Cryptocurrency
Crypto Banking
The term crypto banking refers to how individuals can use cryptocurrencies to conduct business. There is a convergence between investing in cryptocurrency and banking methods wherein both fiat currency and cryptocurrencies can be exchanged and interact through banking services. This is what Crypto Banking wants to exploit.
What is Crypto Banking?
Crypto banking is the process of managing digital currency through any financial service provider or bank. People are increasingly buying, selling, and trading cryptocurrencies because they can do so with an internet connection. Banks that accept digital currencies and support cryptocurrencies include Ally Bank, Wirex, Barclays, Goldman Sachs and JPMorgan (to name a few).
Unlike traditional financial institutions, crypto banks do not hold stocks or cash for investors or customers. Crypto banks, on the other hand, hold digital assets instead of fiat currency. Vast Bank, for instance, provides business and personal banking products including savings accounts and checking CDs, credit cards, and loans.
Despite being a small local bank with 35 years of experience in the business, it has recently entered the crypto economy and has been given attention as the first US nationally chartered bank that allows customers to hold crypto assets in their accounts.
Crypto Interest Accounts
Starting with a crypto interest account is the simplest way to get started. A traditional savings account may offer interest rates as low as 1% compared to crypto banks with 10%. These crypto accounts are available at Gemini, BlockFi, Nexo Outlet Finance, and Linus among others.
Crypto Checking Accounts
You can also open a crypto checking account. You will be able to keep more of your money without paying crypto fees if you have a crypto checking account. The Quontic Bank and Vast Bank also offer crypto checking accounts.
Customers who make eligible purchases with Quontic’s Bitcoin Rewards Checking account are rewarded with bitcoin. Quontic debit cards allow you to make purchases that qualify for Bitcoin conversion when you use them online or in-store. About 1.5% of your total transaction will be converted into Bitcoin after the transaction is completed.
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How to get started with Crypto Banking
The easiest way to get started with crypto banking if you don’t own any cryptocurrency yet is to register for an account with any bank that accepts cryptocurrencies or your choice of decentralized finance apps. Then you can buy Bitcoin and other currencies from their exchanges.
Applications using decentralized blockchain networks are called decentralized finance apps, which do not require a middleman like a brokerage or a bank to facilitate the purchase of financial products. Apps that are both platforms for buying and selling as well as hot wallets where crypto-assets can be stored are also available. Among these apps are:
Revolut: which allows users to complete transactions using Bitcoin, Ethereum, and Litecoin
SEBA Bank: A Swiss bank that accepts cryptocurrency payments and transactions
Wirex: An online payment platform that allows crypto transactions and payments
Risks of Crypto Banking
Investing in cryptocurrencies and using apps that allow you to trade and hold digital assets carries some risks as crypto banking disrupts the financial sector. Here are some risks you can face.
Crypto Market Volatility
The volatility of crypto assets is well known. Because it takes a long time before cryptocurrencies become stable, investing in crypto comes with a higher level of risk than other trade markets. Despite their stability, crypto markets can experience dramatic fluctuations in a heartbeat.
Cryptocurrency is not FDIC Insured
Unlike traditional deposits, crypto investments are not insured by the Federal Deposit Insurance Corporation (FDIC). If the company from which you purchase crypto goes under, you could lose all your investment. Eventually, cryptocurrencies may be insured, but in the meantime, it’s important to choose a reputable crypto bank to work with.
Crypto Hacks, Theft and Fraud
As fintech becomes more popular, more hacking incidents occur in DeFi applications. You should consider a cold wallet to protect your investments, as you need to be aware of how your crypto assets are stored.
Conclusion
Blockchain technology has many uses in banking, so it won’t be long before banks start to make use of the public ledger in certain areas. There will inevitably be risks in finance. However, crypto banking and blockchain technology present the possibility of a future in which anyone on the planet can access transparent crypto banking.
BitLine
BitLine Enhances Onboarding Experience in Collaboration with Jumio: Simplified KYC for Casino Patrons
This collaboration emphasizes convenience, security and regulatory compliance
Through the BitLine app, users can seamlessly transact with up to US$10 million in casino chips 24/7
BitLine, a pioneering provider in the integration of digital assets for direct access to casino chips, proudly announces a strategic alliance with Jumio, an industry leader renowned for its comprehensive know-your-customer (KYC) solutions.
This partnership marks a significant milestone as BitLine streamlines its onboarding process for casino patrons, ensuring a seamless and secure journey into the realm of digital asset-based payments for gaming.
The collaboration between BitLine and Jumio signifies a commitment to delivering unparalleled convenience while upholding the highest standards of security and regulatory compliance. By leveraging Jumio’s advanced technology, BitLine reinforces its dedication to building trust among users and offering a frictionless experience for individuals seeking access to casino chips via digital assets.
Richard Jones, the Chief Executive Officer for BitLine by Ibanera, expressed enthusiasm about the partnership, stating: “Trust and compliance are the cornerstones of every successful casino venture. At BitLine, our vision to innovate this industry through digital assets hinges on maintaining trust and adherence to regulations. Our collaboration with Jumio represents a monumental stride towards achieving this vision, ensuring that casino patrons transact securely and confidently through our platform.”
Echoing this sentiment, Robert E Prigge, the Chief Executive Officer for Jumio, commented: “The evolving landscape of digital assets presents endless possibilities and BitLine’s innovative approach has reshaped the casino industry. By eliminating withdrawal limitations and expanding accessibility, BitLine has ushered in a new era of gaming. We are thrilled to contribute to BitLine’s journey by providing essential elements of security and compliance.”
BitLine by Ibanera grants cryptocurrency owners unprecedented access to up to US$10 million in casino chips, 24/7/365, serving as a conduit for liquidity on the casino floor. Through the intuitive BitLine app, casino enthusiasts worldwide can initiate transactions within minutes, leveraging their digital assets to unlock funds effortlessly.
Cryptocurrency
Payhound empowers LSports with a seamless solution to receive payments
The post Payhound empowers LSports with a seamless solution to receive payments appeared first on European Gaming Industry News.
Cryptocurrency
Crypto Casino Lucky Block Partners with MMA Legend Michael Bisping
Global MMA legend Michael Bisping has signed a sponsorship deal with the fast-growing top-tier crypto casino Lucky Block.
The tie-up between the Mixed Martial Arts and UFC superstar and the premium sportsbook and casino entertainment platform is a win-win for Bisping fans and Lucky Block’s swelling customer base of highly engaged players.
This deal secures opportunities for both parties by leveraging the valuable synergies present in the colliding worlds of sports and online gaming.
Through securing the sponsorship deal with Michael Bisping, Lucky Block is joining the big league of crypto casino industry leaders who understand the business impact of top-level sports sponsorship deals.
Aligning with the world of competitive sports, Lucky Block is not only endorsing a celebrated athlete but is also tapping into the fervent sports fan base that is growing by leaps and bounds. Together, Lucky Block and Michael Bisping are bridging the gap between traditional sports and the burgeoning world of crypto-based betting.
Damian Jacobs, Lucky Block community and growth manager commenting on the sponsorship deal, said: “We are pleased to announce our sponsorship of UFC icon Michael Bisping. We believe this deal will be a powerful catalyst as we embark on the next leg of our journey to lead crypto gaming’s conquest of the online sports entertainment and betting industry.
“This partnership shows that Lucky Block can mix it up with the other industry leaders. Our sponsorship of Michael Bisping shows we understand the importance of developing and exploiting the brand projection potential at the intersection between the sports domain and the disruptive power of crypto betting.”
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