When Will Blockchain Take Over Banks?

When Will Blockchain Take Over Banks?



Many former bank employees are moving towards blockchain companies that are much faster and effective (and don’t forget – safer!) than traditional banks. Casquero, a former executive for JP Morgan bank, says: ““[Banks] are no longer the best providers for a specific product, tool or service in terms of both the producer and consumer. This occurred as the internet ushered in an age of disintermediation and transformed the way the world works into a peer-to-peer network.” He has joined team that is planning to launch their own blockchain “collaborative bank” and of course ICO.

Faster and more flexible

Many traditional banks are trialing blockchain systems in order to improve their services but it is still within frame of their traditional work history and style. These days everyone can start their own blockchain company and create cryptocurrency, as well as enter financial service field. There is no full control over money anymore from the banks perspective. Independent and small companies come with faster and more effective solutions and offer potential customers new and much cheaper solutions.

Breanne Madigan, ex-worker from Goldman Sachs, she recently said that “blockchains will completely re-engineer the way we operate in the future”. One can say that blockchain system is still in its very early stage but it is already showing great results and it is the new technology revolution that we have to embrace.

European Union (EU) has approved e-money rules in 2009 (https://ec.europa.eu/info/law/e-money-directive-2009-110-ec_en) and that gives very good environment for alternative financial service providers that are coming with innovative and fresh ideas into the market.

Interesting and promising blockchain companies to follow that will provide financial services

Light Pay Coin – Meet The Future

Coin name is LPC and it is already on exchanges (for example CryptoBridge or Stocks.Exchange) and its market value fluctuating around $4 in CryptoBridge with 24h volume around 0.5 mil. but around $8 in Stocks.Exchange in a last 24 hours.

Company claims that they will develop environment of almost instant payments through SWIFTTX and that in a near future we can use their platform and tools for cashless payments in contactless retail payment machines. Basically their target is to have LPC as mediator between real life payments and your cryptocurrency wallet.

Cryptassist – All In One Tool

Cryptassist https://www.cryptassist.io/ ecosystem is designed to make the cryptocurrency world easy for everyone, whether they are crypto experts or novices. They plan to offer several crypto tools all under one easy to use platform saving users a lot of time, money and effort.

Project will include, but will not limit to the following:

  • Debit Card – Will be launched in the Q3 of 2018. Top 50 crypto currencies will be accepted.
  • CryptoGo – An augmented reality game that gives out rewards in tangible crypto currency, available in Q1 of 2019
  • Cryptstarter – A crowdfunding feature that will allow users to raise funds for creative projects.
  • Exchange – Will have its own fully licensed cryptocurrency spot exchange with reduced trading fees.
  • ChatPay – This will combine social messaging with online payment system.
  • Cryptassist Philanthropy Innovation – A free app that will allow users to contribute, track and validate their donations to non profit organisations and post the impact of their donations to their linked social media accounts.
  • Webshop – Customers will be able to pay for the products and services offered by Cryptassist and other merchants with any of the top 50 cryptocurrencies.
  • Where To Spend Crypto – A mapped database of places where one can spend their crypto currency.
  • One Trading Tool – A single platform that will allow users to access and trade on over 50 exchanges.