8 Steps to Successfully Start a Cryptocurrency Bank

Crypto banks are becoming a reality as investors/regulators begin to work closer with blockchain firms; big things are in store when the fiat & crypto economies collide.

If you are also planning to launch your own crypto bank, then don’t just do pilots that automate old processes, rather, develop major reengineering efforts across all processes and ask the necessary question: what could Crypto-Tech do if we reinvented it?

Here is a list of potential actions on how to start a cryptocurrency bank:

1. Hire or promote a leader

Hire or promote a real leader from within the organization, and give them the title of “Blockchain Tech”. That person should have top-notch experience in banking operations and know about reengineering business processes via blockchain technology implementations. Tough to find that person? Connect with the best cryptocurrency banking platform development company to hire one. Let him be your spokesperson in the marketplace, not an analyst in your research department or someone in charge of innovation.

That person will be responsible for removing hurdles within your crypto baking organization, education, best practices, and project while managing various implementations. However, this job is a tedious one, but it involves finding and obliterating old processes, instead of blindly automating what you are currently doing.

2. Mine cryptocurrency

How about getting your feet into some mining action? Buy a few extra computers and mine bitcoin or other cryptocurrencies so you can learn what it’s like to be in the cryptocurrency waters.

3. Train staff

Send the top 10% of your organization’s staff to courses on cryptocurrency platforms, tools, and technology. Let them learn the crypto blockchain and its various overlay technologies such as smart contract development, crypto exchange or wallet development, coin/token development, and more.

4. Don’t Just Watch Others

Don’t just watch others; invest in developing your own blockchain startup. Operating like a technology startup is completely different as compared to operating inside a bank. Yes it is about culture, and a banking platform doesn’t have a startup culture, nor does the word innovation mean the same thing for it. A nimble startup is hungry and ambitious than an overhead-laden bank.

5. Buy a cryptocurrency exchange platform

The merging of the crypto trading platform with the banking ecosystem is inevitable. The reason behind this is most of the crypto exchanges have already developed the basic technology, but the biggest issue has been how new users fund and connect their wallets with their banking account. If you merge online banking with cryptocurrency trading, you automatically eliminate this risk for onboarding new users.

6. Re-invent trading and capital markets

Remove the delays and third party involvement. Delays mean more costs. Real-time levels off inefficiencies. Eliminate the steps that are not necessary during the settlement and clearing stages.

7. Offer remittance services

Offer free (or cheap) cross-border remittances services. Remove wire transfer fees. That’s a tough one, and I’m sure you’re not going to do it. But if you used the cryptocurrency payment method instead of SWIFT, your transfer costs can decrease by orders of magnitude.

8. Create a cryptocurrency task force

Create an internal cryptocurrency task force with members from each functional group, and let them have weekly meetings to share learnings, projects, initiatives, and more.

To Sum Up

If you feel like you do not have the required technical expertise to build crypto-friendly banks for business then you can always seek expert guidance.

Antier Solutions is a leading digital asset banking platform development company that has the knowledge, experience, and expertise to build a crypto banking platform.

We can help you launch a digital asset banking platform in just 3 weeks. On the contrary, our blockchain developers can build custom crypto banks for you, from ground zero, as per your business needs.

Schedule a free demo of our white label crypto banking development software or connect with our subject matter experts to share your business needs.