Enemy Turned into Brother: Cryprocurrencies and Banks to Integrate in Just One Year
Since their birth, cryptocurrencies have been set against banks and positioned to replace them. But when it comes to major amounts, the cryptocurrency market has nothing to offer, since its risks and inconveniences outweigh the benefits. Where will the investor with 10 million euro on hand go after the recent cryptocurrency stock exchange closures?
But let’s get back to the issues of common mortals. When we start to talk not about gaining money through the exchange rate growth, but about day-to-day transactions and purchases, we think of a bank card. Loans, deposits, sleeping safe at night — that’s also a bank. Cryptocurrencies will not conquer the world, while we keep worrying about the safety of our coins at stock exchanges and in wallets.
Two factions have formed on their own — people who stay loyal to banks and observe the cryptocurrency market from afar, only dreaming about 5–15% p.a. deposit rates. And then there are those who have switched over to cryptocurrencies and are happy with the state of things, but shudder every time they hear about the latest hacking of cryptocurrency wallets. Why make this choice? The market needs a service at the intersection of these factions.
And what about trust management? Isn’t it every investor’s dream — having bank-like guaranties while gaining interest the cryptocurrency market is able to provide? This also does not exist.
Why is there no worthy solution? The market is still shaping, and there will be a solution or rather a few of them as early as in 2018. One can hope for stock exchanges to evolve, but we in the Narbonne team have decided to make a more logical step. We have consolidated the best solutions offline banks and cryptocurrencies can offer, and are now giving it all away to anyone interested. We are creating a new category of financial institutions at the junction of major and protected offline banks and the most relevant online technologies. Narbonne is a logical transition from conventional banks to cryptocurrencies.
We are finally solving the issue of debit card linkage to cryptocurrency wallets. About 10 companies promise to issue their Master Card or VISA cards — all to no avail… Our platform will solve the problem of online lending, including p2p lending, as well as deposits in cryptocurrency assets. Sure, the market may offer similar services, however only Narbonne has the team with that much experience in finance.
Many microfinance companies like to mention that 2–3 billion people are currently unable to get a loan in a bank. But first, there currently are no genuinely reliable microfinance institutions comparable to major banks one can rely on and everyone heard about. And second, there are a lot of nuances — a complicated identification and assessment procedure, long contracts with ambiguous clauses… This is similar to car sharing — the concept is amazing, but when you pay attention to details and learn about possible fines, you start feeling uneasy.
Now, let’s sum up the facts. There are quite a lot of individual alternatives to banking services, blockchain-enabled in particular, but these are provided by minor players without any actual guarantees and overqualified teams. Having opened an account in a renowned bank, you will safely return to this bank to get a loan or exchange currency, this will be the place you send your kid to or open an additional savings account at. Narbonne is willing to become a foundation for banks, which will become as large and renowned in future as those offline banks and which can be trusted to provide any banking service. You won’t hear us preaching about blockchain, smart contracts and transparency on every street corner. All those things are apparent, this is a mandatory threshold for crypto services.
We believe that the cryptocurrency of the future is not just a coin, it’s the whole infrastructure to use this coin, a whole list of services in one coin, as is the case with NCC. And the bank of the future is also a list of blockchain-enabled services consolidated on a convenient and easy-to-use platform. That is to say, the cryptocurrency of the future and the bank of the future is actually the same thing. This is what we are moving to. This is what Narbonne strives to become. Banks and cryptocurrencies have the same path to follow.