The guide to What is crypto banking?
The urge for crypto banking was driven when more and more institutions and corporate sectors adopted crypto currency as a mode of payment and showed the keen interest in the decentralized financial system.
Crypto banking can be considered as an alternative to traditional banking where the fintech firms/individuals shall adopt and implement blockchain technology. The users would have a direct access to their ledgers and all the transactions would be present in an open source.
Traditional V/S Crypto Banking
In case of traditional banking, the centralized system involves a third party for processing a transaction. This process is paper intensive and consumes a lot of time. When it comes to crypto banking, users can adopt state of the art technology, advanced blockchain based ledgers and indulge in auto-learning.
Cryptocurrency gained rapid popularity due to its two unique features. Firstly, the currency is extremely portable i.e. it moves through a channel that follows decentralization.
Secondly, the currency is far more durable than fiat currency or digital currency for that matter, as it is based on encryption and protected by secure servers.
Blockchain technology, the backbone of cryptocurrency, has caught the attention of many but impacted the crypto banking industry at a great level. This technology showcases how the firms can eliminate completely or at least reduce the back-end process. Therefore, making the transactions instant.
Adoption of Crypto Banks
Currently, there are only two means to hold a currency either in the form of physical cash or digital cash. Cryptocurrency has definitely revolutionized this concept and brought a new way of money circulation. Cryptobanks that are the early adopters of this new technology can benefit extensively in the number of ways.
This cryptocurrency will be able to view money transactions in real-time and also analyze the current economy. The streamlining of taxes could be more efficient and the implementation of anti-money laundering laws (AML) could become easy.
Airfio as the crypto bank have adopted the new form of cryptocurrency and have started functioning successfully.