Despite the fact that crypto-powered banking hasn’t yet become a reality, there are a number of ways in which you can take advantage of this emerging technology. Here are four tips for maximizing your investment in this exciting new industry.
Paxos
Earlier this week, payment giant Mastercard announced its new Crypto Source program, which will allow traditional finance customers to participate in crypto-trading. The program will use technology to integrate crypto capabilities into banks’ interfaces. This could help millions of users tap digital assets. In addition, Mastercard will provide additional security and regulatory compliance.
Mastercard has partnered with Paxos, a crypto bank, to help banks and financial institutions offer crypto trading services to their customers. The partnership is part of a growing trend in which crypto-trading services are being offered to large institutions.
Paxos provides an API-based solution to offer a seamless buy, sell, and trade experience for consumers. This solution also gives companies an easy way to integrate their own cryptocurrency capabilities into their products and services.
Jibrel
Originally conceived as a better way for migrant workers to send money home, Jibrel Network has evolved into a full-fledged decentralised banking platform. The network was designed to tokenize debt instruments and derivatives, enabling greater liquidity in finance. It aims to build an open financial system, improve liquidity, and increase investor transparency.
Jibrel’s mission is to provide participants with the tools to tokenize traditional assets, which are then anchored to the Ethereum block chain. Users can then invest in traditional asset-backed tokens and use crypto-hedging to reduce risk. In addition, Crypto Depository Receipts (CryDR) can be used to pay for global payments, trade financial assets, and provide automated financial instruments.
BVNK
BVNK is a crypto payments fintech that promises to reshape the core banking systems. Their product is a crypto-powered bank account that allows users to hold hundreds of different currencies. They also offer payment services for crypto-native businesses. They have closed a $40 million Series A funding round, led by Tiger Global. They have also announced plans to build a private exchange for securities listed on the Nasdaq, in partnership with Stellar.
The company also claims to be the first of its kind to offer a fiat to crypto on-ramp. Their service will be available in the near future, in partnership with major financial institutions such as Bank of America and Citi.
AvantCredit
Founded in 2012, Avant has quickly established itself as one of the premier financial technology companies. Using AI, analytics and a robust data infrastructure, Avant delivers innovative solutions to enable customers to achieve their financial goals. This includes providing a wide variety of credit cards, auto refinancing and a full suite of digital banking services.
Currently, Avant has over 1.5 million credit card users and will exceed that milestone in 2020. The company also provides personal loans and early access to paychecks. Its credit cards are unsecured and do not require security deposits.
The company also has a solid grasp on the mobile banking space. Its app is designed by a team of talented product designers who will continue to develop and enhance its platform.
Juno
Founded in 2019, Juno is a fintech company building a crypto-powered banking platform. The company is based in Pilani, India, near the coastal state of Goa. Juno aims to become a leading port of call for decentralised finance. It has already raised $18 million in a Series A funding round, which includes investors such as Antler Global, Greycroft, and Jump Crypto.
Juno offers checking accounts that are FDIC insured up to $250,000. They enable investors to invest in crypto and earn interest. They also allow customers to spend their crypto holdings. They can also store their crypto holdings in an external wallet.
Juno’s Direct Deposit feature allows users to split their paychecks in crypto. The company is also building a tokenized loyalty program.