Exchanges are Bringing Open Finance to Adopters

Apollo Foundation
Nov 8 · 2 min read

by Marvin Dumont

As the crypto industry matures, traditional financial services are becoming more available to adopters. This week, Coinbase announced that holders of Tezos can earn 5% annually through a staking scheme powered by smart contracts.

It’s appropriate that adopters are compensated because of crypto’s cost of capital. Which is what interest rates represent.

Kyle Samani, managing partner at Multicoin Capital, writes:

With P2P fiat-crypto on ramps, the crypto exchanges offer consumers a clear path to exit their existing fiat money systems — both in terms of technical infrastructure and monetary policy — and opt into the crypto financial system with permissionless and censorship-resistant payment rails and transparent and auditable monetary policy.

He adds:

… once the exchanges offer interest-bearing accounts at large, they’ll start to think of themselves as banks. And if they think of themselves as banks, they’ll start to offer credit. While there are many forms of credit they can offer, they’ll likely start with small lines of credit — in the form of secured credit cards — before eventually moving into unsecured credit and larger lines of credit.

Open Finance will make some people adopt cryptocurrencies of rewards similar to ones offered by banks and credit cards. But to get mainstream adoption, projects must make the user experience extremely simple and amazing.

Blockchain ventures aren’t just competing among themselves anymore; they’re being judged against the total offerings in the marketplace. That includes goods and services from global companies.

If a network takes too many minutes to process a transaction, that won’t cut it. When sending, receiving, trading and buying cryptocurrencies is as easy as using PayPal, the world will become a different, more decentralized place.

Apollo (APL) all-in-one privacy currency combines features of mainstream cryptocurrencies in an unregulatable platform. With two-second block speed, APL is one of the fastest cryptos on Earth. “Apollonauts” use features such as encrypted messaging, smart contracts, decentralized exchange, decentralized applications and decentralized file storage.

Learn more at www.apollocurrency.com

Apollo Foundation

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Apollo all-in-one privacy currency (APL) www.apollocurrency.com

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