HEdpAY, a banking platform that seeks to bring the best of both worlds together, has announced the launch of its new platform that would help to combine the strengths of both fiat and cryptocurrencies and provide convenient solutions for banks and fintech as well.
Traditional finance and cryptos are like chalk and cheese with very different properties. While legacy systems have been around for over 100 years, cryptos have been around only for a decade. While traditional banking is centralized, cryptocurrency systems are mainly decentralized which makes it easier to manage and also ensures higher security and reliability as well. A massive tug of war has been going on over the last couple of years between these industries with each one trying to outdo the other and the financial systems and firms are confused on which one to stick to. The ideal approach seems to be that the firms should be looking to combine the benefits of both and this is what HEdpAY seeks to do.
The platform offers both crypto and fiat transactions with accounts that are linked to the card or contactless payments. The platform is expected to launch in June and the company says that it would offer many useful and unique features to its clients including mobile banking with crypto and fiat, a multi-currency platform, the ability for customers to store and save cryptos as well as fiat, conversion of currencies between crypto and fiat and within them as well and also merchant API.
The platform provides a wallet that is based on Ethereum and can store various cryptos like BTC, ETH, and other ERC-20 tokens as well. The company plans to combine the benefits of both traditional banking and cryptos and provide it to the customers and would hope that this offering would be attractive enough for users to try out crypto and adopt it into their mainstream usage in the long run.
Mainstream adoption is what crypto companies are looking for and they are innovating and developing many ways to make users experience e the power of crypto but without the underlying technicalities so that even those who have not been exposed to crypto will have the ability to enter into this world without any of the technical challenges involved. The transition needs to be managed very smoothly so that the users feel welcome into this new world of finance and this would drive adoption.