Cryptocurrency banks — the requirement of the time and BNX Finex

4 min readDec 7, 2020

Cryptocurrencies are gaining popularity and their underlying blockchain technology is being used for a variety of applications. One of the biggest potential applications of this technology is to be found in the banking sector. Banks are archaic in nature, and blockchain is poised to revolutionize this giant sector with innovative solutions that can bring efficiency and transparency to financial transactions, as well as features that a traditional bank can never provide.

What are cryptocurrency banks?

With the rise in popularity of smart contracts on platforms such as Ethereum, fully autonomous organizations or platforms that can implement sophisticated banking are just around the corner.

Cryptocurrency banks are inherently decentralized platforms that can perform all the functions of a bank without an intermediary. Ideally, cryptocurrency banks should have the following functional features:

User accounts. Users need to provide accounts that are similar to traditional bank accounts, but are completely controlled by their owners. Even if the platform stops working forever, users shouldn’t lose their funds.

Anonymity or Identity. The cryptocurrency bank must provide the ability to keep user data anonymous, as well as associate this data with user identification using KYC procedures.

Business and personal account settings. Cryptocurrency banks should provide settings for the business / personal account so that users have wide access to the required range of services. A business account must have a multi-signature wallet, access to a stablecoin, an acquiring service (accepting payment cards) and many other functions that traditional banks have.

A business account can be connected to payroll, payments, and billing and tax systems. Acceptance of taxes in cryptocurrency tokens is already practiced in the world, and this trend is growing every day.

Transfers and payments. More and more companies are accepting payments in cryptocurrencies and are implementing payment gateways to collect them. A good cryptocurrency bank could optimize money transfers and payments in different regions. Such services could facilitate both the transfer of money in cryptocurrencies and their exchange with fiat currencies.

Borrowed funds and p2p lending. Cryptocurrency banks will also be able to provide loans and borrowings that will be supported by an open market based on blockchain. The process for granting such loans can be transparent and interest rates will be determined by the market itself.

Virtual cards and mobile applications. Cryptocurrency credit cards can be the holy grail of digital payments. This will simplify payments for those who are not well versed in using wallets and cannot ensure the safety of their own funds. Mobile applications for digital payments will enable instant p2p transactions.

Low cost of service and transactions. Last but not least, cryptocurrency banks are designed to eliminate most of the costs of service and transactions. Traditional banks employ thousands of people to perform certain tasks, and in the event of a transition to blockchain, the services of such employees will be unnecessary. Thus, in traditional banks, the cost of providing services usually accounts for the bulk of the costs.

The transaction costs on blockchain are very low compared to bank fees, which will ultimately benefit the clients of cryptocurrency banks.

Conclusion

All these modern features you can easily find in a new Crypto Bank BNX Finex. BNX Finex is one the technological of advanced blockchain innovation that has faced great execution and phenomenal thinking, backed by a framework that legally opens the door for speculators to be more open to token businesses.

BNX is the most complete speculation environment. As one of the major milestones, this organization should recognize and help speculators suffer more from the financial disadvantages that many face on the planet with the idea of joint assistance as a business that registered clients can trade. this blockchain. Thanks fo reading. See you in the next article. Good Luck!

Cryptocurrency banks — the requirement of the time and BNX Finex

What are cryptocurrency banks?

Conclusion

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Written by Genius watching