Connect with us

Blockchain

How Can Cryptocurrencies Prove to be Successful for Banks?

Avatar

Published

on

The pandemic has changed everything about our lives and the way we interact with the world. From banking to retail, all that we knew about our society has changed. Businesses are finding new ways to mitigate the crisis and stay afloat, and banks have changed their operations and branched out in different directions to make it easy for their customers. One important transition that has been noticed in the banking sector in the early 2020s is the adoption of cryptocurrencies. A number of institutional investors and retail-banking clients have started showing an increased interest in cryptocurrencies and the technology underlying them (distributed ledger technology). Fintech firms, investors, and several other experts associated with the finance sector are resorting to cryptocurrency investments, and therefore, it is time for banks to use this opportunity as well. Cryptocurrencies are now being known as the future of money, and the finance sector cannot afford to ignore them anymore. With a number of cash optimization platforms on the market, banks can better analyze the trends in the finance sector and make informed decisions before foraying into the market of cryptocurrencies.

Banks and financial institutions have all the reasons to be skeptical and apprehensive about how they could use cryptocurrencies to be more successful. However, not exploring the domain shall only prove to be a missed opportunity. Cryptocurrencies have faced volatilities all their life, and especially this year amidst the pandemic. However, they are still vehicles that have brilliant prospects. They can outperform traditional banking products and services and offer greater transparency and efficiency. In this article, we shall look at the reasons why banks should leverage the benefits of cryptocurrencies and start using them for their success.

The Pandemic Has Made Cryptocurrencies Wildly Popular:

The lockdown resulted in people opting for alternative ways of banking since they could not physically be present at the banks to go about various banking processes. They started relying heavily on technology, and as a result, some of these banking and transaction apps failed due to overload. Cryptocurrencies stepped at this point with their high processing speed and low transactional fees and made it possible for customers to invest their money and use them for transactions, even amidst the lockdown. The prospects of cryptocurrencies never looked quite as attractive. Plus, recent years have seen several currency exchanges that have made transactions using these digital currencies safe and secure.

Many investors all around the world also started showing more interest in cryptocurrencies since they were apprehensive about the traditional means of investment. The economy has been in a precarious condition since the fag end of 2019, and investors needed alternate means to invest and secure their money.

Some banks followed suit and started resorting to cryptocurrencies to bring more flexibility in the banking options. Cryptocurrencies have started enjoying a fair share in the market, and investment portfolios and banks can jump on the bandwagon to leverage this opportunity and grow.

Cryptocurrencies Have Started Occupying Major Shares in the Developing Markets:

Cryptocurrencies have started enjoying quite a lot of success in the emerging markets owing to the volatilities of national currencies and outdated banking products. Plus, the global banking structure is also not as robust now as it was. This has led to the widespread adoption of cryptocurrencies, especially by countries like Mexico, Africa, and India. Young investors are showing more interest in cryptocurrencies as they ace new technologies. Working with cryptocurrencies is easier than fiat currency. They make for easier transactions, faster transfers, and all of these at very low processing fees.

Therefore, cryptocurrencies, as can be understood, occupy a major share in the market. Banks can make use of this opportunity to venture into a new area and expand into these emerging markets to reach out to more people. Investors and speculators have a keen interest in cryptocurrencies, and banks can leverage this interest to expand and grow.

Cryptocurrencies Can Help Challengers Cement their Position in the Market:

Even a few years ago, small companies never had the chance to gain a strong foothold in the financial sector or grow their reach since the big names in the market took up all the space and controlled the market. The financial sector was tightly controlled by regulators, who were, in turn, controlled by giant corporations. However, things have changed for the better these days, and there are multiple fintech firms, startups, cryptocurrency banks and exchanges that make it possible for these small companies to enter the market and gain a strong foothold.

These companies are now being able to attract new customers as well as drive the existing ones to themselves from traditional banks. Tech companies are also making hay while the sun still shines and venturing into the crypto market. One of the biggest examples of the stated fact is Libra by Facebook. Banks that want to survive the competition and grow in stature might want to adopt cryptocurrencies too.

The Crypto Market is Attracting All the Talent from the Conventional Banking Sector:

It is crucial for banks to understand that the crypto industry is drawing all the talent towards itself. Ten years ago, tech giants like Google, Amazon, and Apple would chase after IT professionals and specialists. However, there has been a refreshing change since 2018 as we can now witness the crypto industry chasing after these people. It is crucial for banks to jump at this opportunity and branch out in the crypto market, or they might have to risk losing their business. The crypto industry has become a hotbed for talent, and banks could use this to their advantage.

Wrapping Up:

There are several reasons why banks should start resorting to cryptocurrencies and several more ways in which they can do so. Cryptocurrencies have always enjoyed quite a lot of popularity ever since their inception. However, the pandemic has made them even more popular and for good enough reasons, as we can see from the discussion. Therefore, if banks are to reach out to a larger audience and bring fresh innovations in the banking sector, they must opt for cryptocurrencies and explore their potential.

source link:platodata

Continue Reading

Blockchain

SBI Offers XRP as Gratuity For Obtaining Tokens in Its Upcoming STO

Avatar

Published

on

Table of Contents

Rate this post

SBI, which is a major Ripple partner in Japan, has recently offered gratuity payouts in XRP to its customers if they take part in the new STO of the company. The Chief of the SBI group, Yoshitaka Kitao, has recently shared a link to the press release of the firm regarding the new offering of the SBI partly related to XRP.

SBI to Acquire Tokens in Upcoming STO, Offers Bonus

SBI is a major Ripple partner in Japan. However, they have put up a situation that they will only be doing so if the customers will be taking part in the new security token offering of the company.

The SBI Group, headquarters of which are in Tokyo, are intended to conduct a security token offering of its digital corporate bonds on April 20.

In addition to this, the firm will be providing a bonus in XRP to its investors, the quantity of XRP given away will be equal to the number of digital securities bought by each investor. 

The security tokens for the offering are going to be launched on Ibet, a blockchain platform.

End-Year Bonuses in XRP

In a report shared earlier this year, it was revealed that the financial group has made an offer of giving end-year bonuses in XRP to the shareholders of the company.

Well, if you are having trouble understanding what it really means, try understanding it this way. 

Those shareholders who have 100 or more than 100 shares will be entitled to 2,500 yen worth of the native coin of Ripple, XRP which in US Dollars, is equal to $23.

However, in addition to this, it should also be known that the exact amount of XRP tokens being given away is going to be determined based on the price of XRP on June 30.

READ  Ripple (XRP) Update: Spark Token Airdrop, Flare Finance’s Beta Program

#SBI #STO #Tokens #XRP

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.cryptoknowmics.com/news/sbi-offers-xrp-as-gratuity-for-obtaining-tokens-in-its-upcoming-sto

Continue Reading

Blockchain

UAE About to go Live With Trade Connect to Oppose Imposters Probability

Avatar

Published

on

Table of Contents

Rate this post

In a recent revelation, UAE is all set to go live with a blockchain-based trade finance platform, Trade Connect to Counter Fraud Risks. They are focusing on initially cutting down under-invoicing and then taking on money laundering.

UAE Rolls Out a Trade Finance Platform With Trade Connect

In accordance with the recent revelation, UAE has rolled out a trade finance platform with the intention of stamping out imposters and financial crime risks. 

The UAE Trade Connect brings together Etisalat, the telecom giant, and a consortium of seven leading local banks, led by the First Abu Dhabi Bank, FAB.

The system went live on April 19, Monday after about six months of trials and the project took a total of two years from concept to actual delivery. 

In addition to this, the fintech division of the UAE Central Bank was also a member of the leading committee that overlooks the model.

Apart from this, the other four banks are likely to join shortly, and Trade Connect will also be synchronized with similar initiatives such as Marco Polo and Komgo.

Changing Dynamics of the Trade Finance Space

Trade Finance is going to be de-risked with the UAE Trade Connect going live and there are over seven banks that are a segment of the consortium and even more are going to sign up.

The Head of the Trade Connect, Zulqarnain Javaid said:

“It will be a game-changer for the trade finance space.” 

At present, the platform is actively into fraud detection within the trade finance space, but the promoters expect it to evolve into e-invoicing.

The officials added:

“But e-invoicing will need us to work with multiple partners,” said Javaid. And in time, the UAE Trade Connect can go to handle bills of lading, letters of credit and bank guarantees, which will involve working with ports, customs authorities, and governments.”

READ  Moneygram reported $11.3 Million Profit Due to Alliance With Ripple

#Etisalat #Trade Connect #UAE #Zulqarnain Javaid

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.cryptoknowmics.com/news/uae-about-to-go-live-with-trade-connect-to-oppose-imposters-probability

Continue Reading

Blockchain

Wildcat Petroleum PLC Announces Signing an MoU With Crown Energy AB

Avatar

Published

on

Table of Contents

Rate this post

Wildcat Petroleum PLC, which is focussing on investment opportunities in assets and businesses, has announced signing an MoU with Crown Energy AB. The NGM Main Regulated Stockholm listed international crew targeted on oil and gas exploration in the Middle East and Africa, for their capable involvement in any future ICO that Wildcat may start.

Wildcat Petroleum PLC Signs an MoU With Crown Energy AB

Wildcat has recently revealed that they have been working on an exclusive and innovative project to monetize hydrocarbon blocks based on blockchain technology

In addition to this, the project is presently in the stages of development, and hopefully, by the end of this year, the final version is going to be introduced. 

Crown Energy has oil blocks in South Africa, Iraq, and Madagascar, moreover, these blocks potentially consist of 2.5 billion barrels of oil equivalent of prospective and fortuitous oil resources. 

Under the Memorandum of Understanding, the two parties agree that there may be scope to tokenize these prospective oil resources.

The firm would also like to note that it is making slow and steady progress towards obtaining an oil asset and will be making further announcements to the market regarding this in due course.

The Chairman of Wildcat, Mandhir Singh commented:

“The level of interest in Wildcat’s blockchain approach that we have received from oil and gas companies in recent weeks has been incredible and we are thrilled to announce this MoU with Crown Energy AB.”

Crown Energy on Acquisition of an Attractive Oil And Gas

In addition to this, Mandhir Singh revealed in the favor of the collaboration:

READ  Philippines SEC Advices Forsage Users To Not Invest In DApp

“The Company has received numerous similar expressions of interest from both public and private oil companies looking for an alternative way to monetize non-performing oil blocks. Assisting these oil companies to monetize their assets has the potential to provide the Wildcat with a valuable future revenue stream with minimum risk and negligible additional costs.”

The CEO of Crown Energy AB, Andreas Forssell commented on the acquisition:

“It is a pleasure to collaborate with such an innovative and forward-thinking oil company and believe this will be a mutually beneficial relationship. We feel that their blockchain approach to oil and gas could prove transformative to not just the Company but also the sector.”

#Crown Energy AB #MoU #Wildcat Petroleum PLC

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.cryptoknowmics.com/news/wildcat-petroleum-plc-announces-signing-an-mou-with-crown-energy-ab

Continue Reading

Blockchain

FINMA Approves Taurus for Launching Digital Asset Exchange

Avatar

Published

on

Table of Contents

Rate this post

Fintech firm Taurus SA has received a securities house license from the Swiss Financial Market Supervisory Authority (FINMA) for launching its own digital asset exchange. The Geneva-based fintech firm says that the platform will launch on May 10. Arab Bank Switzerland, Hypothekarbank Lenzburg, FlowBank and SEBA are among the first to join the network.

FINMA Approval for TDX Digital eXchange

The swiss financial regulator has awarded securities house license to fintech company Taurus SA for launching the TDX Digital eXchange. Taurus’ TDX platform can process smart contracts on blockchain networks such as Ethereum and Tezos.

The launch of Taurus’ Digital eXchange “TDX” will enable accessing an open and independent infrastructure towards tokenized securities and private assets.

READ  Facebook’s Libra Governance Model Could Disrupt The Remittance Sector

The digital asset platform will instantly connect banks, issuers and investors to exchange for any digital asset. By tokenizing assets such as equity, art, real estate, cryptocurrencies among others, TDX will unlock liquidity for banks, company founders among others.

Commenting on the launch of TDX, Oren-Olivier Puder, Chairman of the Board and co-founder at Taurus, said:

“The launch of TDX meets the increasing demand from banks to access a regulated, open and independent marketplace for digital assets. Our vision has always been to build a unified platform that allows banks to manage any digital asset and connect private asset owners with professional investors easily.”

Global Companies are Joining as Participants

Audacia Holding, an e-commerce company with over 1.2 million clients, will trade on the TDX platform.

Various financial institutions across the world are onboarded as participants, including Arab Bank Switzerland, FlowBank, Hypothekarbank Lenzburg, SEBA Bank.

READ  France Galop Bans Phoenix Thoroughbreds Due To Its Alleged Connection With OneCoin

Sébastien Dessimoz, Managing Partner and co-founder at Taurus, said:

“We are convinced that the tokenization of real assets is the future of investment. With this marketplace, small and medium companies, non-listed large corporations and real-estate companies will have access to greater liquidity and capital, which is currently only possible for large companies listed on the stock exchange.”

Other non-financial entities include Investis Group, a Swiss stock-listed real estate company, and Stoneweg, a Geneva-based real estate investment company.

#FINMA #Taurus SA #TDX #TDX Digital eXchange

Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.cryptoknowmics.com/news/finma-approves-taurus-for-launching-digital-asset-exchange

Continue Reading
Esports5 days ago

Free Fire World Series APK Download for Android

Esports3 days ago

C9 White Keiti Blackmail Scandal Explains Sudden Dismissal

Esports3 days ago

Overwatch League 2021 Day 1 Recap

Esports5 days ago

Dota 2: Top Mid Heroes of Patch 7.29

Esports3 days ago

Fortnite: Epic Vaults Rocket Launchers, Cuddlefish & Explosive Bows From Competitive

Esports4 days ago

Don’t Miss Out on the Rogue Energy x Esports Talk Giveaway!

Blockchain4 days ago

CoinSmart Appoints Joe Tosti as Chief Compliance Officer

Esports3 days ago

Gamers Club and Riot Games Organize Women’s Valorant Circuit in Latin America

Esports4 days ago

Fortnite: DreamHack Cash Cup Extra Europe & NA East Results

Blockchain5 days ago

Bitfinex-Hacker versenden BTC im Wert von 750 Millionen USD

Blockchain4 days ago

April Continuum Blockchain Legislation Summit ContinuumBlockLegs

Blockchain3 days ago

15. BNB Burn: Binance zerstört Coins im Wert von 600 Mio. USD

Fintech5 days ago

Zip Co raises $400 million for international expansion

Esports4 days ago

2021 Call of Duty Mobile World Championship Announced

Esports4 days ago

Position 5 Faceless Void is making waves in North American Dota 2 pubs after patch 7.29

Fintech4 days ago

Mambu research reveals global consumers are hesitant to use Open Banking

Esports5 days ago

COD Mobile Season 3 Tokyo Escape

Esports5 days ago

Fortnite: Mero Joins FNCS-Winning Teammates On ENDLESS

Esports3 days ago

LoL gameplay design director pulled, transferred to Riot’s MMO

Blockchain5 days ago

Ethereum in Blockchain Software Development

Trending