On today’s column, we will talk about the relationship that has come to be between Fintech and cryptocurrency. As we already know, Fintech is all about development and innovation in the finance industry. We like to look at it kind of like if traditional banks had a cousin who is younger, cooler and knows all the exciting new stuff. So therefore, it is not a shocker to see that the Fintech industry has grown to integrate cryptocurrency and Blockchain into one of the solutions that clients of Fintech have access to.
As the days go by people have an ever-growing need for alternative payment methods so it is a good thing that the Fintech space through innovation and development, now have solutions to match the people’s ever growing needs to maximize user satisfaction. So, we will breakdown the link between cryptocurrency and fintech.
Cryptocurrency Exchanges and Blockchain Technology
Crypto exchanges have grown significantly in recent times and these exchanges connect users with financial markets and said users can buy and sell different types of cryptocurrencies. Seeing that crypto currencies use blockchain technology, which is very secure, this can help reduce fraud and increases people’s overall confidence in the financial markets.
Integration of Cryptocurrency in Fintech
What is even Blockchain technology, I’m glad you asked! It is simply a set of codes that record transactions, and the records cannot be edited or altered.
So, this is one of the core similarities that Blockchain (crypto) and Fintech has got in common because Fintech (see also; payswix) also makes use of encryption technology to protect the information of its users, so it was realistic to integrate crypto as a form of making or receiving payments to the fintech space. In the traditional banking system, this was and still is not a possibility because it goes without saying that there are higher risks with such system but the risks are mitigated by the ever-innovative Fintech security systems so clients of Fintechs who have the ability to receive payment in other methods such as in crypto do not have to be worried because they are safe and secure. You see how it is with us Fintechs? Even before the problems come up, we already develop systems in place to tackle them because we are so cool!
The Future of Cryptocurrency and Fintech
We will conclude by saying that it is a very exciting space and a world with extreme possibilities because with Cryptocurrency and Fintech, the future holds so much. If we judge from what we see today and what we have already then it gives you the idea that it only gets better. So here at payswix, innovation is our watchword, and we encourage you to onboard with us because we are going to the Moon!
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