MyCryptoBank is an online bank that offers a suite of banking services with emphasis on digital currencies. The project allows users to transact banking operations on a platform that is fully compatible with cryptocurrencies thereby allowing them to have access to services such as payment processing, debit cards, cheap investment products and the ability to use digital currencies as security for loans.
Based on blockchain technology, the project would enable the use of smart contracts in transactions and business. It would operate without a physical segmentation and offices such as seen with traditional banks.
It takes advantage of the versatility of traditional currencies and the speed of transaction and low cost associated with digital currencies to give users an edge by rendering a service that leverages the benefit of the merits of fiat and cryptocurrencies.
MyCryptoBank will be the first platform that offers banking services that is customized for the crypto community. This will allow the clients to make transactions in fiat or digital currencies as well as enable them to change from traditional currencies to cryptocurrencies and vice versa.
The project would enable users to make deposits, withdrawals and also access loans using cryptocurrencies as security. The banking services make it easier for holders of digital currencies to spend them at PoS terminals and ATM. The concept would also enhance wider adoption of digital currencies as the company plans deployment of crypto automated teller machines (ATMs).
MyCryptoBank Products and Services
- Online Banking, Money Transfers and Exchanges
- Loans and P2P Lending
- Virtual Cards, Debit and ATM infrastructure
- Forex Trading and Interest Deposits
- Merchant Support and Consultation Services
The crypto industry is beleaguered with challenges associated with legitimacy despite the fact that the blockchain technology is acknowledged to be a very useful one. This stems from the notion that cryptocurrencies are usually associated with crimes such as money laundering and finance of terrorism due to the underlying ability that makes users pseudo anonymous or even completely anonymous.
This has led to clear belligerence towards cryptocurrency exchanges by regulators, especially central banks which has resulted in restrictions on these exchanges as exemplified by the activities of the Reserve Bank of India, the Reserve Bank of Zimbabwe and the Pakistani central bank.
This has placed limitations on crypto transactions through the limits placed on the ability of digital currency holders to make banking transaction in fiat such as USD, EUR, etc.
Due to the challenges crypto industry faces, MyCryptoBank has a suite of solutions that adequately meets these problems. The project intends to deploy crypto-denominated ATM that would enable holders of digital currencies to withdraw their funds directly in fiat thereby eliminating the barriers imposed by limited support traditional banks have for digital currencies. This infrastructure will be supported by virtual cards, debit cards and multi-digital cards
It offers online and mobile banking giving clients the versatility and convenience derivable from such services. Clients will be able to exchange their crypto for fiat as the platform will work as an exchange. Other services available are money transfer, peer-to-peer loans, bank deposits, financial consultation and crypto portfolio acquisition.
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Article written by @justiceforall
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