- 1 Germany DZ Bank launched its crypto custody platform for institutional clients.
- 2 At the time of writing, Bitcoin was trading above the much-awaited resistance of $35K.
- 3 Blockchain innovation can speed up this cycle, making installments quicker and more savvy.
When the banking system evolved the mode of keeping records of data was done in the form of written papers, but the evolution of computers has changed banks’ working mechanisms, and the work done using paper and pen was done with the help of computers.
As per the current situation of the banking system, the statement ‘Banking system is in its third generation’ perfectly suits the situation. Some relevant data sources state that more than 100 financial giants have shifted towards blockchain and have also started offering other services related to cryptocurrencies.
Recently, a financial giant of Germany DZ Bank launched its crypto custody platform for institutional clients. The platform is fully backed by globally popular ledger technology/ blockchain technology.
In the traditional banking industry usage of blockchain is done for different purposes such as developing a payment protocol based on blockchain, storing data on blockchain nodes, and many other use cases of the technology are seen in the banking industry.
Will Blockchain Revolutionize Traditional Banking?
The usage of blockchain in the traditional banking industry will boost the investors’ confidence to invest in blockchain products inducing crypto assets and others too. In crypto sectors, Ethereum is known for its significantly bigger blockchain compared to others.
One of the main benefits of blockchain in banking is the potential for smoothed-out installments and diminished costs. Customary bank moves can be slow and costly, particularly for global exchanges. Blockchain innovation can speed up this cycle, making installments quicker and more savvy.
Disseminated records can altogether diminish functional expenses and carry us nearer to constant exchanges between monetary organizations. Organizations like Wave and R3 are as of now teaming up with customary banks to improve proficiency in the area.
Blockchain can reshape the fate of money via robotizing processes, further developing straightforwardness, and making exchanges quicker and more savvy. Blockchain innovation can reform different ventures, including banking.
Overview of Crypto Market
In the past few weeks a major positivity in crypto assets trading price was seen and when the writing leader of the entire crypto community Bitcoin was trading above the much-awaited resistance of $35K with a surge of 25% in BTC trading volume.
When writing, Ethereum (ETH) was trading at $1,896 with an intraday trading volume of $8,270,115,738 its trading volume grew over 38% in the past 24-hour time frame. The weekly gainers list is ruled by PancakeSwap which is trading at $2.28.
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.