How Crypto Banking Changes the World of Financial Services

According to the analytical service Statista

(Photo : How Crypto Banking Changes the World of Financial Services)

The popularity of cryptocurrency payments is increasing every month. In the first six months alone, the volume of digital coin transactions in the Visa system exceeded $1 billion. According to the analytical service Statista, 1.1 million transactions are made daily in the world, and bitcoin estimates 250 thousand of mentioned transactions. The most popular platforms for crypto payments are cryptocurrency exchanges and crypto banks, which have already changed the landscape of the established banking system, offering new effective tools for wealth accumulation and payments processing.

Modern classics of banking services with Grow Bank

The existing banking system is a monolith that has been formed for centuries and operates according to the clearly regulated rules. There is practically no place for freedom and innovation here, and the closeness of banking institutions allows large corporations and politicians to launder and securely hide their assets in offshore bank accounts. At the same time, ordinary users can hardly get a loan at huge interest rates. In other words, the modern banking system is not for everyone.

One of the solutions to the problem of accessibility of banking services, their transparency, and efficiency were neo-banks, the creation, and development of which was associated with the emergence of decentralized finance. At the moment, about 50 crypto banks have been created in Europe, and in the United States, this figure ranges from 20-30 institutions.

One of the most promising European crypto banks is the Swiss Grow Bank. Combining the high quality of banking services, which is inherent in almost all Swiss banks, and new fintech opportunities, neo-cryptobank is ready to offer its customers a wide range of opportunities.

“The creation of Grow Bank is essentially an ambitious experiment. We have combined traditional banking services, such as investing, deposit programs, payments with tools from the field of decentralized finance, decentralized credit protocols, liquidity pharming programs, and decentralized autonomous organizations on one platform. First of all, we focus on the average investor and user, creating for them the most convenient entry point into the continuously developing world of decentralized finance,” Grow Bank explains.

Each user of Grow Bank receives a whole set of tools for financial management, namely:

  • the possibility of global crypto and fiat payments using SWIFT, SEPA details, thanks to the IBAN account;
  • the ability to invest and trade more than 20 cryptocurrencies and 64 fiat currencies, including the most popular ones, such as BTC, ETH, ADA, and many others;
  • free delivery of a payment crypto card to anywhere in the world;
  • instant exchange of fiat money for cryptocurrencies and vice versa;
  • deposit accounts;

It is worth noting separately that Grow Bank has a classic EMI & FCA banking license, and its users are protected by Swiss law.

Why does a cryptobank need its own token

Traditional securities are replaced by tokens that are freely traded on decentralized platforms and allow holders to receive a stable income from the company’s activities or a quick profit on asset price jumps. The Grow token is both an internal and external tool of the Grow Bank cryptocurrency bank and allows you not only to earn income but also to participate in the development of the company.

“Grow DAO is an opportunity for token holders to influence the work of the bank: to participate in voting on the distribution of the accumulated fund and the selection of fintech projects for investment and receive payments from each transaction in the Grow network,” the company explains.

Already today, Grow tokens are available for purchase on Zerion, which offers a comprehensive solution for interacting with DeFi. Also, Grow tokens can be purchased on the decentralized exchanges Balancer, Uniswap, and Binance Chain, the DeFi aggregator 1INCH.

And so that users can use the services of Grow Bank at any time, the developers have launched a mobile application that is already available for iOS and Android operating systems.

“By the end of the year, we will focus the company’s work on expanding the functionality, attracting partners and customers, and also intend to conduct an IPO,” the company says.

In addition, the bank’s team intends to scale the business as much as possible to provide its services in those countries where access to the banking system is significantly limited. These regions include the countries of Africa, some Latin American States, and others.

“Our task is to provide high-quality banking services to every point of the world. From now on, access to finance should not be restricted geographically or politically. The decentralization of fintech allows absolutely everyone in the world to make a profit or pay bills using crypto or fiat currencies, ” the creators of Grow Bank are sure.

Already today, the services of the crypto bank are available for citizens of Europe, the United States, and Asia, as well as for regions under sanctions.

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