RATE Group | Future Benefits of Accepting Cryptocurrency for Banks and Financial Institutions
67956
post-template-default,single,single-post,postid-67956,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Future Benefits of Accepting Cryptocurrency for Banks and Financial Institutions

08 Nov Future Benefits of Accepting Cryptocurrency for Banks and Financial Institutions

Posted at 13:20h in Cryptocurrency News by

[ad_1]

single-image

Cryptocurrency enthusiasts have been proclaiming that crypto will replace fiat currency. It is easier said than done. But People will only adopt crypto if there are tangible benefits in doing so. Here are some of the benefits for banks and other financial institutions which adapt to cryptocurrency banking.

A cryptocurrency transaction being P2P doesn’t require any intermediaries. It reduces transaction costs.

  • Faster Transaction Speed:

As various intermediaries are cut, the speed of transactions increases. It is very important in international transactions. Also, when banks make international payments, the customers have to bear currency conversion costs. Cryptocurrency usage eliminates this conversion cost. Some international banks have started pilot projects on creating their blockchain and their digital coin, which is pegged to $1 and carrying out international intra-bank transactions on the blockchain. It gives them the transaction speed of a cryptocurrency. The bank’s…

[ad_2]

Source link

Tags:
, , , , , ,