While crypto holders still struggled to contain their assets – now extremely valuable, the concept of a crypto bank came along- offering the same facilities as you would commonly derive out of your traditional banks, however, with a twist.

Crypto Banking exists. Their predecessors were widely known as wallets and are succeeded by Custody solutions. And they are simple enough to be explained within the scope of one article.

Once the interested and the curious were abreast of the serious business that may be conducted on an online exchange, it wasn’t difficult to take it up from there. While one may have lost track of the latest additions to online trading platforms or exchanges. Here’s help with a chronological layering of advancements.

Blockchain to Crypto Banking: At a Glance

Blockchain, despite its invention a while back, was only properly harnessed with the invention of the first cryptocurrency – namely, Bitcoin. With the enormously successful run of the crypto riding on blockchain technology came the next pit.

Also Read: Crypto Banks Decoded: All You Need To Know About

Bitcoin holders needed a platform to convert their digital currencies to fiat. And also a place for secure storage. So, exchanges were built again on the blockchain network to facilitate secure, transparent, and anonymous trade. An account was built on the exchanges to allow the conversions. Wallets came into being to securely store the crypto.

Soon altcoins came into being – those constituting other cryptocurrencies that followed the Bitcoin, although not as successful but some still making a cut. Now, these necessitated the exchange more than ever with many crypto holders seeking to convert one form of crypto into another.

With the stellar rise of Bitcoin and the frequency of malicious attacks on exchanges to steal the high valued crypto, wallets were no longer deemed secure enough. Offline wallets or paper wallets, however, did provide some sense of security as it was not exposed to online visibility. But the trading and transaction got more expensive in this way.

While crypto holders still struggled to contain their assets – now extremely valuable, the crypto banks came along – offering the same facilities as you would commonly derive out of your traditional banks, however, with a twist.

PayBito Crypto Banks

PayBito, a global crypto exchange offers Crypto Banking services. We enlist the basic services offered by them you may tally them with your experiences at your trusted bank. There are facilities for Fixed Deposits, Current and Savings accounts, and Loans. Here we go:

Savings and Current accounts

First and foremost it offers an interest of 7.4% on their savings account. The interest amount is accumulated on daily basis and is paid at the end of the month. PayBito platform offers full transparency and total control over your assets enabling you to operate from your handheld device.

PayBito aims for client empowerment. To achieve this they offer their clients the choice of cryptocurrency in which to receive payments. The latest and updated security protocols are implemented for the protection of your data and assets.

Thus creating an investment-friendly environment for your banking.

Payments

PayBito Crypto Bank offers payments in USD, INR, AED, and SGD.

As PayBito separately operates as an exchange, this enables them to reduce the time taken for conversion, in turn reducing your risk of loss. Peer-to-Peer transaction happens securely and notifications upon settlements happen within seconds of the transaction.

Trailing off, the security fees are among the least in the prevalent enterprises.

Collateral For Payments

PayBito Crypto Bank allows their clients to request a loan in which case the BTC in their account acts as collateral against the loan. Upon a loan being granted the BTC gets transferred from the client’s wallet to a collateral wallet. When the loan is repaid with interest the BTC returns to the client wallet from the collateral wallet.

Client’s with loan-health featuring above 70% are allowed to withdraw the excess BTC from their collateral wallet back into their own accounts or use those to request another loan.

Also Read: Can Central Banks Be Taken Over By Digital Currencies? 

Final Words

With the hassle-free banking services offered by PayBito Crypto Bank, you have a novel repository and options to put your Crypto to good use apart from simply holding on to them. It is, however, to be noted that Crypto Bank allows only BTC and no other crypto to be used as collateral.
PayBito Crypto Bank comes with features similar to traditional banks minus the complex formalities that come with using financial assets around.

 

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