The advent of blockchain and cryptocurrency has seen several industries disrupted like never before, including finance.
Notoriously resistant to change on any real scale, finance has always been seen as a tough industry to bring new ideas into, but blockchain has changed the game in many respects.
Today we’re seeing an influx of agile digital challengers to the established names that have dominated banking for so long.
Recently a report was published by consultancy company A.T. Kearney that claims “Not all banks will survive the tide of change as customers increasingly favor digital banks and innovative products and services.
“Branch closures are a short-term fix to steady the books, but it is not enough – traditional institutions need to consider strategic transformation to improve cost and top line and also offer more innovative products and services.”
In short, the world of banking is changing, and the following three startups are among the best crypto-friendly banking options for 2019.
Offering customers a VISA card available in three different currencies, Wirex has quickly established itself as one of the most recognized names in crypto finance.
Billed as “crypto and traditional currency accounts that put the power in your hands,” Wirex allows customers to take charge of their entire banking needs from one simple to use platform.
You can fund your account using a credit/debit card, bank transfer, or cryptocurrency, with ability to track payments.
One of Wirex’ unique selling points is the opportunity to earn ‘cryptoback’ by claiming 0.5 percent back in BTC every time you use your Wirex Visa card.
Offering both a virtual and physical bank card, ATRONOCOM provides customers with almost 40 million contact points all over the world where the card can be used.
With five currencies available, and the ability to both buy and sell crypto, with day trading and margin trading in the pipeline, ATRONOCOM really is providing users with a ‘one stop shop’ when it comes to their financial requirements.
The wildcard of sorts for those who opt for ATRONOCOM is the addition of a high-security communication messenger, that comes with connected wallet function. In the wake of the controversy surrounding the security levels of messaging services such as WhatsApp, this function is a welcome addition.
Offering users the opportunity to safely and efficiently buy cryptocurrencies at the touch of a button, Revolut is something of a pioneer when it comes to keeping things simple.
With five of the leading cryptocurrencies on offer, you can convert your fiat currency to Bitcoin, Litecoin, Ethereum, Bitcoin Cash, or XRP and receive rates and alerts in real time.
Customers can set up a bank account directly from their phone in a fraction of the time it would take to do so in-branch and can transfer money all over the world with the click of a button.
The report mentioned above suggests that we will see some pretty significant changes in how we carry out our banking within the next five years.
If those changes are anything like we’ve experienced to this point, we’re in for an exciting ride.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or 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.
Elon Musk Advises Crypto Users To Secure Their Crypto Keys Properly
The crypto community has not gotten over the fact that the world’s richest man has now invested in Bitcoin and has been pretty active in the industry.
However, the community is now receiving security tips for storing cryptocurrencies from Tesla’s chief executive officer. While pointing the security of cryptocurrencies, Tesla also criticized Freewallet app, a crypto wallet for its slack in security.
He also added that crypto investors should not bother doing business with wallets that don’t provide them with private keys.
Users should store their private keys
The unique way cryptocurrencies are stored makes them not redeemable when the keys are lost. Whether the holder stores them with third-party custodians or exchanges, the owner can only claim them when they provide keys to the crypto funds.
That makes securing the keys the most important thing when dealing with cryptocurrencies. As a result, selecting the safest hot or cold wallet is a priority if users want to keep their crypto investments safe.
Elon Musk has come out to advise investors to always store their private keys personally. For a company to receive the attention of the world’s richest man is something to take advantage of to grow. However, FreewalletApp’s short conversation with Musk is a sort of negative publicity to them.
After the company engaged with Musk about a Dogecoin-related post, the Tesla founder pointed out faults with the firm.
He advised digital asset investors to stay…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
Partnership Between Bridge Mutual & AllianceBlock Announced
Decentralized peer-to-peer discretionary digital asset coverage platform Bridge Mutual has announced a partnership with AllianceBlock. AllianceBlock is a decentralized, blockchain-agnostic layer 2 protocol bridging decentralized finance with traditional finance. The partnership will allow AllianceBlock and Bridge Mutual to provide traditional investors with a protected bridge to DeFi through decentralized coverage.
“Discretionary coverage is a very important part of our ecosystem, so we are excited to partner with Bridge Mutual and leverage each other’s technologies,” says Rachid Ajaja, CEO of AllianceBlock. “We look forward to building an ecosystem where all participants have access to the best products while mitigating the ever-present risk of smart contract failure, hacks, and the resultant loss of collateral value.”
In 2020, as much as $200 million worth of digital assets was lost in attacks on major digital asset services. Bridge Mutual’s platform gives users the option to purchase and provide discretionary coverage, reducing investors’ risk of losing funds because of theft, exchange hacks, stablecoin price crashes, exploited contracts, and other vulnerabilities in digital assets.
By using Alliance Block’s multi-pair liquidity mining platform, Bridge Mutual will be able to offer BMI token holders instant liquidity through staking and high APY rewards for a variety of pairs. Once integrated into AllianceBlock’s P2P lending platform, Bridge mutual will be able to provide coverage to investors. Additionally, Bridge Mutual is working towards…