During the last couple of years, banks and other financial institutions throughout the world have begun investing in blockchain technology, granted that it provides numerous advantages over traditional payment solutions. Regardless, there is no bank fully based on the technology so far, and Global Crypto Bank hopes to change this.
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To put things better into perspective, Global Crypto Bank was recently founded under the jurisdiction of Switzerland, and is based on numerous innovative technologies, including blockchain, in order to help solve problems that people involved in the crypto-financial world are dealing with.
Problems Global Crypto Bank wishes to solve:
1. Helping over 5 billion unbanked people
At this moment in time, studies showcase that approximately 5 billion people are currently cut off from the world’s global financial system, due to a lack of banks in their jurisdiction, abusive clauses and/or general lack of interest. As the Internet is a tool that over 3.5 billion people have access to, Global Bank hopes to provide the unbanked with an innovative solution that will give them access to remote payments, currency exchange, money transfers and the ability to better handle their digital currencies.
2. Banking services are often expensive
While the digital currency market has rapidly evolved, crypto-investors still have trouble when it comes down to exchanging cryptocurrencies into traditional currencies (fiat), because of the high exchange fees currently charged. Global Bank has created their very own payment system, based on a bank card that will be accepted at all ATMs and POS terminals that work with either VISA or MasterCard. Therefore, apart from getting access to much lower commissions, users will also be able to enjoy increased liquidity of their crypto assets.
Currently, the services that the platform wishes to provide include safekeeping digital currencies and fiat on decentralized accounts, transfers and payments via fiat and crypto, integration of services provided by third-parties, the issuing of plastic debit cards, acquiring for commercial firms, cash withdrawal at ATMs, fiat-crypto and vice-versa monetary exchange, free payments between users, accrual of bonuses directly on account balance, mobile-based settlements, and last but not least, P2P loans.
Additionally, as part of an effort needed to be closer to its users, the bank will also open offices in a few economic areas, including the United States, China, South Africa, South Korea and Japan.