Many cryptocurrency supporters believe that digital assets will quickly replace traditional money. Stablecoins, whose prices do not fluctuate as much as other cryptos, have a special chance for this. There are already solutions on the market that allow you to pay bills using cryptocurrencies. No wonder that banks began to be interested in blockchain technology. Wallex Bank is such a bank, and we had a chance to talk to their CEO, Simone Mazzuca.
What is Wallex Bank and how does it work?
They’re building the next level asset and digital asset ecosystem. Wallex Bank provides services to individuals, brokers, fintech and businesses through different solutions. The main solution that they have, for individuals, is a new banking solution – a banking platform that bridges fiat and crypto, allows clients to receive and send an exchange crypto-fiat and then spend that by card. Wallex Bank can be called the bank of the future. On the other side they have custody services that are related to business more than ever. It allows you to receive fiat funds and exchange fiat to the crypto or receive crypto a chain to fear indirectly bridge to the normal banking system. They work for fintech and innovators in four stages. Number one is for white label solution or IP license that allows them to get to start
businesses with any kind of particular license to be allowed and to be competent, to be fast in the market.
Nevertheless, they offer a structure for any kind of ground funding or funding capital campaign. Wallex Bank provides the vehicle,the compliance and the engineering of the structure of the fans of the project. What is more they provide the technology that manages well for traditional guys in the final capital. Specifically in crypto like a traditional service, they have changed crypto processing. They allow their clients to back by card and they have a very strong liquidity that allows them to have a very strong opposite.
They have 84 people worldwide working more directly in the company and more than 52 people working with outsourcing companies, but they are always controlled and being contracted by Wallex Bank.
The biggest challenge
The first biggest challenge was to provide to businesses and individuals the proverb to the traditional financial system because, as you know, today banks are really aware of crypto and if you withdraw from any kind of a change your crypto in fiat – you get blocked. For this reason they had been the middle point that managed this to work.
Plan for the future? To become the first!
Their official plan is to become the first Digital Central Bank. They want to be the first issuer and guarantor of this business.