Project From IBM Partner Cryptoenter: Boosting Banking With Blockchain Technology
We are currently in the age of DeFi with blockchain technology driving innovation at a rapid pace. These new developments are limited to certain sectors and accessible by a portion of the population due to its exclusive nature. However, the true potential of DeFi lies in its capability of providing financial services to all in a more efficient and economical fashion, which is a need of the hour to eliminate the prevalent “unbankedness”.
The current banking system has been unable to serve the entire global population, as it was meant to do, mainly due to various factors including geographical, economical and political barriers. Even where it is accessible, many find the services to be slow and expensive. A popular blockchain project, Cryptoenter is working towards addressing these issues by creating a system that can work seamlessly with existing banking infrastructure.
Creation of Smart Block Laboratory, Cryptoenter provides blockchain infrastructure for digital banking. It uses a blend of technologies including its own Rubicon blockchain, IoT, BigData and cloud computing to provide interbank payment service along with a decentralized marketplace for all stakeholders and a social network for investors. As an ecosystem, Cryptoenter can work not only with the existing banking channels but also establish peer-to-peer connections for financial transactions. The effectiveness of Cryptoenter’s solution is recognized by leading technology giants and communities including IBM, Linux Foundation and Hyperledger.
By joining forces with Cryptoenter, banks will be able to access new financial instruments without relinquishing control over liquidity, which means that they will be able to provide features that were earlier limited only to cryptocurrencies, in a fiat setting. The Cryptoenter payment service works flawlessly with interbank settlement mechanisms like SEPA, SWIFT; retail payment channels like VISA, MasterCard and Amex; electronic payment systems like PayPal, Amazon Pay, etc.; and, mobile phone-based money transfer solutions like M-Pesa, to create a holistic transaction ecosystem.
In Cryptoenter’s own words, the project offers decentralized finance with banking-level of reliability. Notable features of its ecosystem include:
– Support for direct interaction between users within the same as well as different banks
– Instant cross border transfer of value including crypto and fiat currencies
– Instant exchange of any valuables
– Multi-currency accounts as well as unified single cryptocurrency wallet
– P2P lending between users
– Issuing NFT tokens
– Blockchain-based investor social network
– Global crowdfunding platform
– Virtual digital bank
– Marketplace for selling digital assets across the world
Open for adoption by financial institutions of all sizes, the Cryptoenter solution can be accessed from IBM Marketplace for integration with the banking systems. Upon integration, banks become part of the validator network to benefit from all the benefits that blockchain technology has to offer.
The functionalities of Cryptoenter can be accessed using the platform’s native LION tokens, which is used to pay for services. In order to expand its offering, Cryptoenter is running Market Expansion Offering where individuals can purchase LION tokens. While LION itself is not an investment instrument, those acquiring the tokens can benefit from the rising demand for LION as the usage of Cryptoenter continues to grow exponentially. With rising demand, LION’s value is also on an upward trajectory, ultimately benefiting the token holders.
Meanwhile, as more people purchase LION, the company gains access to liquidity which is used to expand presence in different geographies and acquire necessary licenses to provide financial services. Based on the current pace of growth, Cryptoenter is expected to add more banks to its network and bring DeFi-powered financial services to the masses at a fraction of cost. It also creates a unique advantage for early adopters to become part of the community and benefit from it.