Meet Cryptoenter, a Blockchain Platform Built to Help Decentralized Banking One-Up Legacy Finance

2020-12-3 16:48

Imagine a new self-sustaining, transparent, full-stack decentralized banking solution that allows financial institutions across the world to directly interact with one another while also enabling their respective clients to interact with each other in real-time. Add the innovation and financial freedom promised by blockchain technology and decentralized finance (DeFi) into the mix, and that’s Cryptoenter for you in a nutshell.

Cryptoenter could very well evolve to be the first-of-its-kind DeFi platform to help decentralized banking decisively one-up legacy finance if it continues to play to its strength.

Nonetheless, the ideas it propagates and the technological foundation it is based on seem pretty promising so far, which is evident from the fact that Cryptoenter was recently named the ‘Most Promising Fintech Solution’ by IBM.

What is Cryptoenter: Objectives and Features

Cryptoenter is a blockchain-powered infrastructure solution with native DeFi functionality. It was developed by Smart Block Laboratory, a Linux Foundation Silver Member, and recognized IBM Silver Business Partner.

Currently, in beta, Cryptoenter is operational with more than 15,000 registered users from across the world already active on the platform.

Many industry insiders within the blockchain space are typically of the view that the ultimate goal of DeFi is to quash and replace the existing financial order from the top-down. However, things are a lot more subtle and objective-oriented with Cryptoenter. Instead of taking the current centralized structure of legacy finance head-on, it aims to pave the way for banks and corporations to embrace the perks of DeFi in a mutually beneficial way.

Cryptoenter claims to be the only-of-its-kind platform that brings together the full functionality of DeFi, a native marketplace, a social network for investors which is complemented by a decentralized crowdfunding platform.

For perspective, let’s first brush up on some of the key perks promised by Cryptoenter:

Cryptoenter features Cryptoenter brings next-generation financial instruments from the DeFi ecosystem and offers it with a banking-level of reliability. It offers direct interaction between users both within one and several banks. Cross-border transfers of values – cryptocurrencies and fiat, in real-time. Marketplace for the sale of assets around the world. A social network for investors on the blockchain. Instant exchange of values. Multiple currency accounts. Unified crypto wallet. P2P lending. NFT release. Crowdfunding platform. Virtual digital bank. Who is it For?

As a comprehensive decentralized banking and financial marketplace, Cryptoenter aims to cater to diverse user-groups including financial services providers, financial regulators, and of course, users of financial services (businesses, as well as retail users).

The platform is essentially a competitor to inter-bank payment networks such as SWIFT and SEPA. At the same time, it aspires to offer an alternative to existing retail payment services (e.g. Amex, Visa, etc), electronic payments enablers (e.g. PayPal, Skrill, etc.), and mobile phone-based money transfer services.

From the looks of it, funding should not be an issue given that Cryptoenter plans on raising fresh capital through the sale of its homegrown Lion token starting December 2020. Lion is a utility token designed to cover transaction fees within the ecosystem, among possibly other value-additions. A limited supply of the token will be placed on the exchange 1inch in what the company refers to as Market Expansion Offering (MEO).

The community is largely positive about LION token and the MEO, given that Cryptoenter has the potential to attract a massive number of users – possibly to the tune of hundreds of thousands –by onboarding a new bank at a time.

Cryptoenter: Under the Hood For Financial Services Providers

While the banking industry has undergone rapid digitalization over the past decade, most of the industry’s technological infrastructure is not simply equipped to handle client’s activities in between digital interactions. Communications between banks are often one-way, which can be time-consuming for inter-bank transactions — especially when it comes to international transactions.

Cryptoenter aims to resolve this issue by way of its fast-growing network that allows clients of different banks to interact and perform transactions in real-time.

Another perk for banking services providers to join the Cryptoenter ecosystem is reduced costs while implementing blockchain solutions. Cryptoenter deploys its homegrown Rubicoin Blockchain along with Linux Foundation’s Hyperledger Fabric, which is optimized to reduce the cost of owning and operating a blockchain infrastructure for digital banking for validators and DeFi platforms.

Among other perks, Hyperledger also enables a superfast transaction speed that can go as high as up to 20,000 transactions-per-second. Additionally, it also paves the way for plug-and-play consensus.

Unlike existing blockchain-powered platforms such as RippleNet which also expedites banking processes for international transactions, Cryptoenter doesn’t limit itself only to institutional usage. In other words, you, as a regular bank account holder, can also benefit from Cryptoenter’s fast-growing banking network. On that count, Cryptoenter indeed seems like a first-of-its-kind platform in the market.

Merchants can also make use of these infrastructure solutions to improve the way they receive retail payments.

Cryptoenter Fiat-to-Crypto Gateway

Cryptoenter has a dedicated module that enables the integration with external blockchain networks including Bitcoin, Ethereum, Ripple, Dash, Litecoin, and more. Overall, there is support for more than 1,200 external blockchain networks.

There is also a fiat module that connects the Cryptoenter ecosystem with financial services providers including banks.

These modules, along with Cryptoenter’s fiat-to-crypto gateway makes it possible to use cryptocurrency in settlement operations and exchange between fiat and cryptocurrencies instantly.

For Regulators

Cryptoenter’s underlying technological infrastructure is built to allow financial regulators to gain real-time access to data validations. This, in turn, makes it more efficient for financial services providers to deploy new financial instruments while simultaneously giving exchanges and brokers access to liquidity.

This is ultimately beneficial for end-users given that the ease of regulations is almost sure to be followed by new financial innovations and instruments. Cost reduction and the ability to directly interact with each other through a unified platform is another plus.

Virtual Banks and P2P Lending

Cryptoenter’s native blockchain infrastructure enables licensed users to provide a full range of digital banking services to customers. With approval from concerned regulatory bodies, these virtual digital banks can offer services such as fiat accounts, issue their own cryptocurrency, provide managed-accounts for crypto holders, and so on.

The platform seems keen to add on to these features by also enabling p2p lendings secured by cryptocurrencies. There is adequate provision for issuing stablecoins to ensure an optimum level of liquidity.

Social Network for Investors

Cryptoenter has a native blockchain-powered social network for investors with its own crowdfunding platform. This feature is designed to help new projects to pitch to investors and other stakeholders to draw funds for efficiently running development and marketing outreaches.

Conclusion

As a full-stake decentralized banking and financial services platform, Cryptoenter indeed aims to offer a comprehensive set of solutions that appears rich in potential. Feats like being recognized as an IBM silver business partner, Linux Silver member, and Hyperledger general member, have so far contributed to the credibility that a project of this magnitude cannot go without.

The biggest challenge is obviously to rope in banks around the world to join the platform. On that front, Cryptoenter has made a significant breakthrough recently by becoming a member of the IBM Marketplace. As already mentioned in the previous sections, the platform could possibly attract hundreds of thousands of clients at one go every time they bring new major banks on board.

This seems to have made many community members confident that the scope for a win-win deal is quite high for the early adopters and investors who participate in the soon-to-launch MEO on 1inch Exchange.

The post Meet Cryptoenter, a Blockchain Platform Built to Help Decentralized Banking One-Up Legacy Finance appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Decentralized Machine Learning (DML) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0009581 (-100%)

decentralized banking interact another one world directly

decentralized banking → Результатов: 110


Can DeFi Survive Without CeFi? Bitrue’s Hybrid Solution Might Be The Middleground

Decentralized finance has been crypto’s defining motif this year, thanks in no small part to the ascendance of token mining solutions popularly known as yield farming. However, despite billions of dollars of crypto assets being locked into DeFi protocols, it has still to be determined whether decentralized finance can realize the lofty goals that inspired its creation, like banking the unbanked and providing greater financial inclusion.

2020-9-24 15:52


Securitize Raises $14 Million In A Series A From Banking Giants Santander, MUFG, and Nomura

Coinbase-backed, Securitize platform, a decentralized solution for issuing and managing trusted and compliant securities, raised over $14 million USD in a strategic fundraiser. The funding round included some of the largest financial institutions on the planet such as Banco Santander, MUFG Innovation Partners (subsidiary to Japan’s Mitsubishi UFJ Financial Group) and Nomura Holdings. The company […]

2019-9-25 17:57


XRPL Labs introduces XUMM in an attempt to replace traditional banking with decentralized banking

Ripple-powered XRPL Labs has been working on tech to simplify payments for not only major financial institutions, but also the crypto-community. One such XRPL Labs developer is Wietse Wind, the creator of XRP TipBot, who has been regularly talking about XRPL-bridged back accounts for users to hold, send and receive EUR on XRP ledger, ILP, […] The post XRPL Labs introduces XUMM in an attempt to replace traditional banking with decentralized banking appeared first on AMBCrypto.

2019-7-10 17:00


HSBC: Seventh largest bank in the world rumoured to be blocking cryptocurrency transactions?

Banks and the cryptocurrency world have been at odds ever since the latter emerged a decade ago. From initially shrugging decentralized currency off as a mere distraction, now the disruptive force has irked the banking industry with the seventh largest bank in the world, HSBC rumored to be halting cryptocurrency transactions.

2019-6-1 11:00


Neutro ICO

The Neutro Protocol solves the trilemma of scalability, security and decentralization, allows for anonymous transactions and eradicates the need for centralized oracles. Neutro users can create a decentralized version of almost any real-world market that exists now only in a centralized system that we all use currently.

2019-5-15 14:13


Фото:

Op Ed: With Bitcoin, Anarchy Is the Point, Not the Problem

Last week, there was a panel at SXSW that was effectively a debate on the merits of permissioned blockchains versus permissionless systems like Bitcoin. I listened to the entire audio of the panel discussion, after Programming Bitcoin author Jimmy Song tweeted it out the other day, and I thought he did an awesome job of pointing out the key value proposition of Bitcoin and why it is not worth comparing to permissioned systems.

2019-3-23 17:29