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## Technology merges conventional finance with decentralized finance, individuals attain authority
It wasn’t so long ago that connecting the divide between established finance and cryptocurrencies was seen as a far-fetched dream. After all, wasn’t cryptocurrency designed to oppose the existing financial structure with its uncontrolled money printing and costly conventional systems?
The times are evolving. The swift expansion of mobile banks like Monzo and Revolut, along TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America the increasing appeal of digital assets and DeFi protocols, has given rise to a financial landscape defined by accessible borders, minimal transaction fees, and simplicity.
Currently, the selection of banks is vast, and solutions that blend conventional finance with Web3 are gaining traction.
## The growth of mixed financial solutions
The smooth combination of standard banking services with cryptocurrencies and DeFi capabilities ultimately rewards the customer. After all, these solutions provide the finest aspects of both domains — regulatory adherence and the recognizable interface of standard banks, alongside the effectiveness and openness of blockchain technology. MovieAI and EMC Unite to Supercharge Artificial Intelligence Advancement
Mixed platforms are notably transformative for individuals who have historically been overlooked by banking organizations, particularly those in emerging nations. Now these individuals don’t have to plead with a sympathetic bank representative to permit them to create an account; instead, they can swiftly enroll, interact with fiat currencies, cryptocurrencies, or both, and engage in the global economy without any difficulties. All they require is an internet connection.
Instances of this financial transformation are plentiful. Revolut is a platform that integrates standard banking functions with cryptocurrency support, enabling users to hold various currencies, access digital and tangible payment cards, and trade cryptocurrencies, while relishing perks such as travel coverage and airport lounges.
The same holds true for cryptocurrency.
As has been reported, a firm with more than 100 million users is taking down the barriers separating conventional finance and decentralized finance. Although it may sound like just another digital currency firm, it functions more like a digital currency-friendly bank account. Its well-known Visa card program provides benefits such as free ATM withdrawals, discounts on streaming platforms such as Spotify and Netflix, and even digital currency cashback incentives.
In the meantime, CrossFi’s decentralized banking application is transforming currency exchange and cross-border payments, offering these offerings at a significantly lower cost than conventional remittance services. Their distinctive non-custodial multi-currency payment card enables users to spend digital currency directly from their web3 wallets, which means they retain complete control over their funds rather than depending on a custodian.
The platform runs on its own blockchain, CrossFi Chain, a high-performance Layer 1 that works with both Cosmos networks and EVM. Since its mainnet launch last year, more than 500 decentralized applications (dApps) have been implemented on the network, and that number is rapidly growing.
Consequently, CrossFi users can access conventional financial offerings – the kind typically offered by Mastercard, Visa, or UnionPay – along with a wide variety of decentralized finance applications, ranging from decentralized exchanges (DEXs) to liquid staking protocols. Interestingly, CrossFi complies with Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures and has obtained Payment Card Industry Data Security Standard (PCI DSS) certification, demonstrating its dedication to securely handling customer financial data.
## Why Can’t You Enjoy Everything?
With the total value locked (TVL) in decentralized finance reaching an astounding $127 billion, traditional banks are beginning to understand that the digital currency economy is here to stay. Eventually, they will need to incorporate decentralized finance offerings into their products to prevent losing market share to these new fintech firms that are bridging the divide between the crypto and fiat worlds.
Its now simpler for individuals to shift from conventional banking to decentralized finance (DeFi). A user-friendly interface enables them to settle payments for items and offerings, execute direct transactions, exchange resources, create affordable financial transfers to associates and relatives, and generate revenue. Furthermore, in nations with shaky economies, individuals can transform their local currency into USD-pegged stablecoins. This provides essential support for those lacking entry to banking facilities, offering a particularly handy framework.
Looking ahead, we anticipate assistance for tokenized tangible assets (RWAs). This will empower account proprietors to allocate funds into domains like property and artistry straight through their cellular apps. Progressively, these systems might broaden their abilities, and the rise of combined fintech answers is simply the initial phase.
Bit by bit, established and decentralized methods, formerly stark contrasts, are converging, reshaping the monetary sphere into a more approachable sector. This advancement should gratify nearly everyone.
