Acquire and Secure Digital Currency Through Crypto Bank

Crypto is focal to a number of innovations, most of which emulate the functions of traditional banks only better, faster, devoid of intermediaries, and more inclusive.

When you have an innovation that serves as the lifeblood to a myriad of other innovations, that, in turn, generate a stream of opportunities, it is bound to scale in leaps and bounds. Bitcoin was an instance. Cryptocurrency, at large, necessitated the development of exchange solutions. The exchange allowed the digital currency holders to liquefy their assets at will.

Friction in the path of seamless operation with digital assets has always appeared in the form of storage. More so, when Bitcoin skyrocketed and within a couple of years, the chance-holders were millionaires. Under these circumstances, the importance of crypto storage increases many folds as does the risk of theft.

Owning Crypto

Well, hardly anything. Owning crypto comes with the knowledge of its private key. To explain in wee detail, you have to understand that most crypto including bitcoin is not rooted in any tangible asset of exchange value. Its price swings depend on the market demand and availability.

Some people prefer to buy crypto and hold on to it while others frequently transact or exchange.

On buying crypto the owner is in possession of a private key comprising a 256-bit number, between the values:

0x01 and 0xFFFF FFFF FFFF FFFF FFFF FFFF FFFF FFFE BAAE DCE6 AF48 A03B BFD2 5E8C D036 4140, representing nearly the entire range of 2256-1 values.

The private key must be a closely guarded secret, the loss of which implies the owner irretrievably losing access to his own assets.

The owner is also in possession of a public key which is akin to a bank account number that people share with others to receive payment in.

Crypto Bank

For safe-keeping, close monitoring, and convenient access, crypto wallets were available. Wallet software comes in online and offline modes. While offline wallets are cumbersome to handle but a risk-free option. Online ones expose to online threats but are easier to access and transact with.

Also Read: What To Know About Custody Application For Digital Assets?

Enhancing the wallet solutions, Crypto Banks was introduced. Crypto Banks design in a way close to the operation of a traditional bank but with their digital currency.

The term crypto bank is relatively new in the finance world and is propagated by the fintech that transacts in cryptocurrencies for value storage and ease of cross-border settlements. The term relates to the newly bred, regulated cryptocurrency banks, offering interests on savings accounts and other financial products and services for holders of cryptocurrencies.

PayBitoPro Crypto Banks put forth the options for:

Savings Account

The Savings account offers an interest of 7.4%, accrued daily and paid monthly. This requires no minimum balance and incurs no hidden cost. PayBitoPro’s platform assures full transparency and total control over your account and assets. The PayBitoPro App enables you to operate from any smart device.

Further, PayBitoPro allows you your choice of crypto to earn interest in along with updated security measures and protocols.

Payments

In and outwards payments are in USD, INR, AED, SGD. conversion from fiat to crypto and vice-versa. Payment success notification reaches our clients within seconds of transfer and at a nominal price.

Crypto Collateral for Payments

PayBitoPro allows you to use BTC in your account to collateralize against a loan. When someone borrows a sum, the corresponding amount in BTC transacts from your BTC wallet to a collateral wallet which now holds your BTC. You can withdraw BTC collateral from your collateral wallet once the loan repayment.

Loan

PayBitoPro floats a diverse collection of cryptocurrencies to borrow from. PayBitoPro implements risk control procedures through various collateral rates in distinct currencies for ease of use; also ensuring the instantaneous withdrawal of your borrowed crypto, irrespective of your location.

Wrapping Up

Cryptocurrency is the focus of a number of innovations.  Most of which emulate the functions of traditional banks only better, faster, devoid of intermediaries, and more inclusive.

Crypto banking for instance covers most of the basic needs of a person with their banks.