BNX Finex — The future of Digital Banking

4 min readDec 7, 2020

There are many projects like BNX Finex looking to change the banking and payments sector, while next-generation projects like BNX Finex Bank are targeting a much broader range of banking services. Among similar projects that also want to work in this market are BNX Finex, World Bit Bank, My Crypto Bank, European Crypto Bank. Let’s find out how the ideal cryptocurrency bank can revolutionize this market.

Why do we need cryptocurrency banks?

Digital payments are on the rise. It is now clear that most payments will go digital and that they will be based on blockchain technology. Cryptocurrencies are advancing despite the bearish market trends, and traditional banks are now testing payments based on cryptocurrency technologies. More and more startups are using blockchain to replace legacy systems in various sectors, and the benefits of blockchain to the banking sector are enormous.

Traditional financial systems and banking services are characterized by bureaucracy and friction, and this is one of the reasons for the popularity of crypto.

Problems Solved by Cryptocurrency Banks

(BNX Finex as an example)

BNX Finex and other crypto banks can be flexible and fast, making the traditional banking system outdated. Some of the main differentiating factors are:

Regulatory burden. The regulatory burden forces banks to respond slowly to changing customer needs. Banks have to adhere to strict rules, which often affect their ability to better serve their customers.

This BNX bank can operate on decentralized platforms with minimal regulatory friction. If such a bank is decentralized enough and encourages users to host nodes and masternodes, then it can operate in a country with appropriate friendly regulation.

Limitations. The BNX Bank often have restrictions and complex procedures for making simple transfers, which ultimately make customers suffer. However, there are no such restrictions for cryptocurrency transactions.

Cryptocurrency transactions are known for their low cost and speed of transfers. Transfers of hundreds of millions of dollars can now cost less than a dollar if they are made via Bitcoin, and they only last a few minutes. No traditional bank can achieve such efficiency.

Confidentiality. Banks are known to be hacked, and information may be shared with higher supervisors. Thus, the traditional sector suffers from degraded privacy.

Bitcoin has proven that large-scale implementation of blockchain technology can reliably protect financial transactions, ensuring their anonymity and transparency. An individual or legal entity can transfer funds from one wallet to another using an open entry in the distributed ledger, without revealing their identity.

Control over funds. This is the most significant differentiating factor. In traditional banks, users feel that they control their funds, although this is far from the truth. Banks, if desired, can stop transfers, freeze accounts and track the movement of funds.

The decentralized structure of cryptocurrencies ensures that no person, company, or government can control or disable them. Many governments have tried unsuccessfully to ban bitcoins and cryptocurrencies, but they have come up with only one choice: accept them and regulate them to curb their illegal use.

Availability and dependence. Banking services usually depend on business hours, holidays and central banks, which set an arbitrary interest rate and change it as they see fit.

Fin al Thoughts

BNX Finex is the leading global exchange based in the UK and growing every day. A highly professional team with a mission to expand their client base in over 100+ countries worldwide. A very convenient environment for traders and investors.

BNX Finex is launching its BNX token which will be a huge hit in the crypto space because it is backed by dtrong, a forward-thinking and professional team, the details of the Exchange token are below:

BNX Finex — The future of Digital Banking

Why do we need cryptocurrency banks?

Problems Solved by Cryptocurrency Banks

(BNX Finex as an example)

Fin al Thoughts

Links

Written by Genius watching