Wallex will offer a unique opportunity to the new digital finance economy and create a bridge for users into the blockchain ecosystem.
Digital assets and Blockchain innovations continue to take on a key position in the global financial space.
Nonetheless, there are fierce challenges, the biggest among which is the disparity and lack of harmony between the digital asset and the traditional assets/currencies.
Banking institutions seem threatened by the emergence of this trillion-dollar industry.
Although blockchain technology seeks to eliminate the need for third-party interference in the financial industry, the lack of proper regulation has made it difficult for banks and other government institutions to rely on it entirely.
Existing concerns about cryptocurrencies?
As per recent studies, about 63% of people in the banking sector see cryptocurrency as a high-risk sector. They aren’t convinced about the opportunities it presents. Their reasons are:
Decentralization
Cryptocurrency presents an alternative approach to banking, which is different from the traditional one and has no need for intermediaries.
As a result, the industry is not controlled or regulated by the government, agency, or bank sectors. Instead, it relies on blockchain technology for its security and distribution.
So, banks fear that adopting a fully decentralized finance system will undermine the influence of the central banks.
High Volatility
The price of cryptocurrencies has remained unstable. This is attributed to the market size, number of players, liquidity, etc. As a result, banks do not believe it to be reliable.
KYC/AML concerns
Crypto transactions are peer-to-peer, so no transaction fees are applied. But unfortunately, that means there is zero control over the transactions. And it solely depends on the blockchain transaction ID, and banks consider this a loophole that users can exploit.
They are concerned that people may violate KYC and Anti-Money Laundering regulations, as it will be impossible to implement them successfully.
How Wallex aims to link banking and crypto with its one-step solution
The Fintech and cryptocurrency industry experienced rapid growth in 2021. What was thought to be a fluke has transformed into a real-time prospect, drawing massive recognition worldwide and continues to grow?
But there is still a lot needed to be done for this industry to attain its full potential.
The blockchain space is still developing, and a lot needs to be incorporated. And as more people come, the need for security will also increase.
Wallex is here to create a bridge between
The digital assets and banking industry will ensure a win-win situation for everyone involved.
They want to help businesses grow financially and, at the same time, securely help them take advantage of the numerous opportunities in the digital assets space.
Wallex’s solutions are for everybody, including individuals, businesses, institutions, fintech projects, and brokers.
Wallex operates on five main pillars to offer a unique opportunity to the new digital finance economy and create a bridge for users into the blockchain ecosystem.
- Bridging the new financial world
- Building a transparent financial ecosystem
- Maintaining human contact with clients
- Maintain and develop talents through an innovative organizational structure
- Educate the people on how to navigate the blockchain
How Wallex is tackling the AML/CTF issues
Wallex’s been built with the foundations and the experience coming from the traditional asset management. All Wallex users have to pass KYC before depositing fiat currency into their account, differently than some other providers.
In line with the FATF travel rules and regulations, Wallex ensures all of its users are checked and, therefore, drastically decreases their risk.
Bottomline
Even as we continue to experience enormous growth in the digital asset space, the industry’s full potential is yet to be actualized.
Wallex provides a link between the banking system and the cryptocurrency industry to bring about a revolution in the financial industry.
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