The relationship between technological advances and traditional finance has always been somewhat fragile at best.
The financial industry has long been known for its reluctance to incorporate new technology into its practices, which has resulted in many aspects of how the industry goes about its business becoming dated.
Of late, we’ve seen some of the bigger names in the financial world begin to dip their collective toes into certain technological waters.
Primarily blockchain technology.
Long known for its link with cryptocurrency, and bitcoin in particular, blockchain has faced a bit of an uphill struggle to shake off the somewhat volatile reputation that cryptocurrency has gained over the past year or two.
Times are changing though, for the better.
Blockchain Is More Than Just Bitcoin
More people are learning to separate the technology from the application, and they recognize the benefits that blockchain technology can bring to their business.
Most recently we’ve seen an announcement from Ping An Bank, which is a subsidiary of China’s Ping An Insurance Group to launch what they call a boutique bank using blockchain technology.
Ping An Insurance Group is one of the leading financial and insurance companies on the planet, and Ping An Bank disclosed a US$2.94 billion profit for the year thus far in September.
It seems clear that the Shenzhen-based bank is a significant player in the space, and its introduction of a blockchain-based, non-full service investment bank is a positive step for blockchain technology in the financial field.
According to People’s Daily, which is the Chinese state-run press service, the new boutique bank will rely on Ping An Group’s experience and financial capabilities to provide integrated financial services to qualifying enterprises via Ping An Bank’s supply chain receivables service platform, which goes by the title “SAS.”
The blockchain integration comes at a time when Ping An Bank is looking to incorporate a series of business changes which include artificial intelligence, cloud computing, and big data.
Is It Time to Embrace Blockchain Fully?
This move towards blockchain banking by one of China’s most prominent financial establishments is a terrific step, but like so many others, is this a case of a financial institution toying with the idea of blockchain technology rather than embracing it fully?
We’ve already seen Dominica-based EQIBank announce that it will be opening client accounts next month (December), and lay claim to being the world’s first fully licensed and regulated offshore bank offering national currency and crypto services under one umbrella.
Talk of a new generation of banks will be nothing new to those who have been involved in the financial industry for any period of time.
Talk is usually all that it is, but EQIBank CEO Jason Blick sees things differently –
“There is a lot of market speculation about the delivery of a new generation of a bank – one that can bridge the worlds of crypto and national currencies.
“However EQIBank is the only licensed, regulated bank that is operational and ready to receive applications for accounts.”
Perhaps the most striking fact that sets EQIBank apart from many other startups who make similar bold claims is the fact that Blick and EQIBank have already secured a banking license.
“Securing a banking license is a rare occurrence; regulators receive hundreds of applications every year, but between 2010 and 2015 only three new banks opened in the US.
“This is why we are so proud to have been granted a full banking license and look forward to bringing progressive banking services across the globe.”
Ripple Also Leading the Way
Perhaps one of the more notable names when it comes to the blockchain banking discussion is Ripple, who have managed to land themselves deals with the likes of Santander, PNC, and Malaysia’s CMB group.
The xCurrent blockchain technology from Ripple is proving popular with banks who wish to adopt technology that can offer faster and more manageable payments systems, but again, this is a case of integration rather than revolution.
To a certain extent, it’s the equivalent of applying a sticking plaster to a wound that needs proper medical attention, and Blick believes that the banking sector itself is what needs overhauling, not just the payments system.
“Banking is broken. We hear this consistently throughout the market – whether we’re talking to high net worth individuals or financial institutions.
“People want to invest in new, emerging asset classes, but they can’t because the industry simply hasn’t evolved to make it possible. The process is too complex, too expensive and too insecure. We launched EQIBank to solve these problems, redefining the boundaries of banking.”
Redefining the boundaries of banking sounds like a real mountain to climb, but all indications are that Blick and EQIBank are up to the task.
Regardless, one thing that most of us can agree on is that blockchain technology is seeping into the mainstream financial sphere in various forms, and that can only be a good thing.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
FOTON Bank Is Launching An All-in-One Crypto Banking Service to Process up to 500 Transactions per Second
The decentralized FOTON project is launching its next-generation crypto-bank ecosystem to stimulate and facilitate the use of cryptocurrency payments worldwide, as stated in the official press release published by the company.
The statement issued by the FOTON project on December 3, referred to the launch of a decentralized crypto-bank designed for multi-currency transactions featuring a built-in fiat and cryptocurrency exchange system and instant contactless payments for goods and services worldwide. The system is intended to become a stable and flexible ecosystem that will enhance scalability for services related to financial assets, exchange solutions, cards, accounting, and business/customer services.
The technology being employed in the design of the ecosystem was specifically created to tackle some of the most critical issues facing the modern banking system, as well as the widespread adoption and application of cryptocurrencies in routine business transactions. The issues the FOTON project’s ecosystem seeks to solve include overregulation, bureaucracy, centralization, system faults, volatility, legal constraints and complications related to practical use.
“We are creating the ecosystem that will prove to be the impetus and basis the crypto market needs to make the effective transition to becoming the next global banking system,” as stated by Andrey Pashkevich, CEO and Co-founder of FOTON.
“The time to buy is when there’s blood on the streets” – Baron Rothschild
You have probably heard these stories, but let me explain why they are as important today as they were 100 years ago when first spoken. Not only that, it is just as relevant today. A bit of a background first.
Napoleon was at war with England. The Battle of Waterloo, it was England’s last chance to save itself, and remain as England. Baron Rothschild was standing at his post in the London stock exchange. If England wins, the market will rally, if Napoleon wins, it will go to shit. Baron Rothschild sends his private messenger to Waterloo and demands that he return to him and report who won the war.
His messenger does so and makes it in time before the public knows anything. England had won the Battle of Waterloo. At his stand on the exchange, what does Barron do? You would think buy up stocks right? Nope, Baron starts to sell, at first slowly, and then faster. The other brokers on the floor watch what Rothschild is doing and think “Baron knows something, we lost, start selling”. Now, the brokers on the exchange begin selling in a frenzy. In the midst of all this, Baron begins placing buy orders at the bottom of the market through other brokers who do not know…
Crypto Users’ Search For a Good Bitcoin Blender Stops With Bestmixer.IO
At first glance, it might seem easy to find a good bitcoin blender that guarantees your anonymity and is secure. There are after all a number of big bitcoin mixers on the market, so how different can their services really be?
If that’s what you’re thinking, beware. All bitcoin blenders claim to have anonymous transactions – that is after all the main reason why anyone would want to use these services. This claim was however always difficult to test. How does one go about to check if these promises are indeed true?
This was the case until BestMixer.io appeared on the scene. Unlike previous bitcoin anonymization services, BestMixer.io features complete, verifiable anonymization for bitcoin. Releasing a utility named the Coin Anonymization Event (CAE) check, BestMixer.io not only proved that their bitcoin transactions could not be traced, but also showed that those of their competition could be. With this bold move, BestMixer.io not only demonstrated that they are a good bitcoin blender, but one could argue that they are the best. Even though those services that were exposed as not being anonymous have in the meantime changed their systems to prevent the CAE-check from revealing transaction detail, would you really be happy to trust them again?
BestMixer.io mixes not only Bitcoin, but also other leading cryptocurrencies including Bitcoin cash, Ethereum, Litecoin and Bitcoin SV.
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