A crypto bank is a financial institution that provides equivalent services to traditional banks, including lending, asset deposits, and interest accrual, but operates using cryptocurrencies instead of conventional currencies like the dollar or euro.
Crypto banking systems use blockchain technology to provide a range of digital banking services, such as deposits and loans, to the community. The system operates through the following mechanisms:
Key Pair: Users employ a private key (akin to a password or PIN), stored in their digital wallet, to initiate transactions, while the public key serves as a username or wallet address.
Transaction Fee: A nominal transaction fee is levied to support the network's DAO by compensating miners for validating transactions.
DeFi Platform: Utilizing the decentralized finance (DeFi) platform, individuals can secure loans using cryptocurrency or other digital assets as collateral in a decentralized setting.
Smart Contract: Integration of smart contracts within the crypto banking application automates intricate banking processes, enhancing efficiency and operational fluidity.
A white label solution is pre-built software that can be customized and branded to suit the client's needs. In the case of crypto banking also, it is a ready-to-deploy solution incorporating all banking features and functionalities in a pre-designed structure, open for customization. In addition, with the fine-tuned white-label crypto banking solutions, the deployment of digital asset banking systems is easy.
The pricing for white label crypto banking development varies based on various factors such as design, features, quality, and others. Our objective is to deliver a top-tier solution while maintaining affordability. Feel free to reach out to our experts for an estimated cost.