Features and Advantages of a Crypto Banking Solution

1. Features and Advantages of a Crypto Banking Solution www.assetfinx.net

2. The traditional banking system faced a major failure in 2008. The only solution to prevent that from happening again is having an independent decentralized monetary system and that is what a crypto banking solution is. A crypto bank is a newer concept that lies at the point of convergence of investing in crypto and traditional banking methodology. In simple words, an exchange that facilitates banking services so that its customers can easily interact with fiat as well as cryptocurrency is known as crypto banking.

3. What are the advantages of crypto banking? The main reason for crypto banking adoption is that it allows its customers to use their cryptocurrency balance just like fiat. That means the platform facilitates payments using crypto debit cards and day-to-day fiat withdrawals at crypto ATMs and more. So instead of just holding their crypto assets as investments, the holders can use them to make seamless payments for their routine activities.

4. Payments and settlements Under payments and settlements, a crypto banking solution establishes a blockchain-powered payment platform. The customers of the platform can transfer funds 24*7 in real- time at near zeros fees. A crypto bank can also provide its native token to facilitate crypto settlement capability with the existing banking infrastructure. In addition to that, the crypto banking solution is capable of offering very low-cost transfer of funds across different geographies, unlike the traditional banking system.

5. Custodial services Crypto is a new space for many investors and users. Not many users are very tech-savvy to be able to ensure the complete protection of their crypto assets. That is where the custodial services of a crypto bank come in. The crypto banks can lease the services of existing top- notch custodial service providers and offer them to their customers.

6. Lending services Crypto lending and borrowing services provided by a crypto bank make it possible for platform users to earn interest on their crypto investments. The platform users can borrow or lend their assets to other participants with a certain amount of collateral which is all controlled by a smart contract. As the entire process is pre-programmed in the smart contract which cannot be overridden, there are no chances of foul play and the fees are very minimal.

7. Must-have features of a crypto banking solution Crypto Interest Accounts To start your own cryptocurrency bank, you must provide your users with a crypto interest account. This, in simple words, is a decentralized version of a traditional savings account. Most of the crypto banks out there offer interest rates in the range of 7-10% to the platform users.

8. Crypto Checking Accounts A crypto checking account is something that rewards the user for eligible purchases using your services. These accounts might not have any monthly fees associated with them but whenever the user makes a purchase at a point of sale whether online or offline, he qualifies for the award. For example, in the case of the Quantic debit card, 1.5% of the transaction amount is converted to Bitcoin and added to the user’s crypto checking account.

9. Crypto Debit Card A crypto debit card is connected to the user’s crypto checking or interest account and can be loaded with fiat and crypto. The crypto banking services provider needs to partner with multiple merchants to create a different point of sale for their customers.

10. User-controlled Wallet A cryptocurrency wallet is the first point of contact for platform users. This is where they can store or trade their crypto assets. It should support a good list of curated coins so that the platform users can trade in and out of a certain cryptocurrency at any given point in time.