Among other goals of Bitcoin stated in his whitepaper, Satoshi Nakamoto has also mentioned that Bitcoin will create “its own bank” for individuals. But comparing all of the functions that the modern bank has to offer with the Bitcoin offerings, we can say that this is an inept promise. Still, Bitcoin sparked the interest of investors in the decentralized industry, which, unlike Bitcoin itself, can indeed use the capability of blockchain to offer new kinds of services and revolutionize the traditional banking system.
Crypto banks are banking institutions that offer almost the same services as a standard bank including deposits and withdrawals, savings, lending, and borrowing, etc. The main difference is that crypto banks have integrated cryptocurrency into these financial functions. They’ve also gained legality in the eyes of local financial watchdogs.
Crypto banks face many challenges as they are using blockchain. As we know each country has its own cryptocurrency policies. Some countries support the use of cryptocurrency while other countries have banned it and some countries are yet to decide whether to integrate cryptocurrency into the economy or not.
Another problem of the existing crypto banks is that there are currently no crypto banks with an “All-in-one” approach. The major market players are heavily focused on providing a limited list of services and there is a definite lack of a user-friendly “all-inclusive” platform. PointPay Crypto Bank (“PPCB”) will be a part of the “All-in-one” utility token-based blockchain ecosystem, and will provide crypto banking services one would find readily available in fiat currencies. We are building PPCB to breach the gap between the convenience of cryptocurrencies and functionality of a traditional bank. PPCB will be filling this underserved niche by offering everyday users a full spectrum of banking services. The goal is to build a convenient, intuitive online banking platform, so even a non-technical user can benefit from all of the services PPCB has to offer without the complications, currently associated with the blockchain technology.
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