CryptoBank based on Cardano


#1

Here is a neat idea—a cryptobank where you can exchange your crypto for fiat from the comfort of your toilet! Sorry, I meant to say from your phone.

Anyone who has dealt with exchanges knows the pain of trading, money transfers and ID verification. I have been thinking about the idea of CryptoBank for a while but it looks like someone has already beat me to it!

We need one of those for our ecosystem. it will drive up the adoption. I am looking at you #Emurgo!

What do you guys think?


#2

Hmm, in my imagination a secure multi currency wallet would do just that.


#3

What about borrowing? Lending? Using your Ada as a collateral to buy/sell other assets?


#4

Perhaps this is where Daedalus is headed?


#5

IOHK has been talking about ADA debit cards that can be used to make purchases (i.e. ADA to Fiat) for some time now. An actual cryptobank would help this and add more value to the ecosystem.


#6

These are interesting use cases. Hopefully, these will get decentralized as well, perhaps by tokenizing credit.

In today’s markets a bank that issues loans does not really hold it through the individual loans’s life. They aggregate a bunch then sell to another investor who then securitizes the bulk loans and sells them to a larger number of smaller investors or institutions.

In effect, there are people in the market who seek capital through loans and there are other people in the market that are willing to invest in markets that offer lower returns for lower risk.

The banks that originate loans and also those that securitize them are actually middlemen services each trying to make profits in the process.

Having said that, decentralization of these services via tokenization is a long way from now.

In the interim, CryptoBank does make sense. It would be even better if somehow existing banks could integrate crypto :slight_smile:


#7

I am certain that will be a reality one day, hopefully not very distant in future. However, many Cardano features need to come together before that.