Not so long ago, it was hard to believe that FinTech startups could seriously change the business of banks. Now the same thing happens with the Blockchain. The new technology has declared itself in the financial transaction market and large companies can no longer ignore it.
By 2016, more than $ 36 billion of venture financing has already been invested into financial start-ups. Many of them were concentrated only on a few common areas like loans, capital Management and payments. Some startups have gone so far as to offer a full range of banking services using just one mobile phone. For example Cashaa that deliver all the same services which banks does. This kind of approaches are attractive for those born in the 2000s. This proves that the new form of the bank can be created from scratch.
Companies as well as banks managed to adapt the Internet 20 years ago. However, if the banks do not adapt decisively to the Blockchain, they will suffer from the consequences. Companies that do not learn from the past are doomed to failure. Banks should considering the Blockchain not only as a saving tool, but a key to discovering new opportunities that can lead them to the leaders in banking industry.
Why is there still no global bank of bitcoins?
Definitely, users will be interested in easily making a global transactions at the point of the world where they are might be, by using a credit card via a global bank without restrictions on countries and transactions.
However, such a fictitious global bank will never work properly. Because the local regulatory barriers of different states are too high. No existing startup or bank has any incentive or desire to become such an “ultra” bank. For example, obstacles faced by Uber in confronting the global cartels of taxis are nothing compare to the regulatory complexities and legal barriers that are inherent in every local financial services system worldwide.
Do you know why HSBC is not really the world’s leading bank in the world, despite the fact that its branches are in 72 countries? Do you know why Coinbase is not the world’s leading bitcoin exchange, despite the fact that this is the largest and only exchange that available in 27 countries? There is a general answer to these two questions: regulatory restrictions. This means that the capabilities of your account are tied to the country of which you are a citizen, just like a traditional bank account. In this case as a user, you really do not feel global.
Fortunately, in the world of exclusively cryptocurrencies, such a potential global bank is you, if you have a crypto wallet. A crypto wallet bypasses some legal norms, but without violating any laws. You take your bank with you wherever you go, and while this wallet has bridges to the world you have a version of the global bank in your pocket. The possible scenario for future developments is that the banks will lose their positions, because we will directly make transactions through our smartphones or web services. It is necessary now to feel and act like a global bank. A truly global bank maybe, will appear in the near future. And this is Cashaa Wallet.
Cashaa Wallet provides to the masses the power to control and manage their own money. It is an alternative to traditional banking with a better way to spend, save and share your money, fee-free and straight from your mobile. The wallet supports many cryptocurrencies that provides them with quick access to their portfolio balances to send and receive transactions almost for free. The Cashaa App can accesses a global payments network that enables worldwide acceptance of the digital wallet. Nowadays, in world where money is changing and user behavior is changing Cashaa is moving along that lines to create a world bank of future. Cashaa Wallet offers you the power to have absolute and total control over your money. And given the fact that you spend your time to earn money, in an another word you spend your life to earn money, it is vital to have your own wallet to store and manage your money. Cashaa is Banking Platform for Next Billions which means not only the people who live today, but billion of people who will come and need a baking system where crypto and fiat will go side by side.
Take your global bank now and learn more about it:
Medium: medium.com/cashaa
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