Cryptov8 will be a UK domiciled and authorized bank using blockchain technology to bridge the gap between crypto banking and traditional banking products and services. Not only they will have a universal account and wallet, Cryptov8 intend to streamline certain challenges that customers regularly confront, which will ultimately create the best possible route for the adoption of cryptocurrencies.
Cryptov8 will be launching a universal account and universal wallet that manages both FIAT and cryptocurrencies. For the purpose, CRV8 will be utilized to empower Cryptov8 customers and give them access to key assets and products that will benefit them in the crypto market. Further, Cryptov8 will be launching a series of tools, products, incentives and the CRV8 token will give their customers access to those assets.
For many, cryptocurrencies are seen as an exciting new frontier priming itself for growth akin to the 1849 gold rush. However, in such a fledgling digital space and despite the highly secure nature of bitcoin and other digital assets making them virtually unhackable, the wallets in which they are stored and the exchanges in which they are traded are consistently becoming a target for criminals and hackers. This month alone saw South Korea-based exchange Bithumb succumb to a security breach, in which it is suggested that almost $31million of digital assets were stolen.
This persistent and ongoing security risk has been one of the factors preventing large-scale traditional investment firms and a larger populous of higher net worth individuals from entering the space.
Regulation in a largely unregulated market
Cryptov8 plan to be enviably placed as the first UK regulated bank to merge the emerging crypto market with a safe and secure avenue for prospective users to enter the space. Cryptov8 will look to adapt and apply UK regulatory best practices to lead the way in protecting the customer from the pitfalls for the unwary and inexperienced moving into and around the cryptocurrency world.
The team at Cryptov8 started with a vision of making a difference in the financial services market by launching a new UK Challenger bank. Admittedly, the plans initially were modest ones, having obtained a UK Consumer Credit Licence, which was granted in August 2016, after our research we realized that the problems and therefore the opportunity for us to make a difference were far greater. We relinquished our license and started on the journey whose goal was to attain a full-scale retail banking license by the start of 2019.
With the advent of Blockchain Cryptov8 can harness this revolutionary technology to enhance the customer proposition and to reduce the cost for the customer. Some banks demonstrate a disregard for the evolution of cryptocurrency by barring fiat conversion payment mechanisms, dissuading customer participation. If nothing else, this serves to indicate the competitive threat the existing banking sector perceives to their proprietary money exchange and transmission services.
Making Cryptocurrencies Accessible to Everyone
The cryptocurrency market is fragmented and difficult to navigate for the uninformed. Exchanges are many, with coins or tokens distributed amongst them. Fiat gateways often make it hard to obtain a specific coin without buying another coin on the way through and wallets are numerous and sometimes confusing for the consumer. This creates a real barrier to entry and additional and unpublished transaction cost for many potential investors.
Cryptov8 will combat seven key problems points that exist within the crypto market as part of their roadmap for 2018 and beyond:
Convenience – making wallet creation and access straightforward. With the ability to manage all of your crypto banking and traditional banking in one place.
Trust – as an authorized and regulated bank they will apply the highest levels of regulatory principles and best industry practice to protect their customers.
Security – providing bank-grade security with the ability to securely store wallet and password details to allow retrieval at all times.
Cost – make exchange costs and withdrawals cheaper and more certain.
Reward – Their crypto banking customers will directly receive rewards for their loyalty. They will give a share of their crypto banking fees back to their customers.
Acceptance – improving adoption for merchants encouraging mainstream usage of cryptocurrencies.
Education – providing easy access to educational material, a complete knowledge base and providing support to cryptocurrency customers.
Given the public commentary and the fact that Blockchain is a technological advance that is likely to have far-reaching consequences for society, Cryptov8 will be uniquely positioned to help further this advancement by acting as a regulated and trusted custodian willing to promote the technology and benefits of cryptocurrencies to a broader, untapped market.
Cryptov8 is poised to take advantage of its unique position and is confident that it will maintain the support of banking regulators. They are already working with industry leaders that are advising the G20, IMF, and ECB on creating guidance and best practices.
For more information on Cryptov8 and to participate in the whitelisting process for their upcoming ICO then please visit their website. www.cryptov8.com
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