As we all know, in today’s world of digitalization, the international economy is inevitably shifting towards a digital ecosystem. Everything from investments to money transfers will be paperless in the future. The newest innovation in this field is a cryptocurrency; we can say it is the most promising thing in the online banking sector.
Crypto banking platforms are the new digital banking ecosystem, offering you a wide range of benefits. Therefore, crypto banking platform development is becoming more and more popular in this tech era. Investors have also started taking a deep interest in finding build crypto-friendly banking solutions.
There is nothing new in the cryptocurrency system, and it is just the medium of exchange like our regular paper currencies, and the only difference is that the exchange will be done digitally.
While speaking about cryptocurrencies, Bitcoin is the first name that comes to mind. Unlike real cash, cryptocurrency or digital money can not be held in physical form. It is stored in a decentralized ledger system known as a blockchain, and it is not under the control of any bank or central authority.
Unlike traditional banks that are under the control of the government, and run in accordance with country-specific rules and regulations. It means that the crypto banks are not under anyone’s control. The firms and exchange companies offering the services of maintaining digital currency are not real banks.
There are crypto exchanges (also known as crypto banks) that allow ordinary people to hold their funds in a digital wallet or provide them with the features to spend like traditional money.
If crypto banking platform development is on your mind, you must consider these essential factors before starting the development cycle:
1. You Can Hire a Professional Blockchain Developer:
Hire a professional, fully skilled blockchain developer to build crypto-friendly banking solutions to fulfill your specific needs and requirements. Hiring a professional having complete knowledge of banking operations will be beneficial. The developer should be capable of reengineering business processes by implementing blockchain technology.
2. Create A Crypto Exchange Platform With Banking Solution
Designing a crypto-friendly banking solution with a crypto exchange platform will become necessary in the future when market consolidation occurs. Currently, most crypto trading platforms have developed banking features. The developer may seek references from such crypto banking platforms while creating a new one.
3. Ensure Trading And Capital Market Functions In The Crypto Banking platform:
Minimum delay in transactions, no third-party involvement, and low-cost transactions are the basic features of any crypto bank. Furthermore, as the developer starts with the crypto banking platform development process, the focus should be on making the settlement and clearing stage as simple and fast as possible. Your banking solution must have a scope for investment functionalities for trading in the capital markets since it may attract international investors looking to invest beyond borders.
4. Your Platform Should Offer Remittance Services:
Want to build crypto-friendly banking solutions for common people? Please offer entirely free or cheap cross-border remittance services. Try to remove the wire transfer fees. Although It will be very challenging for you, it will give you a dominant lead against the competition.
5. Define Rules and Regulations
People have started gaining more interest in blockchain technology and don’t hesitate in putting their cryptocurrencies in a new technology-based crypto banking ecosystem. As a bank owner, you must define certain rules and regulations on which the entire banking procedure is going to work. Such rules will include basic factors such as rate of exchange, interest rate, transaction fees, risks involved with crypto assets, and accounting implications.
6. Addressing Security Concerns
Crypto banking institutions have to stay alert about the security risks. Since a blockchain network is audit-free and allows anonymity, any accidental transfer of funds cannot be reverted. Moreover, it is necessary to create a secure technical infrastructure while proceeding with crypto banking platform development.
Ready to build crypto-friendly banking solutions? Let’s discuss its benefits:
1. Crypto Banking Is Fraud Proof:
Cryptocurrency and crypto bankings are the only currency and banking systems you can say are completely fraud-proof. In crypto banking, all transactions are stored in a public ledger, and the owners’ identities are entirely encrypted, ensuring complete safety. It is not in the control of any government or bank, so no single person or business entity can control it fully. The feature of decentralization makes the crypto banking platform trustworthy.
2. Identity Theft
A digital ledger maintains the records of all the transactions done within the blockchain network and ensures the accuracy of balances of all crypto wallet carriers. Blockchain technology also promises a secure online transaction with the help of smart contracts and end-to-end encryption, which make the unhackable entity.
3. Instant Settlement
Quick and easy transactions are the main reasons behind the rising demand for cryptocurrencies. Crypto banks are based on blockchain technology that provides them with secure and easy transactions. You need a smart device with active internet connectivity, for making banking activities without moving out of your comfort zone.
4. You Are The Owner:
Besides cryptocurrency, there is no other electronic cash system where you own your account.
In simple words, crypto banks create a system of payment that doesn’t depend upon conventional banks for basic banking operations. The real potential of a crypto bank lies in the safety mechanism and low cost of transactions. The growing popularity of cryptocurrencies gives new entrants or entrepreneurs many opportunities to create a crypto banking platform.
Antier Solutions, the most reputed blockchain development company can help make your crypto bank. We have a team of blockchain experts who can handle the complexities of crypto banking platform development and help the investors to benefit from a newly created crypto banking platform.
If you too have decided to build crypto-friendly banking solutions, partner with us. We provide a white label banking solution and specialize in customized banking platform development.
Schedule a free demo of our white label solution or connect with our subject matter experts to share your business needs.