Anyone can build a bridge. But if there’s no trust in it, then there are only two outcomes. Either hesitancy to use the bridge in the first place. Or long tailbacks as traffic moves slowly and cautiously across it. This week, we look at the fiat-crypto bridge from the bank’s side. Why don’t banks trust the current bridge, and how can Web 2.5 providers like Fiat Republic assuage their fears?Read More »
Fiat-related pain points for crypto platforms The world today is priced and valued in fiat currencies. As a result, people, when interacting with crypto, always subconsciously convert it to fiat and wonder how much it’s worth. Paying for groceries and utilities in crypto is at least a decade away. In the meantime, crypto needs fiat to become mainstream. Why? Well, because fiat is the only access point to crypto rightRead More »
Our story starts on 6 August 1991 when the first webpage was launched and everything changed. As the World Wide Web turns 31, we track how far banking and payments have come since the dial-up days of Web 1. We consider what it means to be more connected and social in today’s Web 2. And look to the possible decentralized futures of Web 3. Web 1 – The birth ofRead More »
Banks and crypto platforms have come from different places at different times. Banking has existed largely unchanged for 5,000 years since its origins in ancient Greece and Oikos Nomos. Crypto began as a thought experiment around a dozen years ago and exists both everywhere and nowhere due to its decentralized nature. Although banks and crypto platforms haven’t always had a lot in common on paper, in practice that’s changing. We’reRead More »
The last round of discussions took place on 31 March. There was much fanfare – the European Parliament voted in favour of removing thresholds for scrutinising crypto transfers, including those from unhosted wallets. Gone are the days of self-regulated internal customer risk assessment, where crypto exchanges set their own thresholds for conducting KYC checks, and ask for enhanced due diligence information only once these were met. Bringing unhosted wallets intoRead More »
Like any other enterprises out there, crypto platforms need to adapt and utilise critical infrastructure in order to grow and thrive and, like it or not, they still rely on traditional banking to bring in new users and reach emerging markets. This comes at a price; it means making an effort and conforming to traditional financial services regulation and bank grade AML standards. Crypto platforms that try to go itRead More »