With cryptocurrency and blockchain technology changing the way we make transactions with decentralized systems, privacy, and low fees, it makes sense that financial institutions like banks are expanding their services. As the crypto exchange development services continue to grow, banks are putting blockchain and cryptocurrencies into their core services and adding them to their list of services.
Crypto Banking Solution is a cryptocurrency banking and investment platform that lets customers buy, sell, and store digital assets easily and safely. It includes a Bank Account, a Debit or Credit Card, a User-controlled Wallet, Remittance, Payments, a Merchant Payment Gateway, and a Cryptocurrency Trading Desk. Let’s find out why it’s a good idea to offer crypto banking solutions to the customers in the modern world.
Key features of a Crypto Banking Software Solution:
Easy-to-Use Bank Platform
Elements of banking that are fully linked to make sure that banking operations run smoothly
A mobile banking solution that works with crypto has all the features that people expect from a bank. It’s made to meet all the needs of customers, such as:
It has white-label mobile apps that are ready to be used with your current infrastructure.
It uses an API management system to make sure that communication with a third party is smooth.
Finish banking modules like onboarding customers, customer accounts, trading, lending, and payments to make sure customers have a smooth banking experience.
What are the key benefits of Decentralized Crypto Banking Platform?
Coincidentally, decentralized banking and cryptocurrencies go together. In fact, some people use the term “crypto banking” to talk about this process. In a decentralized economy, loan services and credit ratings can be done without a central authority, which is not the case in a centralized economy.
Traditional banks, on the other hand, don’t give you financial freedom. And also they don’t have any technology that makes their financial system more open to everyone.
Let’s find out why a Decentralized Banking Platform is a good idea:
A decentralized banking platform makes it possible for people and groups to handle transactions without a central authority. This lowers or even gets rid of the risk of the other party.
2) Better protection
Since blockchain technology is used in decentralized banking, the data is stored in a block and can’t be changed after the fact. It gives the platform built-in security.
3) Costs have gone down
By using a distributed approach to create a system that doesn’t put trust in one place, banks can get rid of the central authority and cut transaction fees by a lot.
4) More transparency
Both smart contracts and blockchain technology make things clearer. In a decentralized crypto banking platform, all financial transactions are recorded on the blockchain and can be checked by anyone.
5) Transactions happen faster
Every year, people and businesses spend thousands of dollars abroad in a quick and safe way. Banks that are open to crypto are using blockchain to make it easy to send money to another country.
6) Less fraud
Hacking, DDOS attacks, and other types of fraud are hard to do on a decentralized banking platform. It helps the business run better and saves money. Also, users have more control over their data and identities.
Here are some top banks Crypto-Friendly Banking
Banks that are crypto-friendly are those that are forward-thinking and accept cryptocurrencies as a way to pay. When customers switch between crypto and traditional currencies, they can use these institutions to get lower transaction fees. This type of bank is friendly to cryptocurrency and uses both traditional banking and cryptocurrency.
We’ll look at what some of the best crypto-friendly banks have in store for their customers. And also how this new technology has changed how they work.
BankProv, which used to be called The Provident Bank, is an example of a bank in the US that has been around for 200 years. And is at the forefront of using new technologies to improve its services to customers. One of the most important services that BankProv offers, along with lending, business banking, cash management, and personal banking, is cryptocurrency.
Juno, which started in 2019 and used to be called OnJuno. It is a digital banking platform that lets customers manage both cash and cryptocurrencies in one account. Even though Juno is more of a fintech company than a bank, it has great services and deserves to be on our list of the best banks for investing in cryptocurrency.
Wirex is one of the best banks out there that accepts cryptocurrency. And it has a great deal for cryptocurrency fans. After opening the account, which is easy to do, you can save at 6% interest rates for ETH, BTC, LTC, and other coins. If you decide to save in ISD, AUD, HKD, or DAI, you’ll enjoy a 12% interest rate. But if you choose to get interest on your WXT, you’ll get an extra 4%.
More than 18 million individuals and 500,000 businesses use Revolut. With the Revolut mobile app, you can use more than 50 cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Cardano (ADA), Polkadot (DOT), Solana (SOL), and many more. This list will get longer as the company adds support for more cryptocurrencies. The fact that digital assets are kept in cold storage by trusted custodians is even more important for people who invest in cryptocurrencies. So, you don’t have to worry that someone will use your private keys to do something bad.
US banks that are open to cryptocurrencies don’t have to have direct ways to buy cryptocurrencies. Instead, make it easier for you to work with financial organizations that offer these services.
Ally Bank doesn’t let you trade directly with cryptocurrencies right now, but you can still invest in the industry. You can invest through Ally Bank in funds that own crypto, like Osprey Bitcoin Trust (OBTV). And also in Grayscale Bitcoin Trust (GBTC), or in funds that own crypto futures, like ProShares Bitcoin Strategy ETF (BITO).
What’s Good About Choosing a Crypto Bank?
Currently, individuals seeking to utilize their digital assets for payments or transactions must identify the optimal bank account for cryptocurrency. Despite the inherent characteristic of cryptocurrencies that eliminates the need for a traditional banking system, practical considerations often necessitate their conversion into fiat currency. Until more countries embrace direct cryptocurrency transactions, users may find themselves relying on intermediary financial institutions. Additionally, the crypto wallet development services plays a crucial role in facilitating secure storage and easy management of digital assets, further bridging the gap between traditional financial systems and the decentralized world of cryptocurrencies.
Crypto has become one of the most popular investments. And banks are starting to realize that their clients want and need an easier way to get into the market. The banking industry is about to change because of decentralization. It can help banks not only lower the costs of processing payments but also come up with new products and services that can bring in more money.