges conventional banking, digital assets, and decentralized finance. Sprocket serves an unmet need in DeFi, enabling consumers and commercial entities to better manage traditional deposits, multiple fiat currencies, payments, digital assets, cryptocurrency trading, and other financial transactions all in one place, on a global scale, with fewer intermediaries and lower fees. 

Sprocket Financial, LLC is a subsidiary of TS Banking Group, a bank holding company regulated by the United States Federal Reserve. 

## Why SPROCKET?

People are born into an economy just like they are born into a political system. Sprocket understands this reality and seeks to address financial inequity among the world’s population, providing banking tools that promote the inclusion of all people as qualified participants in the global financial economy, especially those constrained by the economic regions in which they reside.  

One of the ways Sprocket advances this goal is through the issuance of the SPROCKET utility token, which underpins the customer rewards model of Sprocket’s hybrid digital banking platform. The SPROCKET utility token is used for:

* Defining loyalty tiers on the Sprocket hybrid banking platform.
* Validating participation on the Sprocket hybrid banking platform.
* Providing incentives for Sprocket users through enhanced services, reduced fees, and higher savings yields.

## How Many SPROCKET Tokens Are in Circulation?

The SPROCKET utility token was originally launched on the Ethereum mainnet on March 1, 2022 with 10 billion SPROCKET tokens created at genesis. Since that time, Sprocket has entered into a strategic agreement with Binance that involves, in part, a long term commitment to the BNB Smart Chain. As a result, the SPROCKET utility token was reminted on BNB Smart Chain on August 29, 2022 with the identical configuration and quantity as the original Ethereum token. For any early adopters of the SPROCKET utility token, Sprocket will provide a free 1-to-1 swap of the deprecated Etherum to the new BNB token.

The tokenomics of the SPROCKET utility token are still the same: 95% (9.5 billion tokens) are dedicated to platform utility and will be freely distributed over three years: 50% (5 billion) is allocated to Sprocket customers to promote adoption of the Sprocket digital banking platform. 20% (2 billion) is allocated for global partnership grants, 15% (1.5 billion) is allocated to marketing campaigns, market makers, and influencers, and 10% (1 billion) is allocated for liquidity provision on various DEXs and CEXs. The remaining 5% will be allocated for current and future employees, including founders. 

## Who Are the Founders of Sprocket?

Sprocket Financial is the careerlong pursuit of Jesse Lund, an early cryptocurrency and blockchain pioneer, the former EVP and Head of Innovation for Wells Fargo, co-founder and Executive Committee member of the R3 banking blockchain consortium, and the former Global Vice President of IBM Blockchain and Digital Currencies.

Recognizing that long-term success of decentralized financial services must ultimately have the endorsement of financial regulators, Jesse set out to build an innovative financial services company, based on the foundation of a national banking charter with trust powers. In addition to Jesse (CEO), the founding team at Sprocket includes: Todd Anderson, COO (formerly Citigroup and active credit union board member); Mollie Martin, Chief Marketing Officer (formerly Bank of America, Goldman Sachs, and IBM); Adam Kramer, Head of Product (formerly AnRKey X, NFT executive, and serial entrepreneur), and Bob Severino, Ph.D., Chief Risk Officer (formerly Wells Fargo, IBM). 

## Where Can I Buy SPROCKET utility tokens (SPROCKET)?

SPROCKET will be available for acquisition on a growing number of third-party exchanges, with cryptocurrency and [stablecoin](https://coinmarketcap.com/alexandria/article/what-is-a-stablecoin) pairs currently available.  SPROCKET utility tokens will be granted for free to all early adopters of the Sprocket banking platform. For those who do not sign up on the original Sprocket waitlist, additional tokens will be made available on [PancakeSwap](https://pancakeswap.finance/). Additional exchanges and trading pairs will continue to be added over time.

## SPROCKET Token History

Sprocket has minted SPROCKET tokens on each of the following networks; these are the **only** official SPROCKET Token Addresses:

* **Ethereum**
	* **Status**: Inactive. Held in Sprocket Treasury.
	* **Explorer**: [etherscan.io](https://etherscan.io/token/0xa9364D93a4a6D8Dc51781236DeD2Dc4325b668B8)
* **Polygon**  
	* **Status**: A Polygon-to-BNB Chain conversion tool will be released in November for users to deposit their Polygon network tokens and receive BNB Chain tokens in return. This tool will be released on our website; please check our website and social channels for updates.
	* **Explorer**: [polygonscan.com](https://polygonscan.com/token/0x0d98eae620491d8f6836a39ac45e54b286fdd2d7)
* **BNB Chain**
	* **Status**: Active. CEX and DEX announcements to come.
	* **Explorer**: [bscscan.com](https://bscscan.com/token/0xfe7aB84D63638cA7A50dCE14452895685f241F50)

Detailed token plans are available on our website at https://sprocket.financial.


## Related Pages:

Learn more about Sprocket [here](https://sprocket.financial/).

New to cryptocurrency? Find all the information you need with [Alexandria](https://coinmarketcap.com/alexandria/categories/crypto-basics), CoinMarketCap’s dedicated education resource.

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