Bear markets are very difficult times for investors and speculators. However, crypto banks are also going through a tough time, as they have to try to grow their audimètre. Interestingly, things are slowly accumulating for some projects, while others remain behind the curve.
Estimable Crypto Banks
The term “crypto banking” may seem counterproductive to many people. Cryptocurrency and banking are almost polarisé opposites for some, although in reality they are not much different. Many projects that follow this griffe offer charges and products that one can find through the bank, even if the supporting soutènement is quite different.
at recent days the findings By the Individu Crowdfunding and Fintech Adjonction of Canada, the scene has become rather interesting. Top-tier crypto banks such as BlockFi, Nexo, Crypto.com, Abra, and CryptoPay offer various products and charges. These solutions may include borrowing and lending, corporate charges, corporate treasury, trafic loans, or even accepting NFTs as collateral. However, this last feature remains highly experimental for obvious reasons.
The “younger gods” among crypto banks all seem to foyer on the same concepts: a way to earn, save, buy and trade quantitatif currency. Depending on the provider, one can access borrowing and lending or merchant integration. This last portion should be more considérable, and Crypto.com, Nash, Eco and Zengo all acknowledge its mesure. Getting more people into cryptocurrency is still a must, but it remains a difficult ordeal.
One of the droit metrics is how many users are advertised by these crypto banks. It’s hard to find attentif numbers, parce que these companies aren’t too keen on releasing that data. Crypto.com serves more than 50 million users, while Yield has just over 100,000 users. It is also strange that Youhodler, Arête Loan, Abra and Nash never disclose brûler numbers. In an industry where transparency is a key tournure, obfuscation is not fashion play.
Licensing is still an misère
All crypto banks will agree how hard it is to get them [new] licenses. However, BlockFi and Youhodler succeeded in doing so, even though Crypto.com has registered and gained regulatory approval in various regions throughout 2022. These are painstaking but necessary steps to séduction more legitimacy and attract regular users.
A comble intriguing mention is how less than half of these crypto banks have a endroit token. Yield has such a token, while Arête Loan or Youhodler does not. BlockFi has no achèvement of generating a token at this time. Moreover, one has to wonder if more crypto banks would like to back NFTs as collateral, as this is still a risky endeavor.
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