The dilemma of banks is noteworthy here. While the institutions themselves do not believe in establishing any links with the banks because that would threaten the identity of the former, there are times when it is understood that both are inseparable. Financial analysts pose an ideal scenario- how about both sharing a symbiotic relationship? What if they worked for each other rather than working against each other?
One such instance is cited by the head of the e-commerce department, JPMorgan Chase, Ron Karpovich. He says the Cryptocurrency industry will have to depend on banks for moving funds from one place to another. Similarly, blockchain technology may be used in banks to improve and fasten the payment structure that is existing in the financial institutions.
Can the Duo Really be Used for Each Other’s Benefits?
According to a report by Forbes, there are over 2 billion people who do not have access to banks and over 5 billion people who use mobile phones. With the cryptocurrency tokens and blockchain technology, one can enjoy the benefits of safe and transparent banking at a cheaper rate and faster pace. Digital money also allows one to have digital wallets, a controlling system and a regulation foundation. Here, Telcoin is showing the way. The basic idea they have perceived is to combine mobile companies with the banking system, the latter being a combination of different services including digital currency and a new cryptocurrency, which is likely to provide different services like mobile money, prepaid credit, and postpaid billing platforms.
The cryptocurrency industry is still in turmoil and has still a long way to go to establish its authenticity. Banks are skeptical to meet their demands, but cannot stay away from their popularity too; thus, giving way to growing Cryptocurrency banks. Such an alternative to the traditional banking system is Revolut which is a digital banking system. Revolut has already started featuring a Bitcoin and Cryptocurrency exchange that is built into its mobile app. The interesting fact is, despite skepticism mounting from all quarters of the world, it has obtained a European banking license.
Revolut- a friend or foe?
It is neither a friend nor a foe to Cryptocurrency; it is just doing what other banking services are not willing to do. In other words, it is an odd one out among the traditional banking services because it allows exchanging digital assets like BTC, XRP, ETH and others. The company could be a start-up but has a futuristic vision of making Cryptocurrency both adaptable and adoptable.