Conventional banks, due to numerous reasons including government pressure, have been slow to adapt to the new realities of digital assets like Bitcoin and other cryptocurrencies. Nowadays, people are looking for a banking platform that provides high security while eliminating fraud, lowers operational risks, and reduces administrative costs. If you are a financial or non-financial institution planning to provide your users with crypto friendly banking solutions, now is the time to act upon it.
Why Crypto-Friendly Banks Are the Future?
The lack of confidence in the banks is mainly due to the financial crisis of 2008, in addition to banking scams across the world and bungling by the top executives. The inherent qualities of a crypto-friendly bank ensure that its participants are unlikely to become a victim of financial crisis or scams and lose their digital-assets due to transparent transactions and mismanagement by the top executives.
How You Can Create Your Own Crypto Bank?
- Hire a Professional Blockchain Developer
Hiring a skilled team of blockchain developers from a reliable blockchain development company is an ideal option to create your own crypto bank. The team must have rich experience in banking operations and understand reengineering business processes via blockchain technology implementations.
- Buy a Cryptocurrency Exchange Platform
The combination of the crypto trading platform with the banking platform is unavoidable. The reason for this is most of the crypto trading platforms have already developed the basic technology, but the main issue has been- how new users fund and connect their wallets with their banking account. If you merge an online banking solution with cryptocurrency trading, you automatically mitigate this risk for onboarding new users.
- Re-invent trading and capital markets
Remove the delays and third-party involvement. Delays mean more costs. Avoid the steps that are not essential during the settlement and clearing stages.
- Offer remittance services
Offer free (or cheap) cross-border remittances services. Remove wire transfer fees. This is the toughest part and it is quite difficult to do it. But if you will use the cryptocurrency payment method instead of SWIFT, your transfer costs can reduce significantly.
- Create a cryptocurrency task force
Create an internal cryptocurrency task force and add members from each functional group, and let them have weekly meetings to share their learnings, projects, initiatives, and more.
To Sum Up
If you are not a technically savvy person then you can seek expert guidance of a reputable blockchain development company to create your own crypto bank.
Antier Solutions is a leading digital asset banking software development company that has the knowledge, experience, and expertise to build a robust and user-friendly crypto banking platform.
We provide a white label crypto-friendly banking solution packed with all essential banking features – such as user onboarding, lending and borrowing, credit and debit cards, and more. On the contrary, we can build custom crypto banks for you, from scratch, as per your business needs.
Schedule a free demo of our white label crypto friendly banking solutions or connect with our subject matter experts to share your business needs to create your own crypto bank from the ground up.
Frequently Asked Questions
01. Why are conventional banks slow to adapt to digital assets like cryptocurrencies?
Conventional banks have been slow to adapt due to government pressure, a lack of confidence stemming from past financial crises, and issues related to banking scams and mismanagement.
02. What are the benefits of using a crypto-friendly bank?
Crypto-friendly banks offer high security, transparent transactions, and reduced risks of fraud and financial crises, making them a safer option for managing digital assets.
03. What steps should I take to create my own crypto bank?
To create your own crypto bank, hire a professional blockchain developer, integrate a cryptocurrency exchange platform, streamline trading and capital markets, offer affordable remittance services, and establish a dedicated cryptocurrency task force.
