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Of all the Web2 applications, services and products being reimagined in a decentralized, Web3-ready way, perhaps banking (and e-banking) is one that makes the most sense. Given that a core tool of Web3 is cryptocurrencies, looking at how we can redefine the way we pay, get paid, invest, and handle our assets in general, just makes a whole lot of sense.
So far, I've personally tried Ethermail (the Web3 answer to email), SendingMe (a messenger/Telegram tool alternative), and Appics (a social media platform rewarding creators with tokens).
But what about banking and e-banking? How might that look in a Web3 world?
One company is already making moves and has an offering!
Fiat24 is the only licensed fintech bank that has fully abandoned servers, and instead uses public blockchain to book client ledgers. Specifically, they use Layer 2 rollup solution Arbitrum to run their core banking system. Before diving into what they do, let's consider the current infrastructure.
Wallets for Storing, Exchanges for Off-ramping
At the moment, non-custodial wallets are built for buying, selling and holding your tokens, but they don't offer an easy way to cash out. If I want to move my assets from MetaMask into real-world, fiat money, the process is multistep and can become costly with each of those steps.
Meanwhile, exchanges force users to convert crypto to cash, charging fees depending on your preferred cash out method. This is in addition to other fees you may have incurred while converting your crypto to fiat, making the process rather clunky and not very user-friendly.
So, what about using your wallet as the tool to spend your crypto directly, without needing to move onto third party apps?
The Fiat24 Solution
Consider these two scenarios:
Current Issues in the Crypto Payments Landscape
I am sure you are all familiar by now with other crypto cards, such as crypto.com, Coinbase and Binance cards. These are all built on Web2 structures, and to access the cards, you need to be logged into a CEX platform first.
On the other hand, the Fiat24 card is built on Web3 infrastructure, with the Fiat24 NFT being your account. Whatever wallet you choose to put the NFT in is the wallet which becomes your e-banking tool. All transactions are booked on Arbitrum and only the owner of the NFT has access to the related account and is able to make transactions.
Worth checking out, as well as to read the full article on the company on Coin Telegraph!
Stay connected
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This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Abhinav Paliwal CEO at PayNet Systems- A Neo Banking Software Platform
12 August
Raktim Singh Senior Industry Principal at Infosys
09 August
Alex Kreger Founder & CEO at UXDA
Steve Morgan Banking Industry Market Lead at Pegasystems
08 August
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