Uniswap Through Cryptoenter Comes to the Banking Sector
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The notion of decentralized finance (DeFi) is growing stronger by the day.
This became particularly apparent throughout 2020, where the market grew upwards of 2,600%, according to data from DeFi Pulse.
Digitization is undoubtedly a megatrend that spreads across various industries, and finance, with banking, in particular, is not an exception. However, there are intricacies that need to be accounted for when it comes to digital banking as it requires highly personalized transactions. It goes without saying that when it comes to customer experience, banks have a lot to learn from the growing DeFi field.
To name but just a few of the currently existing shortcomings:
- Cross-border transfers go through middlemen and remain rather expensive
- The inability for customers to interact directly with each other
- Users are unable to convert fiat to cryptocurrency and vice-versa through banks
- Tedious and slow process of development, approval, and introduction of new services
Within the rapidly improving DeFi field, all of these hurdles have already been resolved. And this is where Cryptoenter comes into the picture with the intention to bridge the gap and provide turn-key DeFi solutions for banks.
What is Cryptoenter?
Despite being currently in beta, Cryptoenter is operational and claims to have more than 15,000 registered users from the entire world.
Cryptoenter brings forward a blockchain-based infrastructure for digital banking that incorporates a decentralized financial marketplace created on top. As such, it’s aimed at catering to various user-groups, which include but are not limited to businesses, retail investors, financial regulators, as well as different financial service providers. In a sense, what the company offers is a decentralized alternative to both SWIFT and SEPA on the B2B side. On the retail side, however, it aspires to customers of some of the largest money processors such as VISA, Amex, and even electronic payment processors such as Skrill and Paypal.
The platform claims to provide a multitude of benefits, the majority of which derive from the nature of DeFi, coupled with the high standards that Cryptoenter employs. Thes include but are not limited to:
- Peer-to-peer (P2P) lending in both crypto and fiat
- Wallet for both crypto and fiat
- Fiat-crypto and crypto-fiat gateways
- Real-time exchange of value
- Ability to issue new cryptocurrencies and stablecoins
- Interbank payments
- Chep and instant cross-border transfers where the remittance fees are supposedly below $1
There are also plenty of interesting use cases for the platform for both retail and business-oriented clients.
Retail clients can enjoy P2P loans, a quick marketplace, real-time payments, multicurrency wallet, as well as a source of crowdfunding or crowd-investing. On the other hand, B2B clients can take advantage of the issuance of bonus cards and stablecoins, as well as payment processing and acceptance, among many other features.
Solid Partnerships Worth Consideration
The partnership list of Cryptoenter also needs consideration as it’s rather impressive. The company is an IBM Silver Partner under the IBM Startup Program. As such, the team has been granted $120,000 to implement the project and to use IBM Cloud Services.
It’s also worth noting that the project is a General Member of Hyperledger, and it’s powered by it. In essence, the basis of the platform is the Rubicon Blockchain, which is a cloud platform for the blockchain economy, which is built on Hyperledger Fabric.
Cryptoenter boasts a dual security system – at the Hyperledger blockchain network level, as well as at the Rubicon Blockchain network layer. Moreover, transport layer security (TLS) protocol based on SSL is also included. This high level of security allows the project to authenticate the person who actually signed the message while also controlling the integrity of the message and protect it from fakes.
Going forward, the team now says that it’s completing integration into IBM’s marketplace while also planning a partnership with the sixth-largest bank in Russia.
Market Expansion Offering Underway
Being the latest means of attracting investments for cryptocurrency startups, Cryptoenter’s Market Expansion Offering is underway, soon to be launched on 1inch Exchange.
There are a few major advantages of market expansion offerings compared to other means of attracting investments, such as product readiness, regular and comprehensive community reporting, and so forth.
In essence, companies are obligated to make a list of reliability of the participating projects and provide a refund to the investors if those rules and requirements are somewhat violated.
Conclusion
Boasting worthwhile partnerships and providing genuinely interesting technology, Cryptoenter aims to bridge the gap between traditional banking and the booming DeFi space.
With appealing features for both retail and business clients, the potential target group of the company appears particularly broad.
